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(March-2004) Military super gets more firepower
The Federal Government has boosted superannuation payments for defence personnel after agreeing to include specific allowances in the retirement calculations.
The changes will affect about 3800 specialist defence personnel including members of the Special Air Service, Tactical Assault Groups, clearance divers, submariners and pilots.
Under current rules, a soldier with specialist skills and seven years service would be entitled to a $51,660 lump sum at retirement or a $4305 annual pension at 55.
When the new rules come in, the soldier will be entitled to a $67,410 lump sum or a pension of $5617 a year.
“These personnel receive a special allowance that recognises their high levels of qualifications and skills and their value to our defence force,” says defence minister Robert Hill.
“The decision implemented one of the key recommendations of the Review of Australian Defence Remuneration 2001, undertaken by retired Major General Barry Nunn.”
The changes to superannuation benefits will come into effect when the necessary amendments are made to the Military Superannuation Benefits Scheme rules and Defence Force Retirement and Death Benefit regulations.
“The changes will help to improve retention rates in the defence force by providing more incentives for personnel who otherwise might be attracted to private sector jobs,” Hill says.
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