Retained Benefit accounts
You can use a Retained Benefit account in retirement to take lump sums when you need them. Or you can use it to leave your money with LGsuper and have your new employer add to your account.
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 type of account in the table below.
| Features | |
|---|---|
| Withdrawals | Free withdrawals up to 12 times each financial year, if you have non-preserved money. Minimum withdrawal $3000. |
| Contributions | |
- employer |
Your employer outside local government can contribute to this account. |
- member |
You can also make contributions to this account up to age 65 (and after age 65 if you meet work test requirements). If you are working and earning less than $60,342 p.a. you could receive the co-contribution. |
| Insurance | The amount of insurance you have depends on when your Retained Benefit account was opened and your age. If your account was opened before 3 July 2007 and are under age 55 you are likely to have 2 units of death and total and permanent disability (TPD) cover. If your account is opened from 3 July 2007 onwards you will continue to have the same insurance cover you had while working for Queensland local government. See the Accumulation Benefits Fund, Retained Benefit account & Spouse account guide (PDS) for details. |
| Investment choice | Select one option from a range of investment choices. If you do not make a choice, your money will be invested in the Balanced option. |
