Before changing your super arrangements, make sure you know exactly what you
have; you may well be entitled to an RBF Life Pension.
An RBF Life
Pension, available to certain RBF members, provides those who are eligible with
a pension paid directly into their bank account for the rest of their life and,
in some cases, will even transfer to their spouse after they pass
There are certain criteria that members must meet in order to
receive an RBF Life Pension (see below). If you are unsure about whether you are
eligible for an RBF Life Pension call the RBF Enquiry Line on 1800 622
What makes the RBF Life Pension different to other pension types?
retirement income you get from an RBF Life Pension is not affected by investment
performance. You are also guaranteed to receive fortnightly payments for the
duration of your life, and if you choose for your pension to go to a surviving
spouse after you pass away, they will receive a fortnightly payment worth two
thirds of your RBF Life Pension payment for the rest of their life. RBF Life
Pensions are also indexed twice yearly in line with inflation.
How is the RBF Life Pension calculated?
RBF Life Pension payments are
calculated in a number of different ways, using a range of different factors
that are unique to each member. If you would like more information on the RBF
Life Pension and the option(s) that may be available to you please read the Contributory
Scheme Life Pension
fact sheet, consider your personal objectives, financial
situation and needs and seek appropriate advice. You can also contact the RBF
Enquiry Line on 1800 622 631
Are you eligible?
Please note that to be eligible for an RBF Life
Pension, you must meet the following conditions:
- you are a current or former member of the Contributory Scheme; or
- you were a member of the former Non-Contributory Scheme as at 14 May 1999;
- you were an RBF Investment Account holder or RBF Account Based Pensioner as
at 14 May 1999; or
- you are the spouse or former spouse of a Contributory Scheme member and that
Contributory Scheme member established a Spouse RBF Investment Account in your
name in accordance with Contributory Scheme governing rules immediately before 2
October 2010; and
- you have maintained a continuous financial interest in RBF; and
- you have reached your preservation age or retired from the workforce on the
grounds of Terminal Illness or Total and Permanent Disablement.
For the majority of members, once you have elected to receive an
RBF Life Pension, you cannot commute it into a lump sum.
spouse of a member referred to above who has maintained a continuous financial
interest in RBF is also eligible to purchase an RBF Life Pension.
Be set for a happy retirement!
Not all super funds offer life pensions
and at RBF we’re keen to ensure eligible members don’t miss out!To find
out more, call the RBF Enquiry Line on 1800 622 631.Issued
by the Superannuation Commission (ABN 93 598 914 092) as trustee of the
Retirement Benefits Fund (ABN 51 737 334 954). This article contains information
or advice that is intended to be general in nature and which was prepared
without taking into account your personal objectives, financial situation or
needs. Because of that, before acting on any information or advice in this
article, please consider whether it is appropriate to your personal
circumstances, talk to a financial adviser and consider the Contributory Scheme:
Member Booklet and relevant Fact sheets, available at www.rbf.com.au or by calling the
RBF Enquiry Line on 1800 622 631, before making a decision.