Key Terms

Abandoned units Units to which a member is entitled but for which they have elected not to contribute. New units which accrue to a member can be abandoned on an Annual Adjustment Day if the member's contributions exceed 6% of their salary.
Additional Employer Contribution (AEC) An accumulation style benefit which is contributed to monthly by employers. Only members whose employment after 30 June 2013 was subject to NSW Public Sector Wages Policy are eligible for AECs. As a contributory member the accumulated value of AECs plus investment earnings form the Additional Employer Contribution account, the balance of which is payable as lump sum benefit at exit. If a benefit is deferred, the AEC account is rolled into the basic benefit account and will, from that time on, form part of the deferred basic benefit account.
Annual Review Day The day each member's entitlement to additional units is reviewed, to be adjusted from their Annual Adjustment Day. This day is 9 February for members born in the second half of the year and 28 July for those born in the first half of the year.
Annual Adjustment Day The day from which any adjustments to a member's contribution rate made on the Annual Review Day will take effect. This day is 5 May for members born in the second half of the year and 21 October for those born in the first half of the year.
Commutation The exchange of all or part of a pension benefit for a lump sum.
Contributed units The number of units for which a member is contributing. The difference between a member's unit entitlement and contributed units is generally the number of any abandoned units.
Contributor An employee who is a member of the SSS.
Early retirement age The age of 55 (for a person contributing for normal retirement at age 60), provided they have 10 years of continuous membership in the scheme.
Final salary The annual salary for superannuation purposes paid or payable to a member at their exit date, as specified in the Act.
Invalidity benefit Payable from the scheme where a member has retired on the grounds of invalidity or physical or mental incapacity to perform their duties as determined by the STC. Also known as ill-health or breakdown benefit.
Normal retirement age This is age 60, or age 55 for a woman contributing to retire at age 55.
Reduced value units Abandoned units that retain some benefit at exit, the cost of which is met by the employer. Also known as non-contributed units.
Reserve units Units for which a member contributes in advance, so they have the option to substitute them for ordinary units at a later date.
SANCS The State Authorities Non-contributory Superannuation Scheme provides the Basic Benefit, and may include Additional Employer Contributions (AEC), Commonwealth Government co-contributions and Low Income Super Tax Offset (LISTO).
Spouse/de facto partner The spouse of a member means:
- a person (whether of the same or a different gender) who, although not legally married to the member, lives with the person on a genuine domestic basis in a relationship as a couple; or
- a person (whether of the same or a different gender) with whom the member is in a relationship that has been registered under a state or territory law dealing with the registration of certain prescribed relationships.
Superannuation Guarantee benefits Since 1 July 1992, members' employer-financed benefits have been automatically increased by the scheme administrator, where necessary, to meet Commonwealth Superannuation Guarantee requirements; that is, to avoid a shortfall in providing at least the required minimum employer-financed benefits.
Unit entitlement The number of units of pension for which a member is entitled to contribute based on their salary for superannuation purposes.
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