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PSSFAQ1

10/13

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

1 of 2

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?
EMAIL members@pss.gov.au
PHONE 1300 000 377
FAX

02 6272 9613

MAIL PSS

GPO Box 2252

Canberra ACT 2601
WEB

pss.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 upfront. There are no obligations,
commissions or hidden fees.
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

pss.gov.au

+61 2 6272 9622

(02) 6272 9613

PSS
GPO Box 2252
Canberra ACT 2601
2 of 2

PSF23
05/15

Redundancy
Who should read this?
Any member who is in the process (or has
accepted an offer) of involuntary or voluntary
redundancy. This includes dismissal initiated by
the employer on the grounds of inefficiency.

What is in this factsheet?


>> What you should know upfront
>> Redundancy vs invalidity retirement
>>
>>
>>
>>
>>
>>

Are you eligible for redundancy benefits?


What are your redundancy options?
What is your SIS upper limit?
What is your preservation age?
What happens to your surcharge debt (if any)?
Are you eligible for a redundancy benefit
if you have ceased PSS membership?

>> What are your redundancy options? in detail


>> What happens to amounts you transferred
into PSS?
>> Estimating the value of your redundancy benefit
>> How much time do you have?
>> It is important to keep in touch
>> What forms do you need to complete?
>> How is your benefit paid?
>> What about tax?
>> Where can you get more information?

What you should know upfront


It is important that you read the disclaimer below.
Before making any decisions, please read the PSS
Product Disclosure Statement (PDS) and consider
seeking advice from a licensed professional such as
a financial planner, accountant or solicitor.

Redundancy vs
invalidity retirement
You should talk to your employer about
invalidity retirement options before accepting
a redundancy as you may be eligible for
invalidity benefits instead. An invalidity
retirement pension is payable to you if we agree
to your retirement because of a permanent
medical condition which is likely to stop you
from working again. If you decide to make a
retrospective invalidity claim, we are required to
make a determination to approve or reject your
application, and this decision is often easier to
make when you are still employed.

Personal financial advice


Ceasing employment is a significant event
that may shape your immediate financial
future. It is crucial that you make the right
decision for your needs. To help you achieve
the best outcome, we encourage you to
speak to a qualified financial planner who
understands your scheme and situation.
To make a personal advice service available
to you, your super trustee, Commonwealth
Superannuation Corporation, has partnered
with experienced financial planners from
Industry Fund Services. It is fee for service
advice where you know the exact cost upfront
and do not pay commissions. Please note,
it generally takes six weeks from when you
first contact Industry Fund Services to receive
personal advice.
To book or find out more, please call
1300 277 777 or visit csc.gov.au

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 (PDS) 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

1 of 5

Are you eligible for


redundancy benefits?
You will be eligible* to receive a redundancy
benefit if you are a PSS member and:
>> your employer makes you redundant
>> you accept an offer of a redundancy package
from your employer
>> you are dismissed on grounds of inefficiency

What is your preservation age?


On 1 July 1999, a number of changes relating
to your superannuation preservation age were
introduced by the Superannuation Industry
(Supervision) Act 1993 and SIS Regulations 1994.
These changes include gradually increasing the
minimum age (known as preservation age) at
which you can take a lump sum of your
superannuation benefit.

or

Date of birth

>> you elected to cease PSS membership,


and remained in Australian Government
employment, but are later made redundant
by your employer.

Before July 1960

55

1 July 1960 30 June 1961

56

If you finish work with your current employer


and start shortly after with another employer
covered by PSS, you may not be eligible.

Preservation age

1 July 1961 30 June 1962

57

1 July 1962 30 June 1963

58

1 July 1963 30 June 1964

59

After 30 June 1964

60

*You will not be eligible for redundancy benefits if you work


for an Australian Government agency that has been sold or its
functions transferred, and you remain employed by the new
service provider. Contact your personnel section or phone us
on 1300 000 377 for more information.

These changes do not affect your right to take


a PSS benefit in the form of a pension. In some
circumstances it can affect your lump sum
benefit options.

What are your


redundancy options?

What happens to your


surcharge debt (if any)?

