Compare what each fund offers, then choose investment options to put their published costs and returns side by side.
Closed retail fund
Challenger Retirement Fund holds legacy super, pension and insurance contracts. Its products are closed to new members.
The provider confirms all products in this fund are closed to new members. Existing holders should use the documents for their particular contract.
Closed public sector scheme
DFRDB is a closed Defence pension scheme with benefits determined by salary and service rules.
The scheme serves eligible existing members and pensioners.
Choose the actual investment pathway for each account. For lifecycle products, select the named stage relevant to you. No stage is selected automatically.
The costs and returns belong to the selected product, option or lifecycle stage.
Source: APRA Comprehensive Product Performance Package 2026, published 28 August 2026. Fees reflect the reporting year to 30 June 2026, are net of tax, use standard arrangements and exclude member-activity fees. Dollar figures are rounded. They are not a current quote. Check the latest PDS for changes, insurance premiums and any separately charged advice.
Returns are annualised historical results. Different return bases, risk levels and periods cannot be treated as interchangeable. MySuper net returns use a $50,000 representative balance even when you change the fee balance. A lifecycle stage return does not track a person moving between stages. Missing figures mean not reported, not zero. Past returns do not predict future returns. Read our method and APRA's definitions.
| What to compare | Challenger Retirement Fund | DFRDB |
|---|---|---|
| Membership and access | The provider confirms all products in this fund are closed to new members. Existing holders should use the documents for their particular contract. Sources123 | The scheme serves eligible existing members and pensioners. Sources1 |
| Accounts and products | Existing products inside Challenger Retirement Fund. This entry does not describe every annuity currently sold by Challenger Life. Guaranteed Personal Superannuation Guaranteed Income Pension Plan Guaranteed Lifetime Pension Plan Term Allocated Pension Term Life under super Sources123 | Defence Forces Retirement and Death Benefits Scheme. DFRDB pension and scheme benefits Separate MilitarySuper ancillary account where eligible Sources1 |
| Investment choices | Some contracts provide a guaranteed rate or income; others have cash or market-linked features. There is no single investment menu or balanced option that represents the whole fund. Sources123 | This detail has not been verified for this profile. Check the current product documents. |
| Insurance | Term Life is a separate insurance product in the fund. Holding a pension does not mean a member has that insurance. Sources123 | Serving members have built-in death and invalidity protection. Sources1 |
| Retirement income | Income, withdrawal rights and indexation depend on the original contract. Fixed terms may have break costs, while some lifetime pensions have no withdrawal value. Sources123 | Service and super salary affect retirement pay. Eligible members can consider a pension and an optional lump-sum commutation under scheme rules. Sources1 |
| Comparing investment performance | Do not present this fund as an available destination for a new accumulation account. Guaranteed-income contracts and ordinary market investment options need different comparisons. Sources123 | Keep the pension and ancillary accumulation account separate. Sources1 |
THE SUPERGURU VIEW
This entry is useful for someone trying to understand an existing policy. A modern super comparison can miss the promise built into a legacy pension. Start with the contract, its payment schedule and any surrender value before weighing a change.
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
THE SUPERGURU VIEW
DFRDB belongs in an explanation of retirement entitlements. It does not belong in a league table of funds to switch into. The value of pension income and any commutation decision needs individual calculation.
Sources1
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
Use the membership rules to establish which accounts are available to you. Then compare the total price of the investment option and cover you need. A lower fee or higher historical return alone does not tell you which fund is suitable.
Ask both funds to confirm insurance acceptance, exclusions, waiting periods and whether cover would change when you leave your employer. Obtain advice before giving up a defined benefit or an insurance policy you may not be able to replace. ASIC Moneysmart explains the comparison checks.
Read the full Challenger Retirement Fund profile · Read the full DFRDB profile · Choose another comparison
Checked 2026-09-11. Documents and product terms can change after this date.
Checked 2026-09-11. Documents and product terms can change after this date.