Superannuation FAQ's.

Once you have read and understood the Defence Bank Super Assured Product Disclosure Statement (PDS), you may then download and complete the application form, which is located at the back of the PDS. Once the form is complete, you may post it to us along with a certified copy of your photographic identification.

If you are already a Defence Bank member you can apply online through Online Banking - once you have signed in select ‘Apply’ then ‘Defence Bank Super Assured RSA’. This will take you to some information about the RSA and a few options.

Click 'Download' next to the required application which will open up the form. Once you have downloaded the form, save, complete all fields, save and then send via Secure mail 

Join us to open a Defence Bank membership. You do not need to be a Defence Bank member to open a Defence Bank Super Assured RSA however it can make the process easier.

Note: There is a minimum balance requirement of $10,000 to open a Defence Bank RSA

Yes. The minimum amount required to open a Defence Bank Super Assured RSA ‘Accumulation’ account is $10,000. If no contributions have been received into an RSA after 6 months the RSA account will be closed.

If you are looking to convert from accumulation to pension phase you will require a minimum balance of $50,000.00.

Our RSA is designed for individuals only, Defence Bank’s RSA cannot be opened in joint names or in the name of a SMSF.

Our RSA product has the unique features of no joining, investment manager fees, administration fees, or account keeping fees, and there are no commissions paid to financial planners.

Defence Bank Super Assured RSA does not offer insurance.

You can become and stay a member of Defence Bank Super Assured RSA regardless of which bank you do your daily banking with.

You can find all of our RSA interest rates at the link below.

View RSA interest rates.

There are three ways to transfer your fund, they are:

• log in to your MyGov account, link your superannuation services (if not already) and request a rollover online from your other fund;
• complete our Transfer Authority form, scan and send to us then send via Secure mail  or mail to our PO box; or,
• request a rollover via your current fund. You will need to use this option if you are looking to roll your funds into your RSA from a Self-Managed Super fund (SMSF), your accountant should be able to assist you.

If you are making a personal contribution, please complete the Personal Contribution form.

Please ensure that each time you transfer into this account, you email a contribution form to us at the same time as you make the payment, that way we can identify the rightful owner, and how you wish us to treat your contribution(s).

IMPORTANT: Be sure to add your RSA holder number as reference so we can correctly identify your funds.

Account name: Defence Bank Super Assured
BSB: 833 205
Account number – Personal Contribution: 20795437
Reference: <your RSA holder number>
Email address: RSA@defencebank.com.au

If you are making a spouse contribution please complete the Spouse Contribution form.

Please ensure that you email a contribution form to us at the same time as you make the payment, that way we can identify the rightful owner, and how you wish us to treat your contribution(s).

IMPORTANT: Be sure to add your RSA holder number as reference so we can correctly identify your funds.

Account Name: Defence Bank Super Assured
BSB: 833 205
Account Number – Spouse Contribution: 20795433
Reference: <your RSA holder number>>
Email Address: RSA@defencebank.com.au

To meet the work test, you must be gainfully employed for at least 40 hours during a consecutive 30-day period in the financial year in which the contributions are made.

Gainfully employed means employed or self-employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment.

If you do unpaid work or only receive passive income, such as interest, dividends, trust distributions or rent, you do not meet the definition of gainfully employed.

Once you’ve made an after-tax contribution (personal contributions) into your super account, you have the option of claiming a tax deduction. To do so, please complete a Notice of Intent to Claim a Tax Deduction form.

Note, you should always check with your accountant or financial planner before claiming a tax deduction on your personal contribution, as heavy tax penalties may apply if you get it wrong.

Spouse contributions are contributions you make on behalf of your partner from your after-tax income.

You must be married or in a de facto relationship with your partner to make super contributions on their behalf. You must also both be Australian residents.

If you’re making after-tax contributions to your partner’s super, your partner needs to be under age 67, or meet the work test or work test exemption requirements if they’re aged between 67 and 74, to be eligible to receive spouse contributions.

Non-concessional contributions are personal contributions you make using after-tax money. The advantage of making a personal non-concessional contribution is that they are not subject to tax when you contribute the money to super.

For low-income earners, you may also be eligible to receive government co-contribution.

From 1 July 2024, the non-concessional contributions cap is $120,000. This is reviewed annually to remain in line with average weekly ordinary time earnings (AWOTE). If you contribute more, you may have to pay extra tax.

