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Frequently asked questions

Here are some of the most frequently asked questions about the PSS. To get the answer click on the questions.

General PSS questions

 

How can I change my contribution rate?

It's easy to change your contribution rate –simply provide your details and preferred percentage rate to your personnel section. You can generally email them this information. Please do not advise ComSuper; you must make any change through your employer, not ComSuper. For more details please read the Contributing to the PSS factsheet.

For more information, please contact us or call 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.

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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).

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Can I rollover money into the PSS from another fund?

You can transfer lump sum payments into the PSS, provided the lump sum meets certain conditions. To rollover payments, you will need to complete the application to pay in a transfer value form.

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Where can I view the latest earning rates?

The latest fund earning rates are shown together with information about PSS investments.

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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.

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If I want to preserve my benefit when I resign, what do I need to do?

You should complete a Cessation of employment (Resignation) 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 make sure you are recorded as a PSS preserved member and receive future annual member statements.

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Tips to help you protect your account information

Tips on choosing a strong secret question

As part of good account security we ask you to answer one of several 'secret questions'. If you ever forget your access number we will ask you for the answer to your secret question to help us verify your identity.

Keep in mind these tips on choosing a strong secret question and answer:

  • Choose a question from the list that is meaningful to you
  • Choose an answer that is memorable, but not easy to guess
  • Choose an answer only you would know
  • Choose an answer that is not likely to change over time
  • Choose an answer that is not associated with your password or username in any way
  • Make your answer a minimum of 5 characters long.

Protect your secret question

  • Never tell anyone your secret question or answer
  • Never write it down
  • Never send this information via email
  • Avoid using information you may have posted on social network sites such as Facebook, MySpace or personal websites.

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