Early voluntary retirement benefits

If you are contributing for retirement at age 60, you may choose to retire with a reduced pension at any time after reaching age 55. Female members contributing for retirement at age 55 cannot elect to retire before that age.

The rate of pension payable on early voluntary retirement is adjusted by the extent to which the service actually given is less than the service you would have given up to age 60.

The pension rates are also reduced to offset a 15% tax payable on your employer's contributions for your benefits.

Pensions are adjusted each year in line with movements in the Consumer Price (All Groups Sydney) Index.

SANCS (basic benefit)

Members of SSS also receive a 3% non-contributory defined superannuation benefit (known as the basic benefit) for all service since 1 April 1988. In addition, eligible members will also be entitled to Additional Employer Contributions (AEC), Commonwealth Government co-contributions or the low income superannuation contributions (LISC). The basic benefit, AEC, co-contributions and LISC are all payable from the State Authorities Non-contributory Superannuation Scheme (SANCS).

Can I exchange my pension for a lump sum?

All or part of your pension can be commuted (exchanged) for a lump sum amount, but the commutation must occur within specified time frames. See Commutation or exchanging your pension for a lump sum.

For additional information, please refer to SSS Fact Sheet 8: Early voluntary retirement benefit.