Depending on your circumstances and the age at


which you are made redundant, you may be able
to choose one of the following options:

The superannuation contributions surcharge


is payable by members whose taxable income
and employers contributions to their
superannuation exceeded an annual defined
threshold. You may also have a surcharge debt
if you have declined to provide your Tax File
Number (TFN) for superannuation purposes.

>> preserve your entire benefit


>> take part of your benefit as a lump sum and
preserve the balance
>> take a full lump sum
>> take a full pension
>> take part pension, part lump sum
>> arrange to have a transfer amount paid to
another eligible scheme
>> combine your concurrent memberships.

What is your SIS upper limit?


Restrictions are placed on how much of your
superannuation benefit can be paid as a lump sum
cash benefit. This is called your SIS upper limit.
It is the cash amount you would have received if
you had been made redundant on 1July1999.

Even though superannuation surcharge has been


reduced to 0%, PSS is required to report outstanding
superannuation surcharge debts to the Australian
Taxation Office (ATO). Any surcharge debt you have
accrued must be recovered at the time of payment
of your benefit, unless you preserve your benefit in
PSS. If you preserve your benefit and you have an
unpaid surcharge debt, you may pay the amount
at any time prior to the payment of your preserved
benefit*. Any surcharge debt outstanding when
your preserved benefit becomes payable will be
deducted from your final benefit payment.
*Any surcharge debt that remains unpaid attracts interest at
the prevailing 10 year Treasury bond rate.

If you are under your preservation age when you


are made redundant, or between your preservation
age and 60 and you have not retired from the
workforce, any cash lump sum benefit paid cannot
exceed your SIS upper limit.

Your Government Super at Work


2 of 5

Are you eligible for a


redundancy benefit
if you have ceased
PSS membership?
If you elected to cease PSS membership to join
another eligible superannuation scheme then
you may be eligible for a redundancy benefit if
you meet the following criteria:
>> you had continuous service in Australian
Government employment since electing to
cease PSS membership
>> you have been made redundant (or dismissed
on inefficiency grounds) by your employer
before reaching your minimum retirement age.
If you meet these criteria then you will have
the same redundancy benefit options as a
PSS contributing member.

What are your redundancy


options? in detail
Option 1 Preserve your entire benefit
You can preserve your benefit in PSS for later
payment, usually upon retirement from the
workforce after reaching age 55. This option is
not available if you are aged 65 or more.
While preserved, your employer component
accrues in line with the consumer price
index (CPI); your member and productivity
components accrue at the Funds earning
rate. As a preserved benefit member you may
choose the Cash Investment Option for your
taxed accumulation components (member and
productivity). If you do not make a choice we
will continue to invest these components in the
Default Fund. For more information about the
Cash Investment Option, please see the PSS PDS
from our website pss.gov.au
When you are eligible to claim your preserved
benefit, any lump sum will be paid in line with
SIS regulations.

Option 2 Take part of your benefit as a


lump sum and preserve the balance
The amount of lump sum you can access will
depend on your age and whether you have
permanently retired from the workforce.
If you have not attained minimum
retirement age
Any lump sum payable will be restricted to your
member component up to your SIS upper limit.
If you do not have a SIS upper limit, you will not
be eligible for this option.

If you have attained minimum retirement age,


but not minimum preservation age
Any lump sum payable will be restricted to your
final benefit accrual up to your SIS upper limit.
If you do not have a SIS upper limit, you will not
be eligible for this option.
If you have attained minimum preservation age
If you have not permanently retired from
the workforce and have not attained age 60,
any lump sum payable will be restricted to your
final benefit accrual up to your SIS upper limit.
If you do not have a SIS upper limit, you will not
be eligible for this option.
If you have permanently retired from the
workforce or have attained age 60, you can access
as much of your benefit as you like.
Please note you cannot preserve your benefit if
you are aged 65 or more.
Your preserved employer component increases
each year in line with the CPI. As a preserved
benefit member you may choose the Cash
Investment Option for your taxed accumulation
components (member and productivity). If you
do not make a choice, we will continue to invest
these components in the Default Fund. For more
information about the Cash Investment Option,
please see the PSS PDS from our website pss.gov.au
When you are eligible to claim your preserved
benefit, any lump sum will be paid in line with
SIS regulations.
If you take any part of your benefit and
preserve the balance in PSS, you will not have
the option of taking a PSS pension when you
claim your preserved benefit.

