Accumulation Benefits Fund
If you are a current local government employee, chances are you’re with this fund.
You should consider the relevant guide (PDS) in deciding whether to acquire, or continue to hold, this product.
You’ll find the key features of this account in the table below.
| Features | Permanent employees | Other employees |
|---|---|---|
| Contributions | ||
- employer |
In the first 12 months of employment, your employer contributes 9% of salary or 12% if you contribute 6% standard member contributions . After 12 months, your employer contributes 12% of salary. |
Your employer will contribute 9% of your salary in line with Australian Government legislation. |
- member |
You are not required to contribute in your first 12 months of employment. After 12 months, you are required to pay 6% of your salary in standard member contributions and will receive higher employer contributions and insurance. You can start 6% standard member contributions within your first 12 months of employment, though once you start you are unable to stop. You can also put in voluntary contributions, or salary sacrifice if your employer allows. |
You can make voluntary contributions to your account. If you earn less than $60,342 p.a. and meet other eligibility requirements you could receive the co-contribution. You could consider salary sacrificing contributions if your employer will allow it. |
| Insurance | You have death and total and permanent disability (TPD) insurance, as well as total and temporary disability cover. You can apply for additional cover or reduce or cancel the cover you already have. |
You have death and total and permanent disability (TPD) insurance. |
| Investment choice | Select one option from a range of investment choices. |
Select one option from a range of investment choices. If you do not make a choice, your money will be invested in the Growth Smoothed option. |
