Resignation or dismissal benefit
The benefit payable on resignation is the total amount of your contributions, plus interest payable from 23 November 1984 or the date you entered the scheme if later. On dismissal, interest is only payable from 1 July 1990.
The interest referred to above was fixed by legislation at 4.5% per annum until 30 June 1990. From 1 July 1990, interest is credited at the Fund Earning Rate.
Instead of receiving the immediate withdrawal benefit, you may elect to defer your accrued entitlements in the scheme. The value of the deferred benefit may be considerably higher than the immediate withdrawal benefit, as a result of the employer-financed component of your accrued benefits.
The deferred benefit is calculated as a lump sum as at the date of ceasing employment and this amount is subsequently adjusted in accordance with movements in the Consumer Price Index (All Groups Index) for Sydney, up until the date it is eventually paid.
You can receive your deferred benefit at any time after reaching 55, or earlier in the event of death or total and permanent invalidity.
In the event of your death, the deferred benefit would be payable to your spouse (including de facto spouse) or, if there is no eligible spouse, to your estate.
If you defer your entitlements in the scheme, you can take the original resignation or dismissal benefit, plus interest, at any time, subject to the Commonwealth's compulsory benefit preservation rules.
Please refer to PSS Fact Sheet 7: Resignation/dismissal benefit and voluntary benefit deferral for more information.