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 benefit 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 account until you reach your preservation age.
When you reach preservation age, the Tasmanian Government will fund your Contributory Scheme CPA, taxation will be deducted and we will send you a Benefit quote and payment instruction forms.
Once this amount is funded, you may choose to:
- access the benefit as cash (eligibility rules apply);
- transfer to a life pension (eligibility rules also apply); or
- roll it over to an account in your name with a complying superannuation fund.
You cannot access the full benefit as cash until you have reached preservation age and retired from the workforce. However, if your benefit includes an unrestricted non-preserved component, you may access this component as cash upon reaching 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 2.908% pa effective from (and including) 1 March 2020. The next effective date is 1 September 2020 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.