Public Sector Superannuation scheme (PSS)
The PSS closed to new members on 1 July 2005. The PSS is a defined benefit scheme managed by the Commonwealth Superannuation Corporation (CSC). Depending upon individual circumstances, employees with an existing interest in the PSS may be able to elect to recommence membership in the scheme on commencing MOP(S) Act employment or on commencing a new term of MOP(S) Act employment.
PSS members can make contributions of between 2% and 10% of their superannuation salary to the PSS or they can elect to make no contributions at all. Employee contributions bear a direct relationship to the benefit the employee receives on retirement. The amount contributed by the employer within an employee’s PSS account bears no direct relationship to the benefit the employee receives on retirement. The CSC website provides information on how the retirement benefit is calculated .
It is possible for PSS members to cease their membership with the PSS at any time and join the PSSap. Employees wishing to cease their PSS membership and join the PSSap are advised to consult a licensed financial adviser prior to making any arrangements.