As a defined benefit scheme, the PSS provides you with a benefit that is ‘defined’ in advance. But your rate of member contribution ultimately determines your final defined benefit.

The PSS rewards your contribution to the Australian community with:

• employer benefits that accrue well above the minimum 9% Super Guarantee
• no administration fees (your employer pays these)
• automatic and comprehensive death and invalidity cover (at no extra cost to you)
• flexible retirement benefit options including a CPI-indexed pension for life
• access to low-cost banking products through Members Equity bank
• access to financial advisers through State Super Financial Services.

How your final benefit is calculated

As a contributing PSS member, the percentage of salary you contribute over your working life, counts towards your final Accrued Benefit Multiple (ABM). The higher the percentage rate of your contribution, the higher your final ABM will be.

Your ABM is important, because when you leave the PSS a defined formula determines your final benefit.

Your Final Average Salary x ABM = Your lump sum benefit

Your final defined benefit is made up of:

In many cases, if you contribute more, your employer will also contribute more...To find out more about how the PSS works, download the PSS Quick Guide.

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