The Minister for Veterans’ Affairs and the Assistant Minister for Treasury and Finance have announced an inquiry into the operations of the Defence Force Retirement and Death Benefits (DFRDB) superannuation scheme.
The Ministers, Darren Chester and Senator Zed Seselja said the inquiry would specifically examine the information provided to members of the scheme by scheme administrators and relevant Departments.
Mr Chester said the DFRDB scheme, which was established in 1972 and closed to new members in 1991, allowed members to commute (exchange) part of their pension for a lump sum.
“There are different views among some in the veteran community about certain areas of the scheme and the appropriateness of information provided to members at the time,” Mr Chester said.
“The Government recognises the importance of open and transparent discussion around veteran concerns and we will consult with the ex-service community about the terms of reference for the inquiry, as well as panel membership.”
He said ex-service organisations and scheme members would have the opportunity to make submissions to the inquiry and raise any other concerns relevant to the scheme.
“The inquiry is on the agenda for the next Ex-Service Organisation Round Table, which will be held on Tuesday (2 April),” Mr Chester said.
