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How to calculate your benefit
PSS benefits are made up of the following three components:
- A member component, which are the contributions you have paid, plus fund earnings,
- A productivity component, which is the fortnightly superannuation productivity contribution made by your employer on your behalf, plus fund earnings,
- An employer-financed component, which is determined at the time you leave the Scheme. The amount of the employer component is the balance when your member and productivity components are deducted from the total lump sum benefit (calculated using the Accrued Benefit Multiple).
You will need the following information to calculate your benefit:
Final Average Salary
Your Final Average Salary (FAS) is the average of your superannuation salaries on the three birthdays before leaving the PSS. If you work part-time, your equivalent full-time salary is used to calculate your FAS.
Please note that the calculation of FAS is different for people who are involuntarily retired (retrenched or made redundant).
To find out how to calculate your Final Average Salary see the PSS Product Disclosure Statement.
Accrued Benefit Multiple
Your Accrued Benefit Multiple (ABM) is the factor used to calculate your final benefit. Your ABM is influenced by your rate of contributions and your length of membership. The more you contribute, the more your ABM grows.
For more information about your Accrued Benefit Multiple see the PSS Product Disclosure Statement.
For more information about how your benefit grows, how to calculate your lump sum benefit, restrictions on employer contributions, adjustment of pensions and more see the PSS Product Disclosure Statement.