Summary
Amends the Defence Force Retirement and Death Benefits Act 1973 and Defence Forces Retirement Benefits Act 1948 to: index Defence Forces Retirement Benefits (DFRB) and Defence Force Retirement and Death Benefits (DFRDB) retirement pensions, invalidity pensions, and reversionary pensions from 1 July 2014 in the same way as age and services pensions are indexed; and exempt DFRB and DFRDB members from a tax liability for the one-off capitalised value of the benefit improvement relating to past service as at 1 July 2014.