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 Vanguard Super
Compare what each fund offers, then choose investment options to put their published costs and returns side by side.
Vanguard Super
Retail fund
Vanguard Super offers an age-based Lifecycle default, other diversified and single-sector investments, and both retirement and transition-to-retirement accounts.
Membership
The SaveSmart PDS sets joining conditions. Insurance eligibility is separate and includes work-hours and occupation requirements for some cover types.
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 | Vanguard Super |
|---|---|---|
| Membership and access | The scheme serves eligible existing members and pensioners. Sources1 | The SaveSmart PDS sets joining conditions. Insurance eligibility is separate and includes work-hours and occupation requirements for some cover types. Sources48 |
| Accounts and products | Defence Forces Retirement and Death Benefits Scheme. DFRDB pension and scheme benefits Separate MilitarySuper ancillary account where eligible Sources1 | SaveSmart accumulation, SpendSmart pension and TransitionSmart TTR. Vanguard Super SaveSmart SpendSmart account-based pension TransitionSmart TTR Sources2 |
| Insurance | Serving members have built-in death and invalidity protection. Sources1 | Eligible members receive basic death and TPD cover. Income protection requires a separate application. Vanguard's public eligibility page lists a minimum recent work-hours condition and excludes hazardous occupations for TPD and income protection; TPD must be held with death cover and cannot exceed it. 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 | SpendSmart provides regular retirement income and lump-sum access for eligible members. TransitionSmart lets eligible working members draw pension payments while keeping a SaveSmart accumulation account for contributions. Sources23 |
| Comparing investment performance | Keep the pension and ancillary accumulation account separate. Sources1 | Lifecycle performance is age-dependent. Compare an equivalent age allocation and period, and use super-product returns rather than the much longer track record of a Vanguard managed fund or ETF outside super. Those are different products with different costs and taxes. Show Lifecycle results for the same age. Include SpendSmart and TransitionSmart in retirement comparisons, and compare insurance eligibility explicitly. Sources12345678 |
| Investment choices | This detail has not been verified for this profile. Check the current product documents. | Lifecycle Lifecycle changes the asset mix as a member ages. Members can choose other diversified options or single-sector options instead. The menu offers pooled investments inside super; it should not be described as a brokerage account for buying any Vanguard ETF. Sources1 |
| Advice and support | This detail has not been verified for this profile. Check the current product documents. | Vanguard provides educational material and a Find an Adviser tool. Compare the scope and price of personal advice separately; the presence of a referral tool does not establish that comprehensive advice is included in the super fee. Sources7 |
| Fee details to check | This detail has not been verified for this profile. Check the current product documents. | Use the total annual fee for your selected option and balance, then account for insurance and buy/sell spreads. Vanguard says options other than Lifecycle can have different costs. A quoted Lifecycle percentage therefore should not be attached to every investment choice or pension product. 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 Vanguard Super
Vanguard is a useful comparison for someone who wants a clearly described age-based investment approach. Its retirement accounts also let members move from saving to drawing an income within the fund. Insurance is the detail that can change the decision, particularly for someone in a hazardous occupation or with irregular working hours.
Who might put it on their shortlist
- People who prefer a Lifecycle strategy that automatically changes with age.
- Members comparing pooled diversified or single-sector investments.
- People who want an accumulation and pension pathway with the same provider.
What deserves a closer look
- Hazardous-occupation and work-hours eligibility rules can limit TPD or income-protection cover.
- The super product's own performance history must be distinguished from Vanguard's older investment funds.
- An age-based strategy cannot account for every part of your household finances.
- Vanguard Super does not provide the same freedom as a direct ETF brokerage account.
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 Vanguard Super
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 Vanguard Super profile · Choose another comparison
Sources for DFRDB
Checked 2026-09-11. Documents and product terms can change after this date.
Sources for Vanguard Super
Checked 2026-09-11. Documents and product terms can change after this date.