State Authorities Super Scheme
The basic benefit & SANCS
Generally, all members of SASS are also automatically members of the State Authorities Non-contributory Superannuation (SANCS) Scheme. The employer-funded basic benefit and the Superannuation Guarantee (SG) shortfall amount are payable from this scheme. In addition, any co-contributions or low income superannuation contributions (LISC) from the Commonwealth Government in respect of a member are payable from the SANCS Scheme.
As a SASS member, you are entitled to a lump sum basic benefit in addition to your other SASS benefits.
The basic benefit is 100% employer funded and generally accrues at the rate of 3% of your final average salary for each year of service.1
You are eligible for the basic benefit as long as you do not receive a similar employer-financed benefit from another scheme. It is paid to you when you reach your preservation age and satisfy a Commonwealth Government condition of release for payment.
1 Due to tax payable by the fund on employer contributions since 1 July 1988, the basic benefit is effectively paid at around 2.55% per year of service.