Making your defined benefit super fund work for you
We all want to get the most out of our hard earned savings.
Firstly, what does the term defined benefit super mean?
In short, a defined benefit super scheme generally means your final super payment which is determined by a formula taking into account things like length of service and final average salary.
Note, this was the only type of super benefit available for Commonwealth and State employees until they closed these schemes some years ago.
The final defined benefit payment can be in the form of a pension or lump sum.
So if this sounds like you, particularly if you are a pension recipient and paying tax on that pension, there may be ways to make contributions to your super, tax deductible.
Are you retired or in receipt of a defined benefit pension from perhaps ComSuper or SuperSA?
Did you know that while you cannot be employed as such, up to 10% of your overall assessable income can come from work, which means you may be able to continue to contribute back into your super.
Are you under 65 or, if you’re over 65, are you still working? You might be eligible to make tax deductible contributions to your super to assist with your retirement planning.
Sound attractive? Call us today on 1800 061 320 , especially with the end of financial year fast approaching and get your money working harder for you.