Overview

About SASS

The State Authorities Superannuation Scheme (SASS) was established by the NSW Government on 1 April 1988. New employees in the NSW public sector were eligible to join the scheme and members of the Public Authorities Superannuation Scheme (PASS) were transferred to SASS from 1 April 1988.

By 1990, a number of other public sector superannuation schemes were closed and members of these schemes were transferred to SASS. These schemes included, amongst others, the State Public Service Superannuation Fund (SPSSF), the Transport Gratuity Scheme and the Government Railways Superannuation Fund.

These funds may have special membership provisions orentitlements in addition to the standard SASS benefits.

SASS was closed to new members on 18 December 1992.

How SASS works

Your benefits

SASS is a 'split benefit' scheme. Your final SASS benefit is made up of the following components:

In addition to the SASS benefit, you will be entitled to the basic benefit under the State Authorities Non-contributory Superannuation (SANCS) scheme, which may also include:

  • Additional Employer Contributions (AEC)
  • Government co-contributions and the Low Income Superannuation Contributions (LISC)
  • Superannuation Guarantee (SG) shortfall amount.

The importance of your contributions

Members of SASS must contribute between 1% and 9% of their salary to the scheme. These contributions – and the earnings on them – make up the personal account part of a member's benefit.

In simple terms, these personal contributions 'buy' you employer-financed contributions via the benefit points system. Each 1% of personal contributions you make to your scheme in a year (up to a limit*) adds an additional 2.5%^ of your final average salary to your end retirement benefit. Depending on various factors – including your level of contributions and length of service – the additional benefits can be worth many thousands of dollars.

*You can accrue a maximum average of six benefit points in a year and most members have a lifetime maximum of 180 benefit points. Former members of the State Public Service Superannuation Fund (SPSSF) have a lifetime maximum of 162 benefit points if retiring at age 55, or 180 if retiring at or after age 58.

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

Additional insurance coverage

You may have the option of applying for additional invalidity and death cover. This additional cover is payable on top of the standard benefits paid to contributing members where retirement is due to total and permanent invalidity or death before the normal retirement age.

The additional benefit aims to make up the difference between the current benefit and the benefit you would have received if you continued in your current employment until you reached the normal retirement age. For more information please refer to the Additional invalidity and death cover page.

IMPORTANT NOTE: Unless specified, the SASS features discussed on this site are the standard features set out in the scheme's governing legislation. Some features vary for certain members who transferred into SASS from earlier closed schemes. These variations include a different retirement age and employer-financed benefit value, and the availability of a pension option. Your own entitlements are detailed in the SASS Annual Benefit Statement we send you towards the end of each year.

Personal account

This is the value of your personal contributions plus the investment earnings on those contributions, less management charges and any additional benefit levy.

You must elect to contribute between 1% to 9% of your annual salary. For each 1% of salary you contribute in a year you accrue approximately one benefit point in that year. Members working part time receive benefit points in proportion to their part-time employment.

You can choose the investment strategy or strategies in which your contributions are invested. For further information, please refer to Your investment strategy.

Employer-financed benefit

Each benefit point (up to certain limits) adds an employer-financed benefit of 2.5%* of your final average salary to your end retirement benefit. Depending on your level of contributions and length of service, the additional benefits can be worth many thousands of dollars.

Your benefit will also comprise your SANCS account, which may include a basic benefit, Government co-contributions, LISC and SG shortfall amount.

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