Retirement

Standard contributory members

If you’re a standard contributory member your normal retirement date is your 60th birthday. If you retire at that date you’re entitled to a lump sum. This is made up of:

  • a defined benefit (a multiple of your final average salary) plus
  •  your Account Balances.

If you continue to work after you turn 60, you will receive your age 60 entitlement plus all (subsequent) contributions paid since your 60th birthday, any rollovers and investment earnings.

If you take early retirement from age 50, your lump sum entitlement is made up of:

  • a defined benefit (your Accrued Multiple times your Adjusted Final Average Salary, or twice the balance of your Member Account, whichever is higher)
  • your Account Balances.

Non contributory members

If you’re a non-contributory member your normal retirement date is your 60th birthday. If you retire at that date you’re entitled to a lump sum made up of:

  • your Total Account Balance.

Resignation

If you cease employment with the SA Ambulance Service and you’re not eligible for any other entitlement, you will receive:
– twice the balance of your Member Account plus
– your Account Balances.

If you’re retrenched or made redundant, you will receive:
– a lump sum calculated as your equitable share of fund assets.

You can elect to preserve your entitlement in the Scheme.

Preservation

The money in your super account, including any rollovers, is subject to Commonwealth Government preservation rules. This means that it cannot be paid until you meet a condition of release.