Welcome back to PSS

We’ve set up your new membership and you now have a new reference number, which you would have received with your welcome back letter.

Please keep this number somewhere safe, as you’ll need it to set up and log into your online account. It also helps us to identify your account when you contact us.

Now that you’ve re-joined PSS, there are a few things you need to know. PSS is quite different from accumulation schemes.

PSS perks and quirks

Contributions

In standard (accumulation) super schemes, your employer makes a compulsory contribution to your super account each pay period.

In PSS, your employer makes contributions to your super in two ways:

• a fortnightly contribution (that attracts earnings), called ‘the productivity component’, and
• an employer component, that is not calculated until you cease contributing to PSS. This component is dependent on whether the 10-year rule (explained in further detail below) has been met, and your nominated contribution rate.

The 10-year rule

The 10-year rule refers to members who have contributed to PSS for 260 public service pay days or contribution due days (CDDs)—the equivalent of ten years’ continuous employment. After the first 260 CDDs, if your contribution rate is more than 5%, your ABM accrues at a higher rate.

At retirement, or when you crease contributing to PSS, PSS provides you with a benefit determined by a set formula:

FAS x ABM

Where:

FAS = your final average super salary. Your final average salary is the average of your last 3 reported salaries. If you’re employed on a part-time basis, your salary will be pro-rated. If you’re employed on a casual basis, your actual fortnightly earnings will be used. For more information about how your salary is calculated for PSS purposes, please refer to our Super salary and PSS factsheet.

ABM = your accrued benefit multiple. This accrues fortnightly depending on your nominated contribution rate and length of service. The following table sets out how the ABM grows*

Fortnightly ABM accrual can be calculated as:

*assuming 26 fortnights in the year with no change in contribution rate or any leave without pay.

^The ‘ten-year rule’ restricts the rate at which the ABM grows. For 10 years or 260 CDDs*, the ABM accrues as if the member had contributed at up to 5%. Once a member has contributed for more than 260 CDDs, the ABM accrual will reflect the actual rate of member contributions up to 10%. This rule therefore only affects members who elect a contribution rate of more than 5%.

The 260 CDDs or 10 years do not have to be in a continuous period, nor do they have to be the first 10 years of membership. The actual calculation of the ’10 year rule’ is performed at the time a member claims their benefit or a benefit multiple is calculated.

Cover that complements your PSS benefit

Eligible PSS customers under the age of 60 can access Additional Death and Invalidity Cover (ADIC) to supplement your PSS benefit. The cost of ADIC is inexpensive when compared to similar cover taken privately, because cover is provided at group rates and part of the cost is covered by your employer. You can get an online estimate for ADIC by clicking on the LIFEapp online insurance tool. PSS will confirm your allowable ADIC amount and the associated premium once your application for ADIC has been received to ensure you do not exceed your maximum benefit limit.

Find out more about ADIC

Growing your benefit

Topping up your super can make a significant difference to your final balance. Investing a little more now means you may have a lot more money in retirement. You don’t have to contribute extra to super, however doing so may be a good idea as your retirement savings may need to last you 20 years or longer. Even small regular amounts can grow to have a bigger impact on your retirement over a long investment period. As a PSS contributor, you are able to contribute to increase your nominated contribution rate or choose to make additional contributions into a PSSap Ancillary account. You should also be aware of your contribution cap spaces.

Find out more

Add extra money to your super

Maximising your super

Tax and your super

Financial advice

As a PSS member, you have access to financial advice through CSC’s authorised financial planners. CSC’s authorised* financial planners are dedicated to getting to know you and what you want out of life and helping you lay out a path to get there, step by step.

Financial Planning

There are a few things you should do to get started

• Register for CSC Navigator to keep track of your super and manage your account.
• Nominate your personal contribution rate (if you want to contribute at a rate other than 5%) – you can do this by logging into your payroll management system or by contacting your payroll team. Read more about contribution rates
• Complete and submit the Confidential Medical and Personal Statement (CMAPS) form provided by your employer
• Review your level of death and invalidity cover and make sure it’s appropriate for your circumstances (you can check this in MSO)
• Find and combine your super – log into MyGov and use the ATO online services portal to request a transfer. If you don’t have a MyGov account, you can contact your other fund to request a transfer to PSS. Here’s the information you’ll need about PSS:
  • Scheme: Public Sector Superannuation Scheme (PSS)
  • USI: 74172177893001
  • ABN: 74172177893
  • Member Client Identifier: Your AGS or reference number
• Read the PSS Product Disclosure Statement (PDS). The PSS PDS provides important information about the features, benefits, risk and cost of investing your super with PSS.