About the Scheme
Leaving Service Benefit
You will be eligible for a leaving service benefit when you leave the service of your employer (other than by reason of retirement on or after age 65, in which case you will be entitled to a retirement benefit).
The amount of your leaving service benefit will be the total amount of your member’s account, plus the amount of your employer’s account determined in accordance with the vesting scale set by your employer (see your Benefit Summary for your vesting scale which can be obtained from Civic Financial Services Ltd).
Your leaving service benefit is available to be paid to you as a tax paid lump sum.
You will be eligible for a retirement benefit on or after your retirement from service having reached age 65.
The amount of your retirement benefit will be the total amount of your member's account, plus the amount of your employer’s account determined in accordance with the vesting scale set by your employer (see your Benefit Summary for your vesting scale which can be obtained from Civic Financial Services Ltd).
Your retirement benefit is available to be paid to you as a tax paid lump sum.
You can elect to take the benefit at this time, or transfer it to another scheme, or continue to remain a member of the Scheme and take the benefit at a subsequent date. You may make a total or partial withdrawal. We may set terms and conditions for partial withdrawals (such as limits on how often a partial withdrawal can be made, and how much is required to be withdrawn). Currently, the minimum amount for a partial withdrawal is $1,000. When you wish to have part or all of your retirement benefit paid you should make a request in writing to us (see the PDS for our address).
Financial Hardship Benefit
If you suffer financial hardship that, in our opinion, justifies withdrawing some or all of your savings from the Scheme, and your employer consents to the withdrawal, you will be entitled to receive a hardship benefit.
This benefit entitles you to withdraw up to the full amount of your savings and allows you to remain a member of the Scheme.
We will need to be satisfied that reasonable alternative sources of funding have been explored and have been exhausted. We can also direct that the amount withdrawn be limited to a specified amount that, in our opinion, is required to alleviate the particular hardship.
A financial hardship application must be in the form required by us and must include a completed statutory declaration covering your assets and liabilities. We may also require that any other documents, evidence or information produced in support of the application are verified by oath or statutory declaration. This amount will be paid to you as a tax paid lump sum.
Should you die while a member of the Scheme, a death benefit is payable as a tax paid lump sum. The benefit will be the amount held in your member’s account and employer’s account (if any).
We will pay the death benefit to your dependants or to your legal personal representative. We will decide who the appropriate recipient of the benefit is according to the personal circumstances applying at the time, and taking into account any nomination made by you to us in writing, if applicable.