The year that’s been

It is with pleasure that I present my inaugural PSSap Annual Report as ARIA Chairman, having been appointed in December 2009. In this report you will find information on the operations of the PSSap for the year ending 30 June 2010.

Investment performance

This financial year marked the fifth year of the PSSap’s operation – a major milestone. During this time we’ve experienced both the highs and the lows of the investment markets but we continue to focus on delivering strong long-term performance.

After the previously challenging year, 2009/10 was generally a strong year for investment markets with the Australian share market rising by around 13.1% and international shares rising almost as much. This contributed to all investment options recording positive returns in 2009/10.

The PSSap’s default option, Trustee Choice, increased by 8.9% due to the rise in Australian and global equity markets and the average annual returns since inception remain positive.

Also in 2009/10, the Trustee Choice outperformed the median super fund (based on SuperRatings’ performance data), both on a three-year rolling basis and also since our inception in 2005.

For further information, see the Investments section.

The year ahead

We remain committed to delivering competitive investment returns in the long-term and giving our members the information they need to make the right super decisions.

In the coming year we will continue to work to achieve product and service enhancements such as permitting salary sacrifice to the PSSap for CSS and PSS members, having a PSSap allocated pension product and providing intra-fund advice to our members. These are important reforms to ensure our members continue to enjoy the benefits of competitive superannuation offerings.

Trustee Board

I thank my fellow trustees for their contribution in 2009/10. During the year Steven Crane resigned from his position on 27 October 2009 and Dennis Trewin was reappointed until 30 June 2012.

ARIA staff

I would also like to acknowledge and thank ARIA staff for their commitment throughout the year and in anticipation of their continuing commitment and enthusiasm for the coming year. Their ongoing dedication is a key component of ARIA’s continued success.

I hope you find this Annual Report a useful source of information about PSSap’s operations and accomplishments and I hope it helps you get the most out of your super.

Tony Hyams
Chairman