The Federal Government has improved the death and invalidity benefits of the Military Superannuation and Benefits Scheme (MSBS).
The benefits will be backdated from July 1, 2007, with payments calculated in line with recent changes to the compulsory retirement age for Australian Defence Force (ADF) members.
“For those eligible, this decision will result in an average increase in death or invalidity payments for eligible persons of approximately 20 per cent, depending on their circumstances,” said Greg Combet, the Minister for Defence Personnel said.
“Benefit payments paid after July 1, 2007 that may have eligibility will be reviewed as a matter of priority and, where necessary, adjustments will be made.”
The Howard government changed the compulsory retirement age for the majority of ADF members from 55 to 60 from July 1, 2007.
That change was not intended to impact on the superannuation benefits of ADF members and no funding for any such changes was provided at that time, the minister said.
“I am pleased increasing prospective service to calculate death or invalidity benefits for the MSBS has resulted in a positive outcome for ADF members and their families, especially in their time of need,” Combet said.
