Frequently asked questions
Here are some of the most frequently asked questions about the PSS. To get the answer click on the questions.
» Frequently asked questions regarding member statements
» Frequently asked questions about financial planning
General PSS questions
How do I change my contributions rate?
What is a defined benefit scheme?
Can I rollover money into the PSS from another fund?
Where can I view the latest earning rates?
What does it mean if I am a Limited Benefits Member?
If I want to preserve my benefit when I resign, what do I need to do?
How can I change my contribution rate?
Complete the Request to vary your superannuation contribution rate. Forward your completed request to your personnel section or pay office for adjustment.
If you require additional information, please contact us or call an Information Officer during business hours on 1300 000 377 .
What is a defined benefit scheme?
The PSS is structured as a defined benefit scheme. This means the benefits payable to you are defined in advance and based on your years of membership in the PSS, your contributions rates to the Scheme and your Final Average Salary.
Your final benefit is determined by multiplying your Final Average Salary by your accrued Benefit Multiple. Your employer pays the difference between this lump sum and the total of your member contributions, employer financed productivity contributions and the interest earned on these amounts.
What is the Benefit Multiple?
The Benefit Multiple is a factor used to calculate your final benefit when you exit the PSS in conjunction with your Final Average Salary. Your Benefit Multiple is influenced by your rate of contributions and your length of membership in the Scheme. The greater your Benefit Multiple, the greater your final benefit. However, your final benefit cannot exceed your Maximum Benefit Limit (MBL).
Can I rollover money into the PSS from another fund?
As a PSS member, you are entitled to transfer lump sum payments into the Scheme, provided the lump sum meets certain conditions. To rollover payments, you will need to complete the application form (SE5).
Where can I view the latest earning rates?
The latest fund earning rates are shown together with information about PSS investments.
What does it mean if I am a Limited Benefits Member?
If you retire as an invalid or die while a Limited Benefits Member during the first three years of your PSS membership, the benefit payable to you or your dependants is restricted to a lump sum of your accrued benefit multiple at the time of retirement or death. This restriction applies irrespective of the condition responsible.
If I want to preserve my benefit when I resign, what do I need to do?
You should complete a Cessation of Employment (SR1-PSS) form and elect to preserve your benefit. Submit your completed form to your employer and they will forward it to ComSuper. You will need to do this within 90 days of ceasing employment. This will ensure the you are recorded as a PSS preserved member and so receive future annual Member Statements.