The best way to check if your employer has paid your super is to login to your account via Online Banking or the app, that way you check at any time how much has been paid and when.

Yes. In order to keep your funds safe and only accessible by you, we now require a certified copy of your photographic identification with every withdrawal request.

A retirement declaration is used to confirm you have met a condition of release.

If you are under the age of 65 and are requesting a full or partial commutation (lump sum payment), we require the Retirement Declaration Form to be completed and certified in addition to the withdrawal form.

Defence Bank sincerely values your loyalty. However, we do also appreciate that, for whatever reason, you may leave us someday. But if you do have to go, here are a couple of options that may help.

• Log into your MyGov account, and request a rollover online.
• Complete our withdrawal form, send it along with a certified copy of your photographic identification via post.
• Request a rollover via the other fund. You will need to use this option if you are looking to roll your funds into a Self-Managed Super fund (SMSF), your accountant should be able to assist you.

If you are making personal contributions into your Superannuation, then make sure you complete the Notice of Intent to Claim or Vary a Deduction for Personal Super Contributions form and send to  RSA@defencebank.com.au before we process your rollover to the other fund or close your account. That way we will make sure your personal contributions are recorded as concessional contributions.

Your employer requires the following:

• Superannuation’s USI (Unique Superannuation Identifier) 57087651385001;
• ABN 57087651385; and,
• your RSA holder number (many employers also ask for a Letter of Compliance).

You can keep your Defence Bank Super Assured RSA, regardless of industry type or job. All you need to do is tell your new employer that you would like your super payments made into your current Superannuation account.

Pensions are paid on the 15th of the month as nominated by you, either monthly, quarterly bi-annually or annually.

You will receive one statement each year, usually in October, which contains your account balance, income payments and transactions from the previous financial year including your balance.

To obtain a Centrelink schedule please email rsa@defencebank.com.au with your RSA holder number and we will then post or send your document via Secure mail.

Currently we do not send the Defence Bank Super Assured RSA statements electronically, you should receive your annual statement late September or early October, be sure to keep us updated of any change of address details.

When you close your account you will be sent an exit statement.

To make or update a binding nomination, you will need complete and send a Binding Death Benefit Nomination form.

This form must be the original and be completed without errors or corrections. Important – all Death Benefit Nomination forms must be witnessed by two non-beneficiary adults (over 18 years) at the time of signing the form.

You can check your account balance by logging in to your account via Online Banking.

Account access is available to all RSA account holders through Defence Bank Online Banking. You will need your Defence Bank membership number to log on.

How to register for Online Banking.

The reason for the difference is, we deduct concessional contribution tax, currently 15%, before funds are deposited into your RSA account. So, when you look at your payslip you are seeing the gross amount, the amount before we subtract the 15% concessional contribution tax.

Here is an example: Jenny receives $100 from her employer which shows on her payslip. The $100 then comes to Defence Bank where we must apply the 15% concessional -contribution tax, or $15.00. As a result, Jenny will see $85.00 enter her account, the amount after tax.

Yes, you can log in using your Defence Bank member number and you will be able to see your balance in Online Banking, or simply key in your passcode to view in the Defence Bank app. If you haven’t yet availed yourself of our online services, please contact us and we will get you started.

Defence Bank offers the Defence Bank Super Assured Retirement Savings Account (RSA).

At Defence Bank you will have a Defence Bank membership number – this number allows you access to Online Banking and the app.

You will also have Defence Bank RSA holder number this number starts with ‘00’ and is used when we need to identify your superannuation account – your employer will need to know this number.

Superannuation is there to provide you financial support in your retirement.

If you’re working and earning more than a certain amount, your employer has to put extra money into your super account on top of your regular pay. This is called the Super Guarantee (SG).

• from 1 July 2024, your boss must put in 11.5% of your regular earnings.
• From 1 July 2025, that goes up to 12%.

These payments happen at least four times a year (every quarter).

If your child is under 18 and working for more than 30 hours per week then they should be receiving super. While your child is under 18 they won't be entitled to super for any weeks they works less than 30 hours regardless of how much they are paid.

There may be a number of reasons, the most likely being we don't have your current email or a postal address. To check that we have your correct details log in to Online Banking or call our Member Services Team on 1800 979 188.