Option 3 Full lump sum


You can elect to take your entire benefit out of
PSS as a lump sum benefit.
If you have not attained minimum retirement
age, the cash lump sum is limited to a refund
of your member component up to your SIS
upper limit. If you have not attained minimum
preservation age and have not left the workforce,
the cash lump sum immediately payable is
limited to a refund of your final benefit accrual
up to your SIS upper limit.
You must rollover any compulsory preserved
component of your lump sum to a
rollover institution.
You can also rollover your entire lump sum
to a rollover institution if you wish.

Your Government Super at Work


3 of 5

Option 4 Full pension


You can convert your entire PSS benefit to a
CPI-indexed pension, which is payable for life.

>> Northern Territory Government and


Public Authorities Superannuation Scheme
>> Parliamentary Contributory
Superannuation Scheme

Reversionary benefits are payable to an eligible


spouse and children in the event of your death.

>> QSuper

Option 5 Part pension, part lump sum

>> Queensland Electricity Supply Industry


Superannuation Scheme

You can take your benefit as a combination


of CPI-indexed pension and lump sum.
However, the amount of lump sum will be
restricted to the lesser of 50% of your total
defined benefit or:
If you have not attained minimum |
retirement age:
Your member component up to your SIS upper
limit. If you do not have a SIS upper limit, you will
not be eligible for this option.
If you have attained minimum retirement age,
but not minimum preservation age:
Your final benefit accrual up to your SIS
upper limit. If you do not have a SIS upper
limit, you will not be eligible for this option.
If you have attained minimum
preservation age:
If you have not permanently retired from the
workforce and have not attained age 60, the lump
sum will be restricted to your final benefit accrual
up to your SIS upper limit. If you do not have a SIS
upper limit, you will not be eligible for this option.
If you have permanently retired from the
workforce or have attained age 60, you can
access up to 50% of your total defined benefit as
a lump sum.
You must rollover any compulsory
preserved component of your lump sum
to a rollover institution.
Reversionary benefits are payable to an eligible
spouse and children in the event of your death.

Option 6 Transfer value to an


eligible scheme
If you start work with an employer that
participates in an eligible superannuation
scheme and you become a member of that
scheme as a result of your employment, you may
pay a transfer value of your total benefit to that
scheme, in exchange for that schemes benefits,
provided you have not accessed any part of your
defined benefit.
Eligible superannuation schemes include
the following:
>> AV Super (previously known as the CAA
Staff Superannuation Fund)

>> Queensland Local Government Employees


Superannuation Scheme
>> Queensland Parliamentary Contributory
Superannuation Scheme
>> UniSuper Accumulation Plan 2.

Option 7 Combine your final


benefit accrual with another
concurrent membership
If, at the time of retirement, you are also a
PSS member in respect of another (concurrent)
period of employment, you can elect to
combine your benefit accrual with the other
PSS membership. This is only possible if the
combination does not exceed your Maximum
Benefit Limit (MBL).
For more information on MBLs refer to our
website pss.gov.au

What happens to amounts


you transferred into PSS?
The treatment of transfer amounts depends on
when you transferred them into PSS.
Amounts transferred into PSS before 1 January 1996
(or which accrued in another fund before
1 January 1996) are part of your defined benefit.
Depending on what benefit option you chose,
you may be eligible to convert the transfer
amount into a pension or take it as a lump sum.
If you choose to have it paid as a pension, we will
credit you with an additional benefit multiple.
The calculation of this benefit multiple will be
based on the value of the transfer amount you
paid into the scheme and your average salary.
If you choose to have it paid as a lump sum,
you receive the value of the transfer amount
(including any interest) to the date of exit.
Please let us know how you would prefer to have
this paid by filling out the relevant section of the
Redundancy benefit application form.
If you have transfer amounts from 1 January 1996
onwards, we can only pay these to you as a
lump sum.

>> Defence Force Retirement and Death


Benefits Scheme

Your Government Super at Work


4 of 5

Estimating the value of your


redundancy benefit
You can estimate the value of your redundancy
benefit using the i-Estimator, our online
calculator. Youll need an Access Number to use
this service. If you dont have an Access Number,
or youve misplaced it, call us on 1300 000 377
and we can give you one over the phone.

