Super in focus

The PSSap is an accumulation fund. The money you and your employer contribute into your super earns investment returns and accumulates over time. This means the more you can contribute now, the more you should have to enjoy life after work.

How do I benefit from the PSSap?

The PSSap is a competitive super fund. We offer members:

• at least 15.4% employer contributions
• competitive returns
• comprehensive death and disability insurance cover
• competitive fees, which your employer also helps with
• access to low-cost home loans and banking services through Members Equity Bank.

In addition to these benefits, the PSSap is a smart choice because all benefits after fees, expenses and taxes are returned to members, and we don’t pay any commissions to financial advisers.

How is my PSSap super invested?

We pool your super with that of other PSSap members as well as members of the CSS and PSS. It goes into a superannuation trust and we then invest according to the investment options you choose.

What are my investment options?

The PSSap offers a range of investment choices and you can mix and match these to find a balance that is right for you. You can also switch investment strategies at any time - see Changing investment strategies: making the right choice for more information on your options.

If you haven’t made an investment choice your super will be invested in the PSSap’s Trustee Choice option. The investment strategy for this option is to spread investments over a number of asset classes to maximise the long-term real return on contributions while reducing short-term risks to a level we consider prudent.

How is my PSSap super valued?

Your PSSap super is valued in units. We use your employer and personal contributions, along with any other amounts you transfer in, to buy units in the investment options you choose.

We keep a record of all the units you hold and call this your super account. You can estimate the balance of your account on any business day by multiplying the number of units you hold in each investment option on that day, by the relevant sell unit price for that day. Alternatively, you can view your up-to-date withdrawal benefit in Your account. You’ll need an access number to use this service. If you don’t have one or you’ve misplaced it, call us on 1300 725 171 and we can give you one over the phone.

Unit prices fluctuate in line with investment returns and the net earnings of the fund are reflected in the price of your units. Generally, unit prices are available on our website each day.

Fees, expenses, costs and taxes are usually deducted before we calculate the unit price. Some fees such as insurance premiums and switching fees need to be paid out of your account, so we sell some units to cover the cost of these fees as they arise.

How are unit prices calculated?

To work out the unit price for an investment option, we take the total value of assets in the investment option (less fees not deducted directly from your super account, taxes and costs) and divide it by the number of units issued in the investment option. The costs associated with buying or selling fund investments are reflected in the unit price for the relevant investment option through a buy-sell spread.

Generally we base our calculation of the value of assets in each investment option on the latest available market value at the end of each business day. Using these values, we will generally calculate the unit price for a given business day on the next business day. For example, we will generally calculate the unit price for 1 September (if a business day) and make it available on 2 September (if a business day).

If we can’t determine a unit price for a business day on the following business day due to an unforeseeable event (such as a trading suspension in relevant markets), we take all reasonable steps to make a determination as soon as possible after that day.

For more information on unit pricing please see the PSSap Product Disclosure Statement.

Eligible rollover fund

If you become a lost member, we may move your super to an eligible rollover fund (ERF).

To be considered a lost member you must have joined the PSSap more than two years ago, and:

• had no contributions or transfers made to your account in the last five years (meaning you are an inactive member)

or

• have changed address without telling us or we have been unable to contact you.

If you become a lost member we may move your super to an ERF. The fund we use is AUSfund, Australia’s Unclaimed Super Fund. If your super is moved to AUSfund, a number of things will happen:

• your PSSap membership and insurance cover will cease
• you’ll become a member of AUSfund and be subject to its governing rules
• you’ll need to apply directly to AUSfund to access your benefit
• you won’t be able to make contributions to AUSfund
• you’ll have no investment choice and the trustee of AUSfund will nominate your investment strategy
• AUSfund attempts to ensure your benefit isn’t eroded by fees and charges, but some fees and charges may apply.

For more information about AUSfund, including a copy of its product disclosure statement, call 1300 361 798, visit www.unclaimedsuper.com.au or write to:

AUSfund
PO Box 2468
Kent Town SA 5071

In accordance with superannuation law, we’ll pass on any personal information required by AUSFund to establish your account.

Superannuation surcharge tax

The Australian Government abolished the superannuation surcharge tax from 1 July 2005. Surcharges relating to periods before 1 July 2005 will continue to be assessed and payable. It is possible that super you have in other funds may have incurred a surcharge debt before 1 July 2005.

The surcharge was a tax on employer and salary sacrifice contributions for members who had adjusted taxable incomes equal to or greater than a level set by the government from time to time. In some cases, surcharges can also be payable where a person has not supplied their tax file number (TFN).

If this is the case, once the amount has been identified as a surcharge debt, it will be deducted from your super account and paid to the Australian Taxation Office (ATO) in accordance with the law.