2020 Military Superannuation Schemes: Review of long term costs

This report sets out estimates as at 30 June 2020 of the long-term costs of superannuation benefits payable in respect of the members of the four defined benefit superannuation schemes covering the majority of Australian Defence Force (ADF) personnel. The previous report was prepared using data as at 30 June 2017.

The schemes covered in this report are:

• the ADF Cover scheme which provides insurance type benefits to those ADF personnel under the new ADF Super accumulation arrangements which cover new ADF personnel with effect from 1 July 2016;
• the Military Superannuation and Benefits Scheme (MSBS) which commenced on 1 October 1991 and which closed to new ADF personnel from 1 July 2016;
• the Defence Force Retirement and Death Benefits Scheme (DFRDB) which commenced on 1 October 1972 and which has been closed to new members since the commencement of the MSBS; and
• the Defence Forces Retirement Benefits Scheme (DFRB) which commenced on 1 July 1948 and only covers those who were in receipt of a pension at the time DFRDB commenced, or their reversionary dependants.