Super in focus

PSSap members look to the finish line

Deciding when you’d like to finish work and what you’re going to need for your retirement will help you plan your super choices between now and then. To make sure you’re on the right track, have another look at Future needs guide super choices and ask yourself the important questions all over again.

Online tracking helps PSSap members plan

As you get closer to retirement, you’ll be able to get a clearer picture of what your final savings are likely to be. Use the online PSSap super projector in Your account to see if you’re on track to achieve the lifestyle you want in the years ahead. 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.

Small contributions add up to big savings

Anything extra you can put aside now will make a difference to your savings when you decide to leave the workforce. You can make extra contributions out of your pre-tax salary if you have a salary sacrificing arrangement, or you can make voluntary contributions out of your after-tax pay. While it might seem hard to put anything extra aside just now, think about how this will boost your lifestyle when you’re no longer working. To find out more about contributing a little extra, see the Contributions fact sheet.

Make sure your investment strategy suits you

You can choose how we invest your super, and the best option for you depends on where you’re at in life. At this stage you may want to start thinking about your investment strategy and make sure it suits you. Changing investment strategies: making the right choice has more information on the different investment options, and you can change your investment strategy by filling in the Investment choice form.

Insurance and beneficiary updates keep members covered

All members receive automatic death, total and permanent disability (TPD) and income protection insurance options for your stage of life (if you are eligible). You can apply to change your death and TPD cover at any time and we recommend checking this at least once a year to make sure your level of cover matches your life circumstances. Life changes such as marriage, moving from permanent to casual work or having children can change your insurance needs, so it’s important to take time to check your insurance and update this if necessary.

When reviewing your insurance, you should also check your beneficiary details to make sure these are valid and have not expired. Your beneficiaries are the people who’ll receive your benefit if you die, and these details must be updated every three years to remain valid. You can find out more about insurance options and nominating beneficiaries in the Insurance section online.

Don’t get caught out: provide your tax file number

While you don’t have to give us your TFN, your before-tax contributions will be taxed at the top marginal rate if you don’t. We also won’t be able to accept certain types of contributions.

So have a look at your Annual Member Statement to see if we have your TFN, and if we don’t, you can give it to us by filling in the Provision of tax file number form.

Super strategies target upcoming retirement

You can get more information about the PSSap and the right super strategies for this stage of your life by visiting the Lifestages page online.

“‘We hadn’t checked our insurance for years so we found our level of cover didn’t really fit our lifestyles any longer. Our nominated beneficiaries had lapsed as well so we got onto the internet and straightened everything out. It’s reassuring to know the kids will be taken care of now if anything happens to either of us.’ – Graham and Laura, 50”