As a defined benefits scheme the PSS works very differently to the PSSap (an accumulation fund). Exploring these differences will help you make a decision that suits your needs.

The PSS is a defined benefit scheme

• Your final benefit is ‘defined’ in advance according to your years of membership, rate of contribution and final average salary. This means that your employer carries the investment risk, not you.
• As a contributing member you receive automatic permanent invalidity or death cover at no extra cost to you. You're covered for a benefit based on your entitlement had you worked to age 60.
• Your employer will contribute between 13% and 21% of your super salary to your PSS super. This will depend on such things as the rate of contribution that you choose and whether or not you work part-time. There is also a restriction on how much your employer will contribute for a ten year period of your membership (not necessarily a continuous period for the first ten years).
• See the PSS Quick guide to find out more.

The PSSap is an accumulation scheme

• It works more like a savings account. Contributions are paid into it, investment earnings (positive or negative) are credited to the account and insurance premiums, fees, taxes and charges are deducted from it. Your final benefit is the account balance that you have when you come to claim your super.
• When you join, basic low-cost death, total and permanent disability and income protection is automatically provided* if you are eligible.
• Your employer contributions are at least 15.4% or super salary.
• See the PSSap Quick guide and Insurance fact sheet to find out more.

* When moving from PSS to PSSap, you will automatically receive PSSap default death, total and permanent disability and income protection cover with limited cover for events or conditions occurring after you commence your PSSap membership. Full cover will commence 12 months after joining the PSSap, subject to you satisfying the ‘At Work’ requirements, which means that you must be capable of carrying out your usual tasks before you receive full cover. See the PSSap Death and TPD fact sheet for full details.

Both schemes reward your contribution to the Australian community with:

• no scheme administration fees (your employer helps  to pay these )
• access to low-cost banking products through Members Equity bank; and
• access to financial advisers through State Super Financial Services.

Explore further…

• Have a look at the PSS and PSSap Quick guides and the PSSap insurance fact sheet.
• For more detailed information download the PSS PDS, PSS Book and the PSSap PDS.

Take the next step

– use these tools to help you explore