The PSS is established under the Superannuation Act 1990 and the Public Sector Superannuation Scheme Trust Deed.
The PSS, a defined benefits scheme, closed to new Australian Government employees and office holders with effect from 1 July 2005. In some limited instances, employees commencing new employment are required or allowed to be members of the PSS, for example, if the employee has an existing PSS preserved benefit.
PSS members can make contributions of between 2 per cent and 10 per cent 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. 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.
The Commonwealth Superannuation Corporation is the trustee and administrator of the PSS.