Name of Fund:	THE PUBLIC SECTOR SUPERANNUATION (PSS) SCHEME
Name of Trustee:	THE PSS BOARD

Requests / Orders to be sent to:

Attention:	C/- Comsuper
Postal Address:	Unit 4, Cameron Office, Chandler St
	BELCONNEN ACT 2617
Email:	pss.members@comsuper.gov.au
Phone:	13 23 66
Fax:	(02) 6272 9001
Web:	http://www.pss.gov.au

Special Factors / Method Applied for:

Yes - Approved 8 March 2004

Level of Fees Charged: (e.g. for information; splitting; flagging, etc.)

Fee	Transaction
$150	Form 6 information
$0	Payment Split, Payment Flag, Other Action

Splitting Options Available:

Can be split between a member and a non member.

Calculation of Present Value of Defined Benefits Interest Offered?:

No

Design:

The PSS covers employees in the Australian public service and related participating employers. The benefit on retirement is made up of the product of Final Average Salary and the total Benefit Multiple. Statements show this benefit split up into Member's Components, Productivity Components and the Employer Component being the balance. Members can contribute between 2% and 10% of their superannuation salaries. The default rate is 5%. The level of contribution affects the level of benefit accrual. The productivity component is also an accumulation benefit but is funded by the employer. It is designed to be approximately 3% for all workers but is, in fact, slightly less for higher income earners and slightly more for lower income earners. The employer component is the Benefit of Final Average Salary (FAS) minus the above two components. FAS is the average of superannuation salaries on the member's three birthdays before leaving the scheme. The basic accrual rate is 21% of each year but varies (according to the member contribution rate) from 15% to 31% per year. A minimum of half the benefit can be converted to a CPI indexed reversionary on a 10.0 conversion factor at age 65. The level of reversion is 67% with provision for child pensions.

Last updated: 11th December 2003

 
Return to Master List.

Go to Bendzulla home page.