Learning centre
Use this area to learn more about your options with the PSSap and superannuation in general.
How superannuation works
Super is a long-term way to save for your retirement. Depending on when you choose to retire, your retirement income may need to last for 20 years or more.
Super funds pool members’ contributions and invest them for the benefit of members. There are many different types of funds in Australia, with different benefits, risks and costs. Before you choose you should compare options and join a fund that will suit your individual personal objectives, financial situation and needs.
Subject to superannuation law, in most cases, you can only withdraw your super from the super system when you retire permanently from the workforce – the money you withdraw is called a ‘benefit’.
You may have a choice of how you want to take your benefit, either as a lump sum, a pension, or a combination of both, but there are conditions to withdrawing your super.
Benefits can also be paid if you die or become totally and permanently disabled. Although your super is invested on your behalf by your super fund, there are some decisions only you can make such as how much you need to contribute to ensure a retirement income that meets your financial needs in the future.
Like any investment however, there are always risks and the value of your super may rise and fall due to factors such as market fluctuations, fees, expenses, costs and tax.
