Can I transfer superannuation from an earlier employer (or superannuation fund) into MilitarySuper?
Yes. To be able to transfer amounts, you must be a current contributing DFRDB member. You cannot transfer amounts if you are a DFRDB deferred benefit member or pensioner. Income tax of 15% will be deducted from any untaxed portion of any amount you transfer and the balance will be paid into the Military and Superannuation Benefits (MSB) Fund as the DFRDB scheme does not have a fund. When you transfer an amount, you continue to be a DFRDB member and also become a beneficiary of the MilitarySuper scheme with an ancillary benefit. You cannot transfer a DFRDB benefit into the MSB Fund as the DFRDB scheme is not a regulated superannuation fund. In the MSBS, you have a choice of five investment strategies. You could invest in one or a combination of these strategies. Initially, the transfer amount would be invested in the ‘Default’ strategy which is the Growth strategy. You may elect to change this investment strategy at any time by completing the form ‘Member Investment Choice’ (MIC1) form.
