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For Defined Benefit accounts
Like other Defined Benefit account members, if you’re a police officer your benefit is calculated as your salary times a multiple that grows proportionally each year based on your contribution rate and how much you’ve worked against a full time equivalent. Police have different standard contribution arrangements as shown in the table below in recognition of the fact that you generally can’t remain in service once you turn 60.
The standard contribution default rate is 6 per cent of your salary for super purposes. You can choose to pay less, down to a minimum of 3 per cent. You’ll just need to complete our Start or Change Regular Contributions to Your Super form. If you choose to reduce your contribution rate, you may be able to ‘catch up’ and increase your rate to 9 per cent later on, to make up for the contributions you didn’t pay earlier. Just remember that if you choose to ‘catch up’ later and your salary has increased, your contribution catch up rates will be a percentage of your higher salary. Speak to your payroll office or contact us to see how your take-home pay could be affected.
If, in the early 90s, you transferred from the Police account to the Defined Benefit account, an additional transfer multiple (ATM) is applied each year as extra multiple growth until you reach age 55. Your ATM grows at the same rate each year and isn’t affected by part-time hours or leave without pay. The ATM ensures your Defined Benefit account is equal to the benefit you would have been entitled to in Police Super if you hadn’t transferred to the Defined Benefit account.
Because Police officers receive Sick Leave Bank entitlements with the Queensland Police Service, you aren’t able to receive income protection as a police officer. However you may be able to access income protection if you’re a commissioned police officer and have a contract to stay in the service over the age of 60, and contribute between 2 per cent and 5 per cent of your salary while working full-time. If this is the case, please contact us to find out if you can access income protection.
Find out more about how the Defined Benefit account works.
How your final benefit is calculated and how part time work can affect it.
Understand your options when you resign or change your job.
There are two different ways you can grow your super with us.
Details of the included insurance benefits.