Update to age limits on contributions in PSSap product disclosure statement

The following table amends our PDS by deleting Table 4 on page 26 and replacing it with the following table:

Table 4: Age restrictions on contributions

 

Age 65 – 69 (inclusive)

Age 70 – 74 (inclusive)

Age 75 +

Member contributions (after tax contributions)

Yes – subject to cap (1)

and work test (2)

Yes (4) – subject to cap1 and work test (2)

No

Mandated employer contributions (3)

Yes

Yes

Yes

Employer contributions (including salary sacrifice contributions)

Yes – subject to work test (2)

Yes (4) � subject to work test (2)

No

(1) Member contributions in a financial year generally can not exceed the caps for post-tax contributions (currently $150,000, see also page 27) if you are aged between 65 and 74 (inclusive) on 1 July of that financial year.

(2) Work test means having been gainfully employed on at least a part-time basis during the financial year in which the contributions were made.

(3) Mandated employer contributions are contributions made to a regulated super fund by employers to satisfy the Superannuation Guarantee requirements, and contributions made by employers to a regulated super fund pursuant to an obligation specified in a Certified Agreement or award made after 1 July 1986.

(4) Contributions must be received by the super fund no later than 28 days after the end of the month in which the employee turns 75