DFRDB
Closed public sector scheme
DFRDB is a closed Defence pension scheme with benefits determined by salary and service rules.
Membership
The scheme serves eligible existing members and pensioners.
DFRDB vs HESTA
Compare what each fund offers, then choose investment options to put their published costs and returns side by side.
HESTA
Industry fund
HESTA is open to everyone, with roots in health and community services. Its default insurance design is a particularly useful point of difference to investigate.
Membership
Anyone can join subject to product eligibility. Check whether the relevant product is HESTA Super, Personal Super or an employer-specific arrangement.
Compare fees and investment returns
Choose the actual investment pathway for each account. For lifecycle products, select the named stage relevant to you. No stage is selected automatically.
| Measure | Choose an investment option | HESTA MySuper |
|---|---|---|
| Return basis | Choose an option | MySuper net return after administration costs, $50,000 representative member |
| 3-year return, per year | Choose an option | 9.26% |
| 5-year return, per year | Choose an option | 6.91% |
| 7-year return, per year | Choose an option | 7.47% |
| 10-year return, per year | Choose an option | 8.03% |
| APRA strategic growth allocation | Choose an option | 74.25% |
| Reported total fees, net of tax, at $50,000 | Choose an option | $405 a year (0.81%) |
| Administration and advice costs, net of tax (included in total) | Choose an option | $145 a year |
| 2026 performance test | Choose an option | Pass |
| New-member status at reporting date | Check the current product eligibility rules | Check the current product eligibility rules |
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.
How the products differ
| What to compare | DFRDB | HESTA |
|---|---|---|
| Membership and access | The scheme serves eligible existing members and pensioners. Sources1 | Anyone can join subject to product eligibility. Check whether the relevant product is HESTA Super, Personal Super or an employer-specific arrangement. Sources15 |
| Accounts and products | Defence Forces Retirement and Death Benefits Scheme. DFRDB pension and scheme benefits Separate MilitarySuper ancillary account where eligible Sources1 | HESTA Super and Personal Super; Corporate insurance arrangements need their own guide. HESTA Super HESTA Personal Super Retirement Income Stream Transition to Retirement Income Stream Sources7 |
| Insurance | Serving members have built-in death and invalidity protection. Sources1 | Eligible members receive default death and income protection cover; TPD cover is optional. HESTA also describes an insurance-premium pause for up to 12 months of approved parental leave, subject to conditions. Personal Super members need to check how cover is selected when joining. Sources45 |
| Retirement income | Service and super salary affect retirement pay. Eligible members can consider a pension and an optional lump-sum commutation under scheme rules. Sources1 | HESTA offers Retirement and Transition to Retirement Income Streams. The fund publishes a separate pension investment menu, so check the income-stream allocation and costs rather than assuming they are identical to the super option with a similar name. Sources3 |
| Comparing investment performance | Keep the pension and ancillary accumulation account separate. Sources1 | Use HESTA Super returns for a super comparison and Income Stream returns for a retirement comparison. Match Balanced Growth's asset mix with the competing option rather than using the word Balanced alone. Sustainable and indexed strategies need their own results. List HESTA's default insurance types explicitly. Treat Sustainable Growth as a specific investment option, not a description of every HESTA investment. Sources7 |
| Investment choices | This detail has not been verified for this profile. Check the current product documents. | Balanced Growth Balanced Growth is the MySuper default. Members can choose other ready-made or asset-class options. The menu includes Sustainable Growth and Indexed Balanced Growth; the Income Stream has its own investment range and disclosure document. Sources23 |
| Advice and support | This detail has not been verified for this profile. Check the current product documents. | Most advice about a HESTA account is covered by administration fees. Advice tailored to starting an Income Stream has a separate fee, and comprehensive advice can be provided through an external referral on an agreed fee-for-service basis. Sources6 |
| Fee details to check | This detail has not been verified for this profile. Check the current product documents. | Add administration, investment and transaction costs for the selected option and the insurance you actually hold. HESTA's current fee page uses costs for the year ended 30 June 2026, including estimates, and warns that future costs can differ. Sources6 |
THE SUPERGURU VIEW
Our take on DFRDB
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.
Who this profile is for
- Current DFRDB members and pensioners reviewing entitlements.
What deserves a closer look
- Any investment menu applies to a separate ancillary account, not to the core DFRDB pension.
- A commutation changes the form of retirement benefits; compare its full effect before deciding.
Sources1
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
THE SUPERGURU VIEW
Our take on HESTA
HESTA merits a closer look for someone whose working life includes caring roles, part-time work or parental leave. Its default income protection and optional TPD structure makes a generic insurance tick-box misleading. Read the benefit definitions and waiting periods, and compare the cover you need rather than simply counting how many insurance types a fund advertises.
Who might put it on their shortlist
- People in health and community services who want to examine the fund's relevant insurance and advice arrangements.
- Members who value an income protection component in their default cover.
- People comparing a dedicated sustainable option with the fund's ordinary diversified portfolio.
What deserves a closer look
- Default cover is not the same as automatic cover for every new member.
- TPD is optional, so do not assume the usual death-plus-TPD pattern applies.
- Income protection premiums, benefit periods and waiting periods can make a larger difference than a small investment-fee gap.
- Parental-leave premium relief requires approval and satisfaction of its conditions.
Sources4
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
Before choosing between DFRDB and HESTA
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 DFRDB profile · Read the full HESTA profile · Choose another comparison
Sources for DFRDB
Checked 2026-09-11. Documents and product terms can change after this date.
Sources for HESTA
Checked 2026-09-11. Documents and product terms can change after this date.