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 National Mutual Retirement Fund
Compare what each fund offers, then choose investment options to put their published costs and returns side by side.
National Mutual Retirement Fund
Closed retail fund
National Mutual Retirement Fund holds a range of older superannuation and insurance policies administered by Resolution Life.
Membership
The trustee's March 2026 assessment describes the fund as closed to new members. Existing-member contributions and successor transfers are different from opening a new retail account; the rules depend on the policy.
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.
Choose an investment option to see the figures
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.
How the products differ
| What to compare | DFRDB | National Mutual Retirement Fund |
|---|---|---|
| Membership and access | The scheme serves eligible existing members and pensioners. Sources1 | The trustee's March 2026 assessment describes the fund as closed to new members. Existing-member contributions and successor transfers are different from opening a new retail account; the rules depend on the policy. Sources1234 |
| Accounts and products | Defence Forces Retirement and Death Benefits Scheme. DFRDB pension and scheme benefits Separate MilitarySuper ancillary account where eligible Sources1 | Resolution Life legacy superannuation products, including the separate former Super Retirement Fund section from 1 July 2026. Accelerator Personal Superannuation Plan Investment Linked Personal Superannuation products MultiFund Superannuation Bond Resolution Life MyLife Super Whole of Life and Endowment super policies Former Super Retirement Fund section Sources1234 |
| Insurance | Serving members have built-in death and invalidity protection. Sources1 | Insurance and whole-of-life features belong to specific policies. The label National Mutual Retirement Fund does not establish a member's cover, premium or surrender value. Sources1234 |
| 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 | Pension and super policies have their own withdrawal, payment and maturity rules. Annual and terminal bonuses should be distinguished; terminal bonuses may depend on the eventual claim or withdrawal. Sources1234 |
| Comparing investment performance | Keep the pension and ancillary accumulation account separate. Sources1 | Compare the actual policy and option. Do not average different contracts into one fund return. This is an explanatory profile for existing members, not a new-account recommendation. Sources1234 |
| Investment choices | This detail has not been verified for this profile. Check the current product documents. | Menus vary by policy. Some are unit-linked investment accounts; others combine insurance, guarantees or bonuses. The product and investment option on the member statement are essential identifiers. Sources1234 |
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 National Mutual Retirement Fund
The legal fund name is a starting point, not enough detail for a switch decision. With older policies, the useful questions are what you own, which benefits would survive a transfer and what would be paid if you left today.
Who this profile is for
- Existing Resolution Life policyholders identifying their super fund.
- Former Super Retirement Fund members checking the account and contribution details that changed in July 2026.
What deserves a closer look
- Do not treat every legacy policy as a standard accumulation account.
- June 2026 figures for Super Retirement Fund predate its transfer. They should not be presented as new July pricing for the receiving section.
- An APRA public-offer classification does not override the trustee's notice that the fund is closed to new members.
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 National Mutual Retirement Fund
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 National Mutual Retirement Fund profile · Choose another comparison
Sources for DFRDB
Checked 2026-09-11. Documents and product terms can change after this date.
Sources for National Mutual Retirement Fund
Checked 2026-09-11. Documents and product terms can change after this date.