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Welcome to the fourteenth edition of CEO Online

This edition, I would like to bring you up to date with:

Investment performance

The performances of the PSS Default Fund and PSS Cash Investment Option is expressed in exit rates, as you can see below.

PSS contributing members are largely unaffected by investment performance. However, I know members find it useful to understand how superannuation investments work over the long term.

Please remember that past performance is no indication of future performance - returns are volatile and it is not possible to predict when they will go up or down, or how quickly this will happen.

PSS Default Fund

The default Fund has earned 8.6% after fees and tax in the first six months of this financial year, behind the benchmark of 10.2%. The ANNUALISED EXIT RATE (which you can use to compare with the annual performance of other funds) as of 4 March 2005 was 13.176 %. This translates to a DAILY COMPOUND EXIT RATE for exits from 9 March 2005, of 0.034905 %.

Take a look at our investment performance and investment strategy for more information.

PSS Cash Investment Option for preserved benefit members

The Cash Investment Option provides preserved benefit members, who have funded accumulation components that are affected by investment earnings, the opportunity to choose more surety of earnings in exchange for the likely higher but more volatile earnings delivered by the current PSS Default Fund.

In its first two months of operation, the Cash Investment Option returned 0.7% after tax and fees. The ANNUALISED EXIT RATE (which you can use to compare with the annual performance of other funds) as of 4 March 2005 is 4.505%. This translates to a DAILY COMPOUND EXIT RATE for exits from 9 March 2005, of 0.012075%.

Find out more about the PSS Cash Investment Option for preserved benefit members .

If you are planning to retire or claim your benefit in the next 12 months, please:

•  call an Information Officer on 1300 000 377 for a detailed estimate of your benefit; and

•  read ABOUT WITHDRAWING YOUR BENEFIT in the PSS Product Disclosure Statement

Why it's important to keep us up to date with your current contact details

There are millions of dollars of lost super in Australia , and some of it could be yours. The Australian Taxation Office is trying to reach people whose super funds don't have their contact details and will be sending out over 500,000 letters to names on its lost member register between February and June 2005.

Your can check now if you're on the list

Don't lose it

It's your super, and may be your key source of income in retirement. Make sure you stay in touch with your fund, or you could lose sight of your super.

Do we have your current contact details? An easy way to tell is if you received your 2004 annual statement pack from your employer last year. If you did, it means we don't have your current contact details and if you change jobs we won't know how to contact you.

You can provide your current contact details by:

Keep it in one place

Don't forget if you do have other super, it may save you time and money to consolidate them in a single account. Read THE FACTS ABOUT ROLLING MONEY INTO THE PSS for more information.

The Australian Government's choice of fund announcement

The Minister for Finance and Administration has announced measures to give new Australian Government employees, starting from 1 July 2005, more choice in relation to their superannuation.

Australian Government employees with an existing interest in the PSS as at 30 June 2005 will be unaffected.

I will keep this website up to date with any information relevant to members as and when it becomes available.

I hope you and your family are enjoying a good start to the year, and look forward to reporting to you again soon.

Steve Gibbs.