Welcome to the 8th edition of CEO Online

In this edition, I’ll bring you up-to-date with:

Investment performance

Performance of the PSSap investment options continues to be strong. As at 31 October 2007, the Trustee Choice default investment option had returned 15.5% per annum (p.a.) since its inception on 1 July 2005, well above its medium term target of 7% p.a.

The other three pre-mixed options have also performed well since inception, with the Aggressive option returning 18.2% p.a., the Balanced option 11.4% p.a. and the Conservative option 8.6% p.a.

For those members creating their own investment mix using our single asset class investment options, performance has generally been strong, with all but the fixed interest and cash options delivering double digit returns.

The fixed interest option’s performance since inception of 3.0% p.a. is low, but reflects a rising interest rate environment and the fact that rising interest rates depress the capital values of fixed interest securities. Overall though, the last twenty-seven months has seen strong performance figures for the PSSap.

Remember that past performance is no indication of future performance. Returns are volatile and it is impossible to predict when they will go up or down.

Find out more about your Fund’s investment performance

BPAY is now available

Making additional contributions to your super account is now easier than ever.. Simply go to www.pssap.gov.au and log into ‘Your account’. Click on ‘My contributions’ then BPAY. From there a BPAY and Customer Reference Number will be generated – it’s that simple. You can make payments as often as you like by phone, internet or from your bank, building society or credit union– it’s designed to make contributing to your super quick and easy, like it should be.

Remember you will need an access number to use ‘Your account’ (see the next article).

Access numbers - only a phone call away

Access to your secure online super account is now only a phone call away.
You can now call us to apply for an access number – giving you immediate access to Your account.

Your account (the members-only area of the website) offers you a range of convenient services to help you manage your super.

You can:

Get online and take control now – call 1300 725 171.

Your member statement has been sent out

Annual member statements have been sent out directly to you or via your employer (if we don’t have a postal address for you).

If you haven't yet provided us with your current personal postal address and you'd like the convenience of having important information about your super sent directly to you in the future, you can provide (or update) your address details by:

ARIA wins ASFA award for PSSap half yearly online statements

ARIA recently won two awards at the Association of Superannuation Funds of Australia (ASFA) Communications Awards held in Melbourne.

ARIA was recognised in the Member Reporting Communication category, taking out the top award for Excellence for our interactive PSSap web-based member statement, as well as the Lightening Rod Award for best use of electronic media, also for the PSSap interactive web-based member statements.

If you didn’t take the opportunity to look at your last half-yearly statement, don’t worry, your next half-yearly statement will be available in early February 2008! We will let you know when you can go online and take a look.

Have you provided your TFN?

Over 5,000 PSSap members may be disadvantaged if they don’t provide us with their tax file numbers.

If you do not provide your TFN:
> we will not be able to accept your after-tax contributions
> any employer and salary sacrifice contributions will be taxed at the top marginal tax rate
> we may not be able to locate and combine your benefits for you in the Fund
> benefits paid to you may be subject to a higher rate of tax, unless your TFN is later provided by you.

You can check ‘Your account’ to see if you have provided it to us, or give us a call on 1300 725 171. If not you can:

1. Ask your employer to send it to us
2. Complete the provision of TFN form - click here to download form.

Additional payment now included in some death benefits

A PSSap death benefit now includes an additional payment known as an anti-detriment payment.

Simply put, an anti-detriment payment is a refund of the tax paid on contributions over time.  Eligible dependants will receive the refund in the event of the member’s death. 

Death benefits are generally paid to your nominated beneficiaries including your spouse or children or other people with whom you live in an interdependent relationship, including same sex partners.  Such death benefits will not include an anti-detriment payment.

An anti-detriment payment, which will vary depending on your account balance, can only be included in the death benefit if it is paid to your spouse, former spouse or children under the age of 18. 

While all super funds must pay out the super account balance to a member’s dependants (in the event of death), paying the anti-detriment component is optional; not all super funds offer this benefit to their members. The PSSap is pleased to offer this benefit to contributing members for their families’ benefit.

I look forward to reporting to you again shortly.