Some parts of SASS member’s benefits are subject to investment choice while others are not. This is because it is a hybrid scheme, which is a combination of accumulation and defined benefit.
There are four member investment choice strategies: Growth, Balanced, Conservative and Cash in which members can choose to invest the parts of their benefit which are subject to investment choice. Members can choose one strategy or any mixture of the four strategies, provided the proportions add up to 100%.
Contributory members can also nominate a different strategy (or combination of strategies) for their current account balance and future contributions. This approach allows members to adjust their SASS investment strategy for changes in their personal financial circumstances or their overall financial plan.
What parts of my benefit are subject to investment choice?
For contributory members only your SASS personal account is subject to investment choice.
For deferred benefit members all of your SASS benefit is subject to investment choice i.e. your SASS personal account and the employer-financed part of your SASS benefit (excluding the SANCS benefit which includes your lump sum basic benefit and any Superannuation Guarantee shortfall, Commonwealth Government Co-contribution or Additional Employer Contribution).
What if I haven't made a choice?
If you have not previously chosen an investment strategy, the parts of your benefit that are subject to investment choice will be invested in the SASS member investment choice default strategy, the Growth Strategy, and will remain in that strategy unless you make a choice in the future.
Note: For deferred benefit members the default strategy is the Growth Strategy for members under 60 years of age, and the Balanced Strategy for those over 60.
How are the remaining parts of my benefit invested?
For contributory members the parts of your benefit that are not subject to investment choice will be invested in one of the two defined benefit investment strategies. This will be the Trustee Selection Strategy for most contributory SASS members. The exception to this is contributory members whose employer-financed benefits are funded by a NSW university, in which case, Trustee Selection will be replaced by the University Cash Strategy.
The parts of a contributory member's benefit that are not subject to member investment choice are:
- the employer-financed part of your SASS benefit
- the SANCS lump sum basic benefit
- Additional Employer Contributions, Commonwealth Government co-contribution and Low income super tas offset (LISTO) amounts as well as any Superannuation Guarantee (SG) shortfall amount where applicable.
For deferred benefit members the parts of your benefit that are not subject to investment choice will be invested in the Growth Strategy.
The parts of a deferred member's benefit that are not subject to member investment choice are:
- the SANCS lump sum basic benefit – which includes any Additional Employer Contributions
- Commonwealth Government co-contribution and LISTO amounts as well as any Superannuation Guarantee (SG) shortfall amount where applicable.
For more information on investment choice, refer to SASS Fact Sheet 15: Choosing an investment strategy.
How do I find out what strategy I'm invested in?
To check which member investment choice strategy you're invested in refer to your most recent Annual Benefit Statement. You can also:
- log in to your member account via the secure member's area
- call State Super on 1300 130 095 (contributory members)
- call State Super on 1300 130 094 (deferred benefit members).
How do I make or change an investment choice?
Once you have chosen the investment strategy that best suits your personal circumstances, simply complete SASS Form 409: Choice of investment strategy and send it to Mercer Administration.
If Mercer receives your form on or before the 25th day of the month, your strategy will be switched on the last day of that month. If Mercer receives your form after the 25th of the month, your investment strategy will not be switched until the last day of the following month.
Financial advice
When selecting or reviewing an investment strategy, you should consider your personal objectives and financial situation. You should also consider seeking professional advice from a financial planner.
An Aware Super financial planner provides a wide range of financial planning and education services to current and former public sector employees and their families. Advice – including advice on the SASS investment strategies – is available over the phone or in a face-to-face meeting with a financial planner.
Your first appointment is free of cost or obligation and will give you a chance to consider creating a plan for you that is specific to your needs, goals and situation. There will be a fee for this personal financial plan, and the fee will be discussed with you before any work is commenced.
For more information about the services provided by Aware Super, or to book an appointment, call 1800 620 305 or visit retire.aware.com.au/statesuper.
Note: Aware Financial Services Australia Limited (Aware Financial Services) (ABN 86 003 742 756) holds an Australian Financial Services Licence (AFSL number 238430) and is able to provide you with financial product advice. Aware Financial Services is owned by Aware Super Pty Ltd as trustee of Aware Super. State Super does not pay fees to, nor receives any commissions from Aware Financial Services for financial planning and member seminar services provided to State Super members. Neither State Super nor the New South Wales Government take any responsibility for the services offered by Aware Financial Services and its related entities, nor do they guarantee the performance of any service or product provided by Aware Financial Services and its related entities.