2024 Public Sector Superannuation: Benefits, Dates,  Eligibility

Written By: Anushka

PSS Overview

The PSS is a Defined Benefit super fund for Australian Government employees, operational since 1990.

Super Scheme

Updates on the Public Sector Superannuation Scheme (PSS) 2024, covering benefits, payment dates, and eligibility.

Contribution

Members contribute 0-10% of after-tax salary fortnightly, with a default rate of 5% if unspecified. Employers add 2-3%.

Benefits

PSS members enjoy no administration fees, automatic Death and Invalidity Cover, and optional additional coverage.

Payment Date

Retirees can receive benefits as a fortnightly payment, lump sum, or combination. Payments are processed within 14 days of application acceptance.

Payout

The final benefit depends on personal contributions, with options to increase savings via a personal accumulation account through PSSap.

Growth

Benefits continue to grow with fund earnings and CPI if you leave employment but remain covered by the scheme.

August 2024 Gas Stimulus: Amount, Eligibility, Dates, Form