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.
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.
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.
PSSap is a profit-for-members accumulation fund, meaning:
See how we rate for:
As a PSSap contributor, you enjoy:
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.
The money you withdraw from super at retirement is called your ‘benefit’.
A final benefit for a PSSap contributor comprises:
Employer contributions (minimum of 15.4%)
Personal (after tax) contributions
Government contributions (eg co-contributions)
Salary sacrifice contributions
Rollovers from another fund (if applicable)
Investment earnings (positive or negative)
Fees and charges
Insurance premiums (if applicable)
Withdrawals (if applicable)
Rollouts to another fund (if applicable)
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).
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.
Your annual Member Statement keeps you informed about your PSSap super. It outlines:
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.
Doing a few small things can make a big difference to your future:
If you leave your employment with the Australian Government, you may be able to continue to contribute to PSSap. You can find more information in our news article—New job, same great super 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 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|
For full details refer to the Investment Options and Risk [PDF 430 KB] booklet.
For full details refer to the Insurance and your PSSap super [PDF 1 MB] booklet.
|Fees and costs||
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 613 KB] booklet.
|Keeping you informed||