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What we provide

The PSS provides a long-term way for you to save for your retirement.

The PSS is a defined benefit fund. Unlike more common accumulation funds, the PSS provides you with a benefit that is ‘defined’ by your Final Average Salary and an Accrued Benefit Multiple. These two factors have greater influence on your benefit than investment returns.

Final Average Salary × Accrued Benefit Multiple = Your Benefit

A PSS retirement benefit can, depending on the circumstance, be taken as a lump sum, pension or a combination of both. The PSS retirement benefit is made up of three components.

Member component
Productivity component
Employer-financed component

What are the costs?

As a member of the PSS you don’t pay any administration fees or member transaction costs—these costs are covered by your employer. We deduct investment management costs from investment earnings before determining the exit rate.

The PSS pays no commissions to financial planners, and employers also reduce costs for members by contributing towards the cost of administrating the Scheme—this is in addition to the contributions your employer makes to your super.

Find out more about fees, costs and taxes in our product disclosure statement.