How is your benefit paid?


We must pay pensions and lump sums into
an Australian bank account*. The account must
be in your name or it may be a joint account,
provided you are one of the account holders.
We will make rollover payments directly to
your nominated rollover fund(s) or RSAs.
Please make sure you have the correct postal
address of your fund(s).

In addition, your employer can request an


estimate of your PSS benefits.

*Lump sum amounts cannot be paid into a mortgage account.

How much time do you have?

What about tax?

You have 90 days after ceasing employment to


choose a benefit option. If you do not choose
an option within the 90 day period your benefit
will be preserved in PSS. If you are 65 years of age
or greater then your benefit could be classed as
unclaimed and paid to the ATO.

The tax on your PSS benefit will depend on


your age and if your benefit is sourced from
contributions paid into PSS and earnings on
those contributions (taxed source) or from
other sources (untaxed source). Your PSS
benefit includes two components a tax-free
component and a taxable component.
The taxable component is itself divided into
two further components a taxed element
and an untaxed element.

It is important to
keep in touch
If you preserve your benefit or claim a pension in
PSS, it is important that you continue to advise
us of any changes to your address. This allows us
to keep in touch with you and ensure that you
continue to receive important information from
us regarding your PSS entitlement.

The calculation of these components differs for


both pensions and lump sums. If you elect to
receive a superannuation pension, PAYG tax
will be deducted from your fortnightly payments
if applicable. Depending on your age and the
components applied to your pension, you may
also be entitled to a rebate.

Also, we must pay your PSS preserved benefit


to you when you reach age 65. If we have lost
contact with you by that stage, we will treat
your benefit as unclaimed.

To learn more about your PSS benefit


components and their potential tax treatment,
please read the PSS PDS including the Tax and
your PSS super booklet. The ATO may provide
further information visit ato.gov.au

What forms do you need


to complete?

We also strongly recommend you seek advice


on tax of your PSS super from a licensed
professional such as a financial planner
(more information is provided at the start of
this factsheet) or an accountant.

You must complete the following form(s) to


claim your benefit:
>> Redundancy benefit application
>> Tax File Number declaration for taxation
assessment purposes (pension only).
You can obtain these PSS forms from your
personnel section or by visiting our website
at pss.gov.au. The Tax File Number declaration
is available from your personnel section,
the ATO, or call us on 1300 000 377.

How can I get


more information?
EMAIL members@pss.gov.au
PHONE 1300 000 377
FAX

02 6272 9613

MAIL PSS PSF 24 / February 2005



GPO Box 2252

Canberra ACT 2601
WEB

pss.gov.au

email

phone

financial advice

post

members@pss.gov.au

1300 000 377

1300 277 777

web

overseas callers

fax

pss.gov.au

+61 2 6272 9622

(02) 6272 9613

PSS
GPO Box 2252
Canberra ACT 2601
5 of 5

SRR1
07/15

Redundancy
Benefit application

Before you start


This benefit application form and Explanatory notes are to be used by contributing members of PSS who
have accepted an offer of retrenchment or redundancy, whether voluntary or involuntary, or have been
retired by their employer on the ground of inefficiency.
Do not complete this form if you:
>> have been dismissed
>> are a preserved benefit member
>> are a casual or temporary employee and your period of employment has ended, and your terms and
conditions of employment specifically preclude you from being deemed to have been made redundant.
>> are ceasing membership on medical grounds
>> are ceasing scheme membership due to the sale, transfer or outsourcing of your organisation.
If you fit into one of the above categories, please contact your personnel area to obtain the correct benefit
application form, or if you are a preserved benefit member, please contact us.
This benefit application form must be completed within 90 days of your cessation date. If your
application is not completed within this period, you must provide reasons with your application as to
why the election was not made within 90 days.

Seek personal 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
PSS and your situation can help you to achieve the right outcome for your needs and
long-term goals.
For example, there may be tax and investment issues you should consider, or you may
have other super savings you wish to consolidate for pension purposes. Retiring from
the public sector may also be a good time to think about any investments you hold
outside of superannuation.
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 upfront. There are no obligations, commissions or
hidden fees.
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

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 (PDS) 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

1 of 15

Explanatory notes
These Explanatory notes are intended to assist
