How to maximise your employer-financed benefit
Are you maximising your benefit points?
For every 1% of your current salary you contribute to SASS, you also secure an additional employer-financed benefit of approximately 2.12%* of your final average salary for when you retire – and the contributions you make to SASS also earn you investment returns.
Your scheme was designed to provide you with flexibility throughout the various stages of your life. While you can contribute between 1–9% each year, maximising your employer-financed benefit is based on making an average contribution of 6% per year. The maximum benefit points you can reach after 30 years of full time fund membership is 180 points.
If you are not contributing at the maximum rate, you may not receive the entire employer-financed benefit you could be entitled to come retirement.
To change your contribution rate this year, simply complete and return a contribution rate election form by 28 February 2019 (your actual contributions will not change until 1 April 2019).
Need more information?
- Case study – Milton 43
- Case study – Lauren 48
- Case study – Nick 50
- Case study – Lisa 54
- Case study – Jeffrey 59
- Case study – Helen 60
- Fact sheet – Contributions
*This amount is after the reduction for the tax on employer contributions payable by the fund since July 1988. If you joined the scheme prior to 1 July 1988, the employer contributions tax is not applicable to the part of your benefit that accrued prior to 1 July 1988.