Public Sector Superannuation accumulation plan (PSSap)
The PSSap commenced operation on 1 July 2005 under the arrangements established by the Superannuation Act 2005 and the PSSAP Trust Deed . The PSSap is an accumulation scheme managed by the Commonwealth Superannuation Corporation.
Employees who commenced MOP(S) Act employment on or after 1 July 2005 are generally eligible to join the PSSap. If an employee has an existing interest in the PSS, it is possible to cease their PSS membership and join the PSSap. If an employee has an existing interest in the CSS, they cannot join the PSSap (with the exception of casual MOP(S) Act employees with a deferred benefit in the CSS).
The PSSap is the default fund under the choice of superannuation fund arrangements for MOP(S) Act employees who commenced their current term of employment on or after 1 July 2005 meaning that, for new employees who do not choose an alternative complying superannuation fund or retirement savings account (RSA), employer superannuation contributions will automatically be made to the PSSap. Eligible employees, who have not elected to join the PSSap, can still elect to join at any time.
Employer superannuation contributions to the PSSap will be paid in accordance with the rules of the PSSap at 15.4% of the employee’s ordinary time earnings or the deed to establish the PSSap, whichever is higher. Employees also have the option of making voluntary personal contributions, including salary sacrifice contributions, to the PSSap.
If you are interested in joining the PSSap, please contact the Staff Help Desk for an information pack and membership election form.