Family Law – Public Sector Superannuation
Background to Fund
The Public Sector Superannuation Scheme (PSS) was established in 1990, to provide superannuation benefits for Commonwealth employees. It replaced the Commonwealth Superannuation Scheme.
PSS defined benefit arrangements closed to new members on 1 July 2005; new members now have only accumulation interests.
PSS retirement benefits generally are made up of three parts:
- member component – member contributions plus interest.
- productivity component – employer contribution plus interest.
- employer financed component – a defined amount paid by your employer at retirement. The amount will depend on your length of membership, your salary and your rate of contribution.
The components may be taken as a lump sum or converted to an annual pension.
Alternate Methods of Valuation
In May 2004, the alternate methods of valuation were approved for the Scheme. The trustees however do not provide a valuation of the fund. It is therefore necessary to obtain a valuation of the fund based on the family law information provided by the trustee.
The Form 6 application is available on the website and they charge $150 for each calculation date requested.
The website provides a great deal of information of Family Law including applications for information, fact sheets and sample orders.
Where can the non-member funds be transferred.
The non-members interest cannot be transferred to another fund. The interest is classed as an associate interest with Public Sector Superannuation Scheme until a condition of release for the associate member is satisfied.
Relevant Legislation and Information