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If you do decide to leave the PSS, you can’t change your mind and come back. So it’s well worth exploring what a change could mean for you.
What should I do?
Your expanded super options are available to you from 1 July 2008 – so there is no need to rush into making your decision now. If you are considering changing schemes, first explore:
- your personal situation and goals for life after work
- the relative benefits and features of the PSS and the PSSap, including insurance
- what effect leaving the PSS would have on your final benefit; and
- whether you need to seek advice from an experienced financial adviser.
Tools to help you explore:
- Work through this Exploring checklist to make sure you cover the basics.
- Look though the PSS Explore booklet that was mailed to you
- Have a look at the Ceasing PSS membership fact sheet
- Have a look at the PSSap insurance fact sheet.
- See the PSS Book, PSS Product Disclosure Statement and the PSSap Product Disclosure Statement.
- Use the i-Estimator to see what your PSS benefit is likely to be.
- Use the FIDO Accumulation Plan Calculator to see what your PSSap benefit could be (remember to change the rate of employer contribution to 15.4%).
- Have a look at the ASFA Retirement Living Standard to see what you need to lead a comfortable lifestyle in retirement.
If you’re not sure what to do about your expanded options, get professional advice from a licensed financial adviser.