Rolling out your benefit
Transferring your super to another complying super fund.
Fund rules differ
Select your fund to view the details
- CSS
- DFRDB
- MilitarySuper
- PSS
What is rolling out?
A rollover is a transfer of existing superannuation from one fund to another, without the money leaving the superannuation environment. Rolling out means transferring your super from PSS to another complying super fund.
Why can’t I roll out my entire benefit?
Specific rules set out how PSS operates, including which components of your benefit can be rolled out and when. Because of these rules, you may not be permitted to roll out your benefit as you wish. Commonwealth Superannuation Corporation (CSC) does not have discretion to roll out your benefit if doing so is against these rules.
What can I roll out?
Depending on your circumstances, you may be eligible to roll out some, or all of your PSS benefit. The following table sets out what can be rolled out and when.
| Membership | Circumstances | Can roll out | Conditions |
|---|---|---|---|
| PSS contributor | Can roll out any time | Post 1995 Transfer Amount | Must be the entire amount |
| PSS contributor | Claiming benefit while under Preservation age | Post 1995 Transfer Amount Pre 1996 Transfer Value Up to SIS upper limit |
Must be claiming their entire PSS benefit |
| PSS contributor | Claiming benefit while over Preservation age | Post 1995 Transfer Amount Pre 1995 Transfer Value |
Will depend on their benefit choice |
| PSS contributor | Transferring whole benefit | Entire benefit as a transfer value to one of 9 eligible super schemes | Must be a member due to ‘public employment’, the fund must be the employer’s default fund and be receiving contributions from the employer |
| PSS preserved | Can rollout any time | Post 1995 Transfer Amount | Must be the entire amount |
| PSS preserved | Claiming the whole benefit | Post 1995 Transfer Amount Pre 1996 Transfer Value Up to 50% of your defined benefit |
While claiming a pension |
| PSS preserved | Transferring whole benefit | Entire benefit as a transfer value to one of 9 eligible super schemes | Must not have had any prior benefits paid from their PSS benefit accrual |
| PSS associate | Under preservation age | Entire benefit | Upon reaching age 55 |
| PSS associate | Over preservation age | Entire benefit or Up to 50% of your defined benefit |
Must be permanently retired while claiming a pension |
Please note: Post 1995 Transfer Amounts include co-contributions and Low Income Superannuation Contributions (LISC)
What else can I do?
PSSap Ancillary CSC retirement income
If you’re currently contributing, you can opt out of PSS by making an election to cease being a member. This is a permanent decision that can’t be reversed. You won’t be eligible to re-join the scheme in future. If you’re a preserved benefit member you will have the opportunity to opt out if you re-join the scheme at a later date.
Please note
Opting out will apply to all of your memberships. For more information about opting out, please refer to our Ceasing PSS membership factsheet.
Won’t my benefit be eroded by fees and charges?
CSC does not deduct fees from PSS customers’ accounts. We deduct the indirect costs of investing your super from overall investment returns before determining earning rates. For more information about fees and charges, please refer to our Fees and Other Costs booklet available on our website.
Can I get special consideration?
As the Trustee of PSS, CSC does not have discretion in this matter. CSC can’t authorise the release of your funds unless your circumstances satisfy the requirements of the PSS rules and you meet a relevant condition of release. Common conditions of release include reaching age 65, retiring from the workforce, invalidity retirement, and early release due to invalidity or financial hardship, or on compassionate grounds.
If you’re not satisfied with the information we have provided about rolling out, you may lodge a complaint by sending an email to [email protected] or by contacting the Australian Financial Complaints Authority (AFCA). AFCA will investigate your complaint, but if CSC’s refusal to rollout your benefit is due to the relevant scheme rules, your complaint may be dismissed. AFCA cannot direct a super fund trustee to rollout a benefit if the member is not yet entitled to that benefit under the scheme rules.