PSSFAQ1
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Redundancy FAQ
PSS Members
How do I request a benefit
estimate?
In order to obtain a benefit estimate for
redundancy, voluntary or involuntary retirement,
we require your employer to complete the
Estimate Request Form for Employer use only.
Alternatively, you can use the I-Estimator located
on Member Services Online to project your
potential final benefit. All you need is an access
number. You can obtain one by phoning our
Customer Information Centre on 1300 000 377.
What are the benefit estimate
processing times?
How is my benefit calculated?
Your PSS benefit is calculated using the
following formula:
Final Average Salary (FAS) x your Accrued
Benefit Multiple (ABM)
The FAS for redundancy is calculated slightly
differently to normal retirement to include your
salary on exit.
The exit salary is pro-rated with the oldest of the
last three birthday salaries.
Example: Redundancy FAS calculation if a
member leaves 3 months after their birthday.
2011 salary:$60,000
2012 salary:$64,000
Estimates that can be generated automatically
are completed and sent within around four
business days.
2013 salary:$68,000
Estimates that require manual intervention can take
up to 15 business days to be completed and sent.
Final Salary:
Exit salary ($72,000 x 92 days) ÷ 365 = $18,148
I am under the age of 55,
can I claim a pension?
Yes, you can convert your total PSS benefit to a
CPI-indexed pension, which is payable for life
and indexed twice yearly. Reversionary pensions
are payable to any eligible spouse and/or
children if you pass away.
Exit Salary: $72,000
2011 salary
($60,000 x 273 days) ÷ 365 = $44,876 = $63,024
FAS
($68,000 + $64,000 + $63,024) ÷ 3
= $65,008
Your Government Super at Work
Any financial product advice in this document is general advice only and has been prepared without taking account of your personal objectives, financial situation or needs.
Before acting on any such general advice, you should consider the appropriateness of the advice, having regard to your own objectives, financial situation or needs. You may wish
to consult a licensed financial advisor. You should obtain a copy of the PSS Product Disclosure Statement and consider its contents before making any decision regarding your super.
Commonwealth Superannuation Corporation (CSC) ABN: 48 882 817 243 AFSL: 238069
RSEL: L0001397 Trustee of the Public Sector Superannuation Scheme (PSS) ABN: 74 172 177 893 RSE: R1004595
Industry Fund Services (IFS) ABN 54 007 016 195 AFSL 232514
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Will I have to pay tax on my
PSS benefit?
How long will it take PSS to
process my application form?
Tax is payable on both lump sum payments
and pensions.
While every effort will be made to process
redundancy benefit payments as quickly as possible,
accuracy must be of primary consideration when
doing so. Therefore, it may take between four and
eight weeks from receipt of a complete and correct
application form before payment will be made.
The amount of tax is affected by the following:
>> your age at the date you claim
>> if you are taking a lump sum and a pension
>> if you rollover your money into another
superannuation fund.
Fact sheets on taxation are available online at
pss.gov.au
What benefit application
form do I need to complete?
The PSS Involuntary retirement (SRR1)
application form will need to be completed.
If you have previously transferred any money
into the PSS, you may also need to complete a
Retirement Supplement (SR-PSS).
Where can I get more
information?
EMAILmembers@pss.gov.au
PHONE 1300 000 377
FAX
02 6272 9613
MAILPSS
GPO Box 2252
Canberra ACT 2601
WEBpss.gov.au
These forms can be found on pss.gov.au
When does my benefit
application form have to be
completed by?
Applications should be completed within 90 days
of your retirement date.
Do I submit my application
form directly to PSS?
No. All completed application forms need to be
submitted to your personnel or payroll section first.
Your employer will then forward your application
form directly to PSS for processing.
Any benefits requiring manual or family law
intervention will take longer.
Need financial advice?
Before you make any decision about your PSS
benefit, we recommend you seek personal
financial advice from a qualified professional.
Speaking to an expert who understands the
PSS and your situation can help you to achieve
the right outcome for your needs and longterm goals.
To make a personal advice service available
for your full financial situation, your super
trustee, Commonwealth Superannuation
Corporation, has partnered with experienced
financial planners from
Industry Fund Services. It is ‘fee for service’
advice, which means you receive a fixed
quote up front. There are no obligations,
commissions or hidden fees.
Your first meeting with your Industry Fund
Services financial planner is free. To book
today, please call 1300 277 777 during business
hours. More information about this personal
advice service is available at csc.gov.au/advice
email
phone
financial advice
post
members@pss.gov.au
1300 000 377
1300 277 777
web
overseas callers
fax
www.pss.gov.au
+61 2 6272 9622
(02) 6272 9613
PSS
GPO Box 2252
Canberra ACT 2601
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