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PSS Basics - Understanding Your Defined Benefit Scheme

PSS Benefit Accrual Formula - * Final Average Salary (FAS) – The average of your salary for the last 3 years *Accrued Benefit Multiple (ABM) – Accrues based on your contribution rate to PSS * Benefit Accrual – Your PSS defined Benefit Amount Final Average Salary (FAS) - * FAS is the average of your Super Salary recorded over the last three years. * Your Super Salary is: - Your full-time salary equivalent. Working part-time will not reduce your super salary. - It is reported annually on your birthday - Can never go backwards - Includes recognised allowances * Higher recorded super salary if above your current salary will be recorded and indexed to Average Weekly Times Earnings (AWOTE) annually. Retirement Calculation – Maximum Pension * A pension conversion factor (PCF) is applied to your PSS Accrued Benefit: * Formula for maximum PSS pension is: FAS x ABM  PCF = PSS Pension *Note post-1996 transfers, Co-contributions and Low Income Super Tax Offset amounts must be taken as a lump sum. General Advice Warning - Any advice in this video is general advice only and does not take into account your individual circumstances, needs or objectives. Before acting on any advice provided in this video you should consider the appropriateness of the advice regarding your individual circumstances, needs and objectives. The PSS is a defined benefit scheme, is complex and has different rules to standard accumulation superannuation funds. It is recommended that members seek their own financial advice from a licensed adviser regarding their own specific circumstances.