PSS Aspire

"fromCEO PSS Aspire

Issue 16
December 2011

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From the CEO - year in review

I am pleased to introduce this issue of Aspire, our quarterly online newsletter for PSS members. It is designed to help make sense of your super and PSS benefit options.

2011 was a busy year for your Trustee. Australian Reward Investment Alliance (ARIA) merged with the MilitarySuper Board to form Commonwealth Superannuation Corporation (CSC).

CSC now manages all Commonwealth super schemes, for both government employees and military personnel. CSC invests over $23.2 billion in retirement benefits. Over time, we believe that CSC's economies of scale will help to deliver significant member benefits.

Another major focus in 2011 was investment governance and performance. CSC's investment governance approach is driven by our primary objective to maximise long-term real returns for members within certain risk constraints.

During the year global investment markets remained volatile, affecting all superannuation funds. CSC's performance has remained competitive despite this volatility, with the PSS Default Fund returning 7.4% for the year to 30 June 2011.

In 2011 we also continued to assist our members in making the right decisions for their super through our At Work for You seminar program. During the year we ran 64 PSS seminars for 2745 members in six states and territories across the country.

As 2011 draws to a close, I thank you for your continued support. On behalf of the CSC Board and staff, I wish you and your family a safe and happy Christmas period.

Peter Carrigy-Ryan
CSC Chief Executive Officer

Do investment earnings affect your PSS benefit?

That depends if you are a contributing or preserved or associate member. Do you know which you are? If not, more information is available on how the PSS scheme works.

Contributing members

As a contributing member, the value of your final PSS defined benefit is not affected by investment earnings because it is 'defined' by a set formula. The exception is transfers into the PSS and super co-contribution amounts which are affected by investment earnings.

Preserved or associate members

In this case, investment earnings more directly affect your benefit; specifically, your taxed components move in line with fund earnings (either positive or negative).

Preserved or associate members can choose the Default Fund or Cash Investment Option.

For details about your investment choice in the PSS, please read this article on the PSS website.

Customer Information Centre availability

Your CSC Customer Information Centre (CIC) will be available on 29 and 30 December 2011 from 9:00am to 5:00pm (AEST), but not on the other days from 24 December to 2 January inclusive.

Is retirement on your horizon?

If so, you may wish to learn more about the options available to you. Armed with the right information, you can make informed decisions for your future income needs. Start with information on this website; in particular look at these sections:

You can also book your seat at an At Work for You seminar - find out more and book.

If retirement is approaching, we also encourage you to consider:

your income needs in retirement; how much money will you need each year of retirement and how long may that income need to last? View the ASFA Retirement Standard.
the best way for you to receive your PSS benefits in retirement; should you choose an indexed pension, lump sum or a combination of both?
potential tax implications; what do you need to consider?
your future work intentions; may you re-join the APS down the track?

This is not an exhaustive list of considerations, but it can help to guide your initial planning. Above all, please seek professional advice for your situation. Arrange to discuss your potential final PSS benefit and future income needs with a licensed financial adviser.

Contact us

Email members@pss.gov.au
Phone 1300 000 277
Fax 02 6272 9613
Web www.pss.gov.au
TTY 02 6272 9827
Post PSS, PO Box 22, Belconnen ACT 2616
Street Unit 4, Cameron Offices, Chandler St, Belconnen ACT 2617

WARNING – THIS DOCUMENT CONTAINS GENERAL ADVICE OR INFORMATION ONLY
The information in this document is general information only and has been prepared without taking into account your personal objectives, financial situation or needs. You should consider any advice in this document in light of your personal objectives, financial situation or needs before acting on it. You may wish to consult a licensed financial planner to do this. If you are looking at acquiring a financial product you should obtain a Product Disclosure Statement and consider its contents before making any decisions.

CSC AFSL: 238069 | RSE Licence No: R1004595 | ABN: 74 172 177 893 | SPIN: CMS0101AU

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