Home / About the PSS / How does the PSS work?
How does the PSS work?
The PSS is a defined benefit scheme meaning your payable benefits are defined in advance according to a formula. This formula is based on your years of membership in the PSS, your contribution rates and your final average salary (FAS).
You'll know before you retire that you have a defined amount invested and available for your retirement - planning for your future has never been easier.
To find out how you can contribute to the PSS, see Contributions.
Your benefits - at a glance
PSS benefits generally consist of three parts:
- Member component - your fortnightly contributions plus earnings.
- Productivity component - a fortnightly contribution by your employer plus earnings
- Employer financed component - a defined amount paid by your employer at retirement. The amount will depend on your length of membership, your salary and your rate of contribution.