Resignation

Resignation benefits are payable if you resign or are dismissed before minimum retirement age.

In this situation, your PSS benefit will depend on:

  • your final average salary (FAS)
  • your length of contributory service
  • your contribution rate.

You may also be eligible to a resignation benefit if you preserved your benefit when you ceased your membership.

Resignation or dismissal options

Which means

1. Preserve your total benefit in PSS

You preserve your total benefit in PSS for payment at a later date; your preserved member and productivity components grow with scheme earnings and your employer component grows with CPI; and you can invest your member and productivity components in the Cash Investment Option if you wish.

You can claim your preserved benefit when you 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 combination of both these benefit options.

2. Take a lump sum of your member component up to your SIS upper limit and preserve your remaining balance in PSS

You receive your member component as a lump sum amount up to your SIS upper limit and preserve your remaining PSS benefit balance in PSS; if you claim any part of your member component, you cannot take a CPI-indexed pension on retirement. You can claim your remaining preserved benefit as a lump sum when you permanently leave the workforce after reaching your preservation age (generally age 55) or if you change employers after age 60

3. Transfer your entire PSS benefit to another eligible super fund

You may elect to pay a transfer value of your total PSS benefit (less any surcharge debt) to another eligible superannuation fund if you leave PSS and join that particular fund,  provided you do not choose to take a refund of your member component

 Any accrued surcharge debt will be deducted from your final benefit before it is paid to you.