Types of Military Super accounts
Military Super does not have traditional retail super account options as it is a hybrid defined contribution and benefit scheme. Benefits are made up of member contributions and their investment returns, and an unfunded employer component provided by the government, which is not linked to investment performance.
Military Super provides the below benefits to their members:
- Competitive investment performance
- Flexible investment options
- No establishment fees and administration fees
- Built-in death and invalidity benefits for your family
- Over-the-phone financial advice available
- Easy online account access
Eligibility to join Military Super
To hold a superannuation account with Military Super, you must be a current serving full-time member of the Australian Defence Force (ADF). As of 1 July 2016 Military Super was barred to new entrants.
Military Super FAQs
Yes, Military Super has a dedicated online portal for super fund members. You can view your account balance online, access statements for your account, download super fund information and more. Access the online portal here.
Military Super provides four different investment options to members, from which they can choose the mix they prefer.
- Income Focused
When choosing an investment option, it is important to take into account your investment time frames and goals, and your personal risk tolerance for market fluctuations. Learn more about how to choose between different investment options on the Canstar website.
Yes, you can consolidate other super accounts into your Military Super account.
It’s important to check with your old super funds for information regarding costs such as exit fees and insurance cover you may lose if you switch super funds. If you have any questions or concerns about the rollover process, give Military Super a call on 1300 006 727.
Be sure to check these nine things on your superannuation statement:
- Personal details are up-to-date
- Nominated beneficiaries are up-to-date
- Tax File Number (TFN) is recorded
- Super contributions from employer and/or your voluntary contributions are correct
- Investment asset class choices are appropriate for your life stage
- Amount paid in fees for the year is not too high
- Insurance in super is still adequate coverage for your needs
- Super is consolidated. Beforehand, check whether there is insurance or any other benefits attached to the account that you may lose and you’re comfortable to do so
- The big picture – are you happy with your super fund overall?
Military Super was founded in 1991, opening its doors to members on 1 October of that year. It replaced the old Defence Force Retirement and Death Benefits Scheme. In 2016 Military Super was closed to new members, with the new ADF Super was created to supersede it, and current Military Super members can choose to transfer to ADF Super. Nevertheless, Military Super remains active, continuing to invest and grow its member’s retirement savings.
If you’re considering top performing superannuation funds, check out the following table which contains details of the superannuation funds rated by Canstar. This table has been sorted by one-year performance (highest to lowest).
Please note that the performance information shown in the table is for the investment option used by Canstar in rating of the superannuation product.