Public Sector Superannuation Scheme (PSS)
The PSS closed to new members with effect from 1 July 2005. The PSS is a defined benefits scheme.
New employees who commence employment on or after 1 July 2005 will usually become members of the PSSAP . However, some new employees will not be affected by this change and will be required or allowed to be members of the PSS, for example:
- the person is already a member of the PSS due to another concurrent instance of employment; or
- the person is a former member of the PSS in respect of whom a preserved benefit under that scheme has not yet been paid and either becomes a permanent employee or as a temporary employee or statutory office holder elects to join the PSS; or
- the person was an PSS invalidity pensioner and becomes a permanent employee, or, becomes a temporary employee or statutory office holder in respect of the employment or appointment held prior to becoming an invalidity pensioner; or
- at the end of 30 June 2005, the person was a statutory office holder and elects to become a PSS member after 1 July 2005 in relation to that office; or
- at the end of 30 June 2005, the person is a temporary employee and elects to become a PSS member after 1 July 2005 in relation to that employment;
- the person is a temporary employee who makes an election to become a PSS member before 1 July 2005 but whose election does not take effect until 1 July 2005 or later; or
- a person who elects to transfer to the PSS from the CSS.
PSS members can make contributions of between 2% and 10% of superannuation salary or can elect to make no contributions. Those contributions are, in most circumstances, paid each fortnight into the PSS Fund. When you contribute your employer also pays an employer productivity contribution of approximately 3% of superannuation salary into the PSS Fund. The PSS Fund is managed by Commonwealth Superannuation Corporation  (formerly the Australian Reward Investment Alliance). Your defined benefit also includes an unfunded component that depends on the level of your contributions.
Benefits are generally paid as a lump sum, but a pension option is also available in most cases. The amount of retirement benefit you will receive usually depends on the time that you have contributed to the scheme, your average superannuation salary across your last three birthdays and the level of contributions you have paid during membership.
If you would like more information on the PSS, please visit the PSS web site .