Free super workshops




Steve Gibbs CEO PSS/CSS Boards

Steve Gibbs, ARIA CEO

Since his 2000 appointment as Chief Executive Officer of the PSS, Steve Gibbs has been focused on modernising the scheme, to enable past, present and future Australian Government employees to make the most of their retirement opportunities. He has taken a leading role, on behalf of members, in putting investment governance and sustainability on the investment agenda in Australia . In 2003, Steve was named Fund Executive of the Year by Australian industry body Fund Executives Association Limited (FEAL). He sits on the Committee of the Australian Council of Superannuation Investors (ACSI) which he also represents on the ASX Corporate Governance Council. He is part of the steering group advising the UN Global Compact and UN Environment Programme (UNEP) initiative to develop best-practice principles for responsible investment.

Welcome to the twentieth edition of CEO Online

In this edition I'll bring you up-to-date with:

Investment performance  

PSS default Fund

From 1 July 2003 to 26 January 2007, the estimated performance (after adjustments for tax, fees and the reserve) is 56.90% . This translates to a daily compound exit rate of 0.034505% for exits from 31 January 2007.

PSS Cash Investment Option for preserved benefit members

From 1 December 2004 to 26 January 2007, the estimated performance (after adjustments for tax, fees and the reserve) is 10.93%. This translates to a daily compound exit rate of 0.013182%for exits from 31 January 2007.

Remember that past performance is no indication of future performance. Returns are volatile and it is impossible to predict when they will go up or down.

If you are planning to retire or claim your benefit in the next 12 months, please call us on 1300 000 377 for a detailed estimate of your benefit, and read about withdrawing your benefit in our Product Disclosure Statement.

Find out more about your Fund's investment performance , investment strategy and Cash Investment Option for preserved members.

Latest Budget news

On 9 May 2006 the Government announced a plan to simplify and streamline superannuation benefits.

These changes have been passed by Parliament and have an implementation date of 1 July 2007.

One of the key issues arising from the changes relates to the provision of members’ Tax File Number to their super fund.

If you have not provided your TFN to us, any member contributions paid to the PSS after 1 July will not be able to be accepted and will need to be returned. In addition, we will be required to withhold tax at the top marginal rate on your employer contributions.

If you have not provided your TFN to us, you can do so by calling us on 1300 000 377.

We are currently working on a range of fact sheets about the new simpler superannuation rules. We expect the fact sheets to be available online in March.

Exit Rate adjustment update

In the 2005/06 financial year our review and compliance processes identified issues with accounting information used to calculate the default Fund exit rates. This resulted in a miscalculation of exit rates used for members taking their benefit in that year, for example taking a lump sum or certain pensions.

We have now completed a review of all withdrawals undertaken in the 2005/06 year and identified all affected members.

Members who were affected but who do not require additional payments have been provided with their updated documentation. We have commenced the payments process and are currently making payments to members who have taken a lump sum. Following these payments we will be writing to members who have taken a pension component to confirm account details so we can proceed with those payment adjustments.

At Work for You Roadshow - book now!

Our At Work for You nationwide super education program is going on the road with a series of FREE public workshops coming near you soon.

The workshops are designed to help you gain the knowledge and skills you need to manage your super confidently. At the workshop we will cover:

Find out more about what locations we’re planning to visit in 2007 and how you can register your seat. Remember booking is essential.

Member Services Online

We all want things to be as simple as possible and Member Services Online is a simple and convenient way to help you manage your super online. The services will help you to keep up-to-date with what we’re doing, help us keep up-to-date about you, project your potential final benefit and more.

Remember, to use Member Services Online, you will need your Access Number.

Find out more about Member Services Online

I look forward to reporting to you again soon.

Steve Gibbs