You may have an unfunded Contributory Scheme CPA if you exited from the Contributory Scheme or the closed RBF Non-Contributory Scheme before you reached preservation age.
Tasmanian legislation requires that your entitlements must stay in this unfunded account until you reach preservation age. This means you cannot roll over this account balance to another super fund or super account until you reach your preservation age.
Balances in the Contributory Scheme CPA are indexed in line with inflation or movements in average wages, whichever is the greater.
The rate is currently set at 1.282% pa effective from (and including) 1 September 2017. The next effective date is 1 March 2018 and the rate may be subject to change at this time.
For historical rates please refer to your RBF Member Benefit Statements or contact the RBF Enquiry Line on 1800 622 631.
No fees or charges are applied to your Contributory Scheme CPA balance.
The investment performance of RBF does not affect benefits held in the Contributory Scheme CPA.
When you reach preservation age, the Tasmanian Government will fund your Contributory Scheme CPA, taxation will be deducted and RBF will transfer the balance to a holding account. Once this amount is funded, you may choose to access the benefit as cash, transfer to a life pension or roll it over to a complying superannuation fund (preservation and eligibility rules apply).
Once you reach your preservation age, you may access this benefit as cash, transfer it to an RBF Life Pension (if applicable) or choose to roll it over to a complying superannuation fund or a combination of these options.