Benefits

Your retirement benefits

Contributing members to SASS are generally eligible for a retirement benefit on leaving employment from age 58 onwards.

However, members who transferred into SASS when their original scheme closed may be eligible for a retirement benefit on leaving employment from age 55. To check your eligible retirement age, see your SASS Annual Benefit Statement.

It is important to note that your ability to access your full retirement benefit is governed by your preservation age.

What will your retirement benefit be worth?

If you transferred into SASS from a predecessor fund you may be entitled to benefits calculated in a manner different from the standard SASS benefit detailed below. Your Annual Benefit Statement includes details of any conditions applying to you.

The SASS plus SANCS retirement benefit payable is made up of:

  • the full balance of your personal account in SASS

plus

  • the employer-financed benefit of 2.5%1 of your final average salary for each accrued benefit point, less 15% contribution tax for each year of membership from 1 July 1988

plus

  • the SANCS basic benefit of 3% of your final average salary for each year of membership from 1 April 1988, less 15% contribution tax for each year of membership from 1 July 1988

plus

  • the full balance of your Additional Employer Contribution (AEC) account if applicable to you (refer to you Annual Benefit Statement)

plus

  • the full balance of your Commonwealth Government co-contribution and low income superannuation contribution (LISC) account if applicable to you (refer to your Annual Benefit Statement)

less

  • any surcharge tax debt, no Tax File Number (TFN) debt, contribution arrears and interest debt, or other amounts previously paid to you on compassionate grounds or financial hardship (if applicable).

1This is approximately 2.12% after the reduction for the tax on employer contributions payable by the Fund since 1 July 1988. Employer-financed benefits attributable to membership prior to 1 July 1988 do not attract contributions tax.

To find out how to calculate your retirement benefit, refer to the following retirement benefit example.