WA Military Superannuation (MSBS) Can't Rollover to Private Super Fund?

[australiancitizen]

Hi. I'm with a military superannuation fund MSBS, which I'm told cant be rolled over into a super fund of my choice. I believe the money in my MSBS fund can do better in a 'proper' super fund.

Surely there should be legal grounds or arguement for defence MSBS members to be able to roll over their MSBS funds into a better performing fund? Surely this would be better for the government financially when defence members reach retirement age?

Please see below e-mail from MSBS.

UNCLASSIFIED
Dear Mr [Name Redacted]
Thank you for your email of 24 June 2014, regarding rolling over your preserved benefits from the Military Superannuation and Benefits Scheme (MSBS) to an external superannuation fund.
MSBS is a combination of an accumulation and a defined benefit scheme, with a Member and Ancillary Benefit growing on an accumulation basis and the Employer Benefit being calculated as a defined benefit based on a member’s final average salary and years of service.
The MSBS rules do not make provision for the Employer Benefit to be rolled over into another fund until you reach age 55.
The employer contribution of an MSBS benefit has two components, a funded portion and an unfunded portion. The funded portion of the employer benefit grows in line with the Fund’s default investment strategy (Growth), while the unfunded portion is increased annually by the Consumer Price Index (CPI) to maintain its current value.
If you require further assistance please contact the MSBS Customer Information Centre on 1300 006 727 or reply via return e-mail.
More Information on preserved benefits can be found on the website at www.militarysuper.gov.au
Yours sincerely

Customer Information Representative
Military Super AFS Licence No: 238395
Website: www.militarysuper.gov.au

 

[John R]

Hi australiancitizen,
First, thank you for your service to your fellow Australians.

1. Are you still a full-time member of the Australian Defence Force (ADF)? I assume that you are because of the correspondence provided above that references the "Employer Benefit" portion of your superannuation.
2. If you are no longer a full-time member of the ADF, have you reviewed the "About to leave the ADF" Fact sheet and the Military Super Product Disclosure Statement (PDS) to attempt to identify whether you are eligible for a rollover of your superannuation?

Hope this helps. Please keep us updated with your progress.