At Needham’s we often help clients with establishing and reviewing the various forms of superannuation schemes that are available to them as public servants.
These include:
- Commonwealth Superannuation Scheme (CSS)
- Public Sector Superannuation Scheme (PSS)
- Public Sector Superannuation Accumulation Scheme (PSSap)
- A hybrid superannuation scheme (a combination of two types of super funds – accumulation fund and a defined benefit fund).
PSS
PSS is a defined benefit superannuation scheme, which means that your super benefit is defined in advance by a set formula. This formula is based on: the length of your PSS membership, your contribution rate and your final super salary (FAS). These factors influence your final PSS benefit greater than investment returns.
PSS is a defined benefit superannuation scheme, which means that your super benefit is defined in advance by a set formula. This formula is based on: the length of your PSS membership, your contribution rate and your final super salary (FAS). These factors influence your final PSS benefit greater than investment returns.
PSSap
PSSap is established and run solely to meet the superannuation requirements of Australian Public Service employees. PSSap is a ‘profit for members’ superannuation fund. All investment earnings are returned to members after fees and taxes have been deducted from the fund.
PSSap is established and run solely to meet the superannuation requirements of Australian Public Service employees. PSSap is a ‘profit for members’ superannuation fund. All investment earnings are returned to members after fees and taxes have been deducted from the fund.