How PSSap works

Accumulation fund

The Public Sector Superannuation accumulation plan (PSSap) was established by the Superannuation Act 2005 for employees of the Australian Government and other participating employers.

PSSap provides a tax-effective investment structure to help you save for your income needs in later life. It is an accumulation fund, meaning your super savings grow or accumulate over time. How much you end up with depends on factors such as your member and employer contributions, investment returns, rollovers, and fees and charges. See grow your super for simple ways you can increase your super savings.

Your super savings are preserved by law. You generally cannot withdraw them until you reach your preservation age and permanently retire from the workforce.

See withdrawing super to find out your preservation age.

Default fund

PSSap is the default super fund for new Australian Public Sector (APS) employees and new employees of other participating employers.

If you commenced employment with your current PSSap participating employer (eg joined the APS) on or after 1 July 2005 you automatically join PSSap unless you choose another super fund.

Profit-for-members

PSSap is a profit-for-members accumulation fund, meaning:

  • your super accumulates with investment earnings to form your retirement benefit
  • commissions are not paid
  • all net investment returns are returned to members.

See how we rate for:

  • investment
  • fees and charges
  • insurance cover and costs
  • member servicing
  • administration
  • governance.

More information

Why PSSap?

As a PSSap contributor, you enjoy:

  • no entry fees
  • minimum of 15.4% employer contributions
  • option to make extra contributions at no charge
  • insurance cover (if eligible)
  • choice of one or a mix of four investment options
  • online account management.

Once your PSSap membership is activated, we’ll send you a membership card and password. Then you can manage your account online using PSSap Member Online.

PSSap also offers an Ancillary membership to eligible CSS and PSS members who want to save extra super in the Australian Government super environment.

See CSS and PSS join to join PSSap as an Ancillary member.

Your final benefit

The money you withdraw from super at retirement is called your ‘benefit’.

A final benefit for a PSSap contributor comprises:

Add

Employer contributions (minimum of 15.4%)

Member contributions

Personal (after tax) contributions

Government contributions (eg co-contributions)

Salary sacrifice contributions

Rollovers from another fund (if applicable)

Investment earnings (positive or negative)

                                               

 

Subtract

Fees and charges

Insurance premiums (if applicable)

Withdrawals (if applicable)

Rollouts to another fund (if applicable)

Taxes

Equals

Final PSSap benefit

 

See Ancillary member for the final benefit an Ancillary member can get.

See retirement to learn about how you can withdraw your benefit in retirement and in transition into retirement (generally age 55 or older).

How your benefit is valued

Your super benefit in PSSap is valued and declared in units. The unit price for an investment option reflects the total value of assets in the investment option (less relevant fees, expenses and taxes) divided by the number of all units issued in the investment option.

Contributions made by you and your employer (less applicable tax) are used to buy units in PSSap. Each time you or your employer contributes, or you rollover amounts into PSSap, you buy more units in your chosen investment options at the relevant buy price.

Your account is a record of all units you hold in PSSap.

Your benefit is valued by multiplying the number of units you hold in each investment option by the relevant sell unit price for each option. If an amount must be deducted from your PSSap account (such as for withdrawals or insurance premiums), units will be sold to cover your required payment.

Unit prices fluctuate in line with investment returns which may be positive or negative. Prices are generally published on this website each business day.

See unit prices for more information including the difference between unit prices and performance.

Read the PSSap Product Disclosure Statement for fees and other costs.

Member statement

Your annual Member Statement keeps you informed about your PSSap super. It outlines:

  • all your contributions including rollovers from other funds
  • investment choices
  • insurance cover and premiums (if applicable)
  • nominated beneficiaries
  • tax, fees and other deductions including withdrawals and rollouts (if applicable).

We’ll also inform you of major developments that may affect your super. If material changes are made to PSSap or there’s a significant event that affects your super, PSSap is required by law to inform you of this event and its potential impact.

Stay informed about your super by ensuring we have your correct contact details. To update your email or postal address, simply login in to PSSap Member Online.

Get super sorted

Doing a few small things can make a big difference to your future:

  • rollover super - consider rolling your super into one account so keeping track of your savings is easier (remember to check your other funds for insurance cover you may hold and any fees and charges)
  • grow super - consider adding extra amounts to your account
  • choose investments - consider the best investment option or mix of options to suit your likely investment timeframe, preferred level of earnings and risk tolerance
  • protect you and your loved ones - review your current level of insurance cover to ensure it meets your needs
  • nominate a beneficiary - elect who you wish to receive your final super benefit (including any insurance proceeds and anti-detriment amount if eligible) in the event of your death.

If you leave your job

If you cease employment with a PSSap participating employer, you can:

  • do nothing and your benefit will remain in the scheme for future payment
  • rollout some or all of your benefit to another super fund
  • make an eligible withdrawal (meaning you have met a condition of release such as reaching your preservation age and permanently retiring).

Your benefit will remain in the scheme until it is paid, attracting investment returns which may be positive or negative. There is no age limit for when you benefit must be paid. But it must be paid to your dependants and/or estate if you die.

See ­non-contributing member to learn what you can and can’t do with your PSSap account if you leave your job.

Learn more about rolling out to another fund or making an eligible withdrawal.

See withdrawing super to find out your preservation age.

Choice of fund

Different super funds offer different benefits, risks and costs. Compare your options to find one that suits your personal objectives, situation and needs. But like any investment you may choose, there are always risks and the value of your super benefit can rise and fall due to factors such as market fluctuations, fees and taxes.

See ­non-contributor if you chose a different super fund and are eligible to join PSSap because you still work for a PSSap participating employer (eg, you’re in the APS).

Your employer must provide you with a choice of fund form within 28 days of your start date or on request. If you do not select another fund, your employer will provide us with:

  • your personal details
  • your tax file number (if you choose to provide it)
  • details so you can receive insurance cover if eligible.

Your employer should also provide you with a copy of the PSSap Product Disclosure Statement and Financial Services Guide.

Each quarter your employer must also inform you of employer contributions made on your behalf. This information is usually set out on your pay advice statement.

 

Key features of PSSap membership
Type of scheme PSSap is a ‘profit-for-members’ accumulation fund
Eligible contributions
    • eligible employer contributions (15.4%)
    • salary sacrifice contribution
    • personal (after-tax) contribution
    • spouse contribution
    • rollovers from other super funds
    • accumulated transfer amounts (post 1995) (PSS members)
Investment choice
  1. Cash
  2. Income Focused
  3. Balanced
  4. Aggressive

For full details refer to the Investment Options and Risk [PDF 446 KB] booklet.

Insurance cover
  • death and TPD
  • income protection

For full details refer to the Insurance and your PSSap super [PDF 1 MB] booklet.

Fees and costs
  • administration fee: $5 per month ($60 per year)
  • insurance fee (if insurance is attached to your account): $1.50 per month ($18 per year)
  • indirect cost ratio: estimated at 0.14% - 1.12% per annum depending on the investment option chosen
  • exit fee: $50 per withdrawal

Other fees and costs also apply, including buy-sell spreads and other activity fees. For full details refer to the Fees and other costs [PDF 623 KB] booklet.

Investment switches
  • first two investment option switches are free each financial year
  • $20 for each subsequent switch in that year
Keeping you informed
  • online account management
  • annual member statement
  • customer information centre
  • newsletters
  • website updates

 

More help

Read the PSSap Product Disclosure Statement to better understand:

  • PSSap and how super works
  • how we invest your money
  • how super is taxed
  • insurance and your PSSap super.