Estimated benefit assumptions
Your 2017 annual benefit statement shows an estimate of what your retirement benefit could grow to at age 67. It is a simple estimate to help you start your retirement planning based on a number of standard assumptions.
Where can I find out more about the assumptions used?
Your statement shows the assumptions and figures used to calculate your benefit estimate under ‘How the estimate is calculated’. These are standard assumptions we must use and you can view them in full by downloading ASIC’s Class Order (CO 11/1227).
Are the amounts shown in the Your estimated benefit section of the statement what I will receive when I retire?
Your estimated benefit isn’t exactly what you will receive when you retire. It is a simple estimate of what your LGIAsuper benefit may grow to based on certain assumptions shown in your statement and ASIC’s Class Order (CO 11/1227).
By using LGIAsuper's Retirement income calculator or ASIC’s MoneySmart retirement planner you can create a more personalised estimate. What’s more, you can explore different scenarios based on varying contribution levels, retirement age, retirement income and other variables to see their impact on your potential retirement income and how long your money lasts.
Why didn’t I receive an estimated benefit?
We are able to provide most members with an Accumulation account an estimate of their benefit as long as we use the assumptions in ASIC’s Class Order (CO 11/1227). This includes members who are:
- aged 66 or younger
- have a balance of $1,000 or more
- contributed $20,000 or less in non-concessional contributions (after-tax) during the financial year.
If you have a defined benefit you receive projected retirement multiples as part of your statement each year.
Why do I get a different estimate from LGIAsuper’s Retirement income calculator than what is on my benefit statement?
Our online calculator uses different assumptions to those we are required to use for the estimated benefit shown on your statement. This is because you are able to vary information such as your account balance, contributions, retirement age and preferred income in retirement. The different assumptions and your input mean the Retirement income calculator will vary from the estimated benefit shown on your statement.