How Super Works
Superannuation is simply a tax-effective investment structure to help you save for a secure retirement. At CSC, we work to invest your funds in a way that works for you and helps secure the future you want for you and your family.
Superannuation, or Super, is an ongoing way to save for a secure retirement, and the lifestyle you want for you and your family. It’s important that your Super keeps growing. That’s why employers are required by law to contribute a percentage of your income to your Super. This money is then pooled and invested in ways that suit your attitude towards growth and risk.
Adding to your Super
Our members take their future seriously. We do too. Beyond your employer contributions, PSS members have options to put more money into their Super by increasing their contribution rate and growing their end benefits.
PSS members can also open a PSSap Ancillary account to salary sacrifice, make additional personal (after tax) contributions and pay in rollovers from other funds. PSSap Ancillary members can also apply for LifePlus insurance cover.
See the contributions page for more information.
Using your Super
Generally, you can only withdraw your Super when you reach preservation age and retire, which can differ depending on when you were born. However, in some situations you may be able to access your PSS benefit earlier.
See the Withdrawing your benefit page for more information.
What about risk?
PSS is a defined benefit super scheme, meaning your Super benefit is defined in advance by a set formula. This formula is based on:
- Your contribution rate
- Your final average salary (FAS)
- Your length of PSS membership.
As a contributing member, these factors influence your final PSS benefit much more than investment returns. As a preserved member, your employer component will grow in line with the Consumer Price Index (CPI). Your remaining benefit will be subject to investment earnings. All investment comes with some level of risk. That risk might include things like changing conditions in the industries your money is invested in, the effect of changes in the value of currency or general risks connected to the nature of financial instruments like derivatives.
We know everyone views and tolerates risk differently, so in PSS there are two investment options preserved members can choose from for the investment of their benefit.
For more information, check out the PSS Product Disclosure Statement.
Super and Tax
Generally, Super can be taxed when making contributions, on investment earnings and when accessing your Super.
For more information, see the PSS Product Disclosure Statement.
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