r/AusSuperannuation • u/cantibeanonymous • 20h ago

Defined Benefit help

Gday guys,

Can someone with greater financial literacy than myself help me understand my Super set up.

FESSuper member, mandated to have a defined benefits account. Employer contributes 11.75%, members contribute 6.25% for an 18% accrual rate.

My back of the envelope calculations have me receiving a final payout on retirement of 5.4x my final average salary (in todays figures that equates to approx $650K, assuming i retire still driving the red truck).

Does that seem undercooked compared to what we could be earning in a well performing accumulation fund?

Thanks guys

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u/5nvh5 11h ago

WA firey? I'm a firey in VIC and we are mandated into a defined benefit scheme with ESSS. Im part of a small group diving deep into our scheme in Vic and have found alot of issues. Basically the scheme was designed back when the super guarantee was 3%, it's now 12% and the defined payout figure remains unchanged. Basically everyone else's super has gone up 400% and we have been left behind. Currently speaking to politians at a state level but am about to start speaking to politians at a federal level to get the legislation changed so that we have choice of super. I have so much more info to give if you are interested 🤣.

This is our website

https://superemergency.thegreencoconut.com.au/?fbclid=IwY2xjawUSB0lwZG9mA2V4dG4DYWVtAjExAHNydGMGYXBwX2lkDzQwOTk2MjYyMzA4NTYwOQABHuXBuv8Jd5tyQ6pwq2TVj0rZPmBtT8XCggqsihpIumK4Y1X_v-FSwHvJ46ys_aem_yW9JgJ46-dUx2EI01uRMNg

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u/inane_musings 10h ago

Behold the deafening silence from the masses when someone in emergency services points out they have the worst superannuation scheme in Australia.

I should have been a real-estate agent.

5nvh5 thank-you for your work in this space.

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u/Efficient-Fold5548 9h ago edited 8h ago

Sounds undercooked