Retained Benefit Accounts are accumulation accounts established for members after they have ceased working for DFES or one of the other associated employers.
A Retained Benefit Account gives retiring members the best of both worlds. You can use the account to help grow your super for a few more years, manage your money until pension age or as a holding superannuation account while you work out your options. You can also use the account to establish a FES Super pension, pay off loans, pay for a holiday or as a source of funds for unexpected expenses. What you do with the Retained Benefit amount is up to you.
By leaving your retirement savings invested with FES Super, you will also receive tax advantages because of the concessional tax rates that apply to investments in superannuation.
With a Retained Benefit Account you can make contributions (some eligibility conditions apply) or transfer money in from other super funds. There are no direct entry, exit or withdrawal fees. And, if you are over your preservation age and not working, you can make up to eight lump sum withdrawals each financial year without charge (minimum withdrawal amount of $2000 for each withdrawal). Any lump sum withdrawals in excess of eight in a financial year will each incur a charge of $50. Some other conditions apply so please contact us to discuss first.
The Retained Benefit Account fee structure has been kept to a minimum because the Fund does not use comissioned sales people to generate revenue.