Defined Benefits Fund
This fund has been closed to new members from 1 July 1998.
You’ll find the key features of this fund in the table below.
| Features | |
|---|---|
| How benefit is calculated | The higher of: 1. a multiple of your salary or 2. contributions plus investment returns, less fees, insurance premiums and tax. Slightly different calculations take place depending on your age when you leave employment. Members under age 55 receive a reduced benefit. |
| Contributions | |
- employer |
Your employer contributes 12% of your salary to this fund, where it is added to a pool of money to provide benefits to all members. |
- member |
You contribute 6% of your salary to this fund. It is added to a pool of money to provide benefits to all members. |
| Insurance | You have death and disability insurance cover as part of your defined benefit. You can apply for additional cover. |
| Investment choice | Does not apply to your defined benefit. The Accumulation Comparison Rate, or a multiple of salary, is used to calculate your benefit. If you make any voluntary contributions or transfer other super to LGsuper these are invested in the Accumulation Benefits Fund, where you can choose how this money is invested. |
