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Concerned about some irregularities on your Member Statement?

If you changed your contribution rate on a payday, you may have noticed an irregularity regarding the accrued benefit multiple (ABM) figure on your 2010-2011 Member Statement.

During the course of the financial year we detected that the IT system that supports PSS members was incorrectly applying scheme rules where members chose to vary their contribution rate on a payday.

Please note: Your closing balance at 30 June 2011 is correct.

Below is an example of the irregularity you may see on your Member Statement:
Note: Figures shown above are for example purposes only.

What does this mean?

• If you changed your rate of contribution percentage on a payday, the system incorrectly changed the fortnightly ABM growth on the same payday of the election. This reflected the change in percentage of member contributions.
• This means it was applied one pay earlier than it should have been in accordance with scheme rules.
• The effective date for the change should not have applied until the following payday.

PSS rule 4.1.3 states that such changes should take effect on the following payday:

• A member may change his/her rate of contributions at any time to 0% or to another whole percentage rate that is between 2% and 10% (inclusive) of his/her fortnightly contribution salary. Changes take effect on the contribution day occurring immediately after the date of the member’s request to change his/her rate of contributions.

Member Statements

• Member statements produced up to and including 30 June 2010 reported the incorrect ABM where an election to amend your contribution was made on a payday (prior to 30 June 2010).
• The opening balance on your 2010/11 Member Statement reflects the values from the closing balance on your 2009/10 statement. It is this figure that held the incorrect information.
• The correction in your ABM accrual has been captured in your 2010/11 Member Statement (the election did not take place during this reporting period).
• Your closing balance at 30 June 2011 is correct and based on the information held on your record.

Still think there may be an error?

Elections to vary your contribution rate are submitted through by your employer. If you believe that you made an election to vary your contributions, and therefore vary your ABM in the fortnight prior to the payday that we have on record, please ask your employer notify us of the correct date of your election.