Applying for the deferred pension at the normal retirement age

The deferred benefit payable is a fortnightly pension entitlement that will be available to you at your normal retirement age and, if applicable, the early retirement age.

The initial calculation of the deferred pension benefit consists of two parts:

• the employee-contributed part
• the employer-financed part.

This calculation will be undertaken when you cease employment.

The employer-financed component of a deferred pension benefit is generally adjusted in October each year in line with the movement in the Consumer Price Index (All Groups Index) for Sydney for the previous year ended 30 June. A pension benefit that was not deferred for a full year ending 30 June is partially adjusted for CPI based on the number of full quarters it was deferred during that year.

For more information, see SSS Fact Sheet 17: Optional deferred benefit and 13: CPI adjustment of your pension.