Updated 26 March 2003
The following is a brief overview of important information about the features of your super fund which will assist you to understand and take advantage of your superannuation. If you have any questions, please contact us. State Super's Customer Service is available to assist you with scheme enquiries.
- The State Superannuation Scheme is a defined benefit scheme, subsidised by your employer. Your benefit on retirement is directly related to your unit entitlement as dictated by your salary on retirement.
- Once attaining a contribution level of 6% of your salary, the option of abandoning new units becomes available.
- Normal retirement age is 60 except for female members who elected on joining to retire at age 55 and, as a result, contribute at a higher rate to provide for this earlier retirement.
- Early Voluntary Retirement (EVR) is available to those members with a Normal Retirement age of 60 at any time from age 55 onwards. A reduced benefit is payable taking into account contributions not paid and the increased potential period of pension payment.
- Benefits paid on retirement may be taken in the form of a pension adjusted annually by changes
in the CPI, a lump sum, or a combination of both.
- On the death of a member a spouse's benefit is payable to a surviving eligible spouse, at the rate of 2/3 of the member's entitlement regardless of whether the member took their retirement benefit as a lump sum or pension.
- In the event of retirement on the grounds of ill-health, a pension benefit is paid with the option of commuting the pension to a lump sum at age 55.
- On resignation a member has the choice of taking a cash withdrawal or preserving their benefit with the scheme. The Preserved Benefit Option provides a greater employer-financed benefit, but not until retirement age.
- A number of options are available in the event of a member being retrenched. A member has the choice of a Retrenchment Lump Sum or Pension, a Preserved Benefit, or Early Voluntary or Normal Retirement Benefit if over 55.
- A Basic Benefit of up to 3% of a member's final average salary for each year of membership from 1 April 1988 is also payable on exit. This Basic Benefit must be compulsorily preserved in most forms of exit prior to the Commonwealth "preservation age", which is age 55 for members born prior to 30 June 1960, increasing to a maximum of age 60 for members born after 30 June 1964.
- First State Super (FSS) is an accumulation scheme open to NSW public sector employees and is available to you as a top-up facility. Top-up super generally allows you to increase your retirement savings in a tax effective manner. Regular personal deductions may be authorised from your pay. Single payments and the roll-over of other super contributions are also accepted. You may be able to make these contributions from your pre-tax salary. You may also choose to make contributions for your spouse into FSS.
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The information provided is intended as a guide only to the benefits available from your scheme. Benefits are determined strictly in accordance with scheme legislation.
All of the benefit amounts described are before reduction for Commonwealth tax on your employer's superannuation contributions. Please see your annual statements for further information about the effects of tax on your scheme benefits.
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