Written By: Anushka
The PSS is a Defined Benefit super fund for Australian Government employees, operational since 1990.
Updates on the Public Sector Superannuation Scheme (PSS) 2024, covering benefits, payment dates, and eligibility.
Members contribute 0-10% of after-tax salary fortnightly, with a default rate of 5% if unspecified. Employers add 2-3%.
PSS members enjoy no administration fees, automatic Death and Invalidity Cover, and optional additional coverage.
Retirees can receive benefits as a fortnightly payment, lump sum, or combination. Payments are processed within 14 days of application acceptance.
The final benefit depends on personal contributions, with options to increase savings via a personal accumulation account through PSSap.
Benefits continue to grow with fund earnings and CPI if you leave employment but remain covered by the scheme.