Overview
The Pension Scheme is a legacy defined benefit scheme closed to new members in 1986. Unlike modern super funds where your balance fluctuates with the market, this scheme provides a lifetime indexed pension based on your salary and length of service.
Key Features
Lifetime Income: Provides a guaranteed income for life, protecting you against market volatility and longevity risk.
CPI Indexation: Your pension is generally adjusted twice yearly to keep pace with the Consumer Price Index (CPI), preserving your purchasing power.
Reversionary Benefits: Upon your passing, a portion of the pension (typically 2/3rds) may be paid to an eligible spouse for their lifetime.
Who it May Suit
Long-term public sector employees who joined before May 1986.
Members seeking maximum income security in retirement.
How Humble Goode Can Help
The Pension Scheme is highly rigid but offers unique strategic choices. We support you by:
Commutation Analysis: Helping you decide whether to "commute" (exchange) a portion of your lifetime pension for a tax-free lump sum at retirement.
Cash Flow Modelling: Comparing the long-term value of the lifetime pension versus taking the lump sum and investing in the Super SA Income Stream.
Death Benefit Planning: Navigating the complex eligibility rules for reversionary pensions to ensure your family is protected.
Documents and Resources
Why Professional Advice Matters
While Super SA provides excellent schemes, they do not provide personal financial planning. Their role is to provide information about their products, not to tell you which strategy is right for your life.
At Humble Goode, we bridge that gap. We look at your Super SA entitlements in the context of your entire financial world—your family goals, your other assets, and your dreams for the future.
Advisory Fees – What to Expect
Professional financial advice is an investment in your future. To ensure you receive a comprehensive and tailored review of your Super SA position, we charge an initial consultation fee of $330.00 (inc. GST).
During this session, we dive deep into your specific scheme entitlements, identify potential risks or opportunities (such as insurance gaps or tax caps), and provide you with a clear path forward. If you choose to engage us for ongoing advice or a full Statement of Advice, this fee may be credited toward your total project cost.
General Advice Disclaimer The information on this website is general in nature and does not take into account your personal objectives, financial situation, or needs. You should consider whether the information is appropriate for you and read the relevant Product Disclosure Statement (PDS) before making any investment decision. Humble Goode Financial Pty Ltd (ABN 69 142 070 808) is an Australian Financial Services Licensee (AFSL 349026).