SASS members who are former members of the NSW Retirement Fund (NRF), Transport Retirement Fund (TRF), Local Government Pension Fund (LGPF) or Railway Superannuation Account (RSA) may receive part or all of their employer-financed benefit in the form of a lifetime fortnightly indexed pension.
These pensions are generally payable on retirement at or after age 60 (55 for female Railway Superannuation Account members) or on total and permanent invalidity.
A reversionary pension may also be payable to an eligible spouse on the death of a pension member. Pensions are also payable to the dependent children of the deceased former Local Government Pension Fund members.
If a member with a pension option elects to take part or all of the employer-financed component of their SASS benefit as a pension there is no provision in the legislation that allows them to exchange the pension for a lump sum in the future.
Former members of NRF, TRF or LGPF
A SASS pension may be payable to a former member of NRF, TRF or LGPF in a number of instances:
- Members of these funds (as listed in the table below) retain an option to take all or part of their SASS employer financed benefit (EFB), and additional benefit where applicable, as a pension on retirement.
- The member can nominate the number of benefit points to be used in the calculation of the pension.
- Members of the NSW Retirement Fund and Transport Retirement Fund can also choose on retirement whether a reversionary spouse benefit will be payable in the event of their death. A reduced pension will be payable where an NRF or TRF member elects for a reversionary spouse benefit to be payable.
- The remainder of the benefit i.e. the member's personal account balance (contributor financed benefit), the basic benefit and any applicable Additional Employer Contributions (AEC), Commonwealth Government co-contributions and Low Income Super Tax Offset (LISTO) must be paid as a lump sum.
|Closed Fund||Pension Option||Spouse Pension||Children's Pension|
|NRF||On retirement at or after turning 60, on total and permanent incapacity, or on death where there is an eligible spouse.||Member may choose reversionary pension. The reversionary spouse pension is 62.5% of the member pension||Not payable|
|On retirement at or after turning 60, on total and permanent incapacity, or on death where there is an eligible spouse.||Reversionary pension is always available. The reversionary spouse pension is 62.5% of the member pension.||Payable|
|TRF||On retirement at or after turning 60 or on total and permanent incapacity. No pension option is available to a spouse on the death of a contributing member.||Member may choose reversionary pension. The reversionary spouse pension is 62.5% of the member pension.||Not payable|
Former members of RSA
Former members of RSA also have a pension option, but that option is calculated based on the benefit points which were contributed for prior to their transfer to SASS on 1 June 1990.
Benefit points contributed since transfer on 1 June 1990 contribute towards an employer-financed lump sum benefit which is paid in addition to the member's personal account balance, Basic Benefit and where applicable any Additional Employer Contributions (AEC), Commonwealth Government co-contributions and Low Income Super Tax Offset (LISTO) amounts.
|Closed Fund||Pension Option||Reversionary Spouse Pension||Children's Pension|
|On retirement at or after turning 60 for men and 55 for women. On total and permanent incapacity or partial and permanent incapacity at or after age 58 or under age 58 for members not qualified for SASS Additional Benefit. Spouse pension may be payable on death.||Small reversionary pension may be payable.||Not payable|