Your benefits on resignation or dismissal before minimum retirement age depend on your Final Average Salary (FAS), length of contributory service and the rate at which your contributions were made.
Resignation benefits are payable if you voluntarily resign or are dismissed, before reaching your minimum retiring age.
If you are a preserved PSS member (as a result of electing to cease membership) you may be eligible for a resignation benefit.
To find out if you are eligible and for more information see the Super book.
On resignation (or dismissal) you may choose one of the following:
| Preserve your total benefit in the PSS | You can preserve your total benefit in the PSS for payment at a later date. While preserved, your member and productivity components will grow with Fund earnings, and your employer component will grow with CPI. You can claim your preserved benefit when you permanently leave the workforce after reaching age 55, or if you change employers after reaching age 60. You can take your preserved benefit as a lump sum, a CPI-indexed pension, or a combination of both. |
| Lump sum of member component up to your SIS Upper Limit and preserve the balance in the PSS | You can take your member component as a lump sum up to your SIS Upper Limit and preserve the balance in the PSS. If you claim any part of your member component, you lose the option to take a CPI-indexed pension on retirement. You can claim the remainder of your preserved benefit as a lump sum when you permanently leave the workforce, after reaching age 55 or if you change employers after you reach age 60. |
| Transfer your entire benefit to another eligible superannuation scheme | If you leave the PSS and join another eligible superannuation scheme , you may pay a transfer value of your total benefit (less any surcharge debt) to that fund, provided you do not take a refund of your member component. |
For more information see the Super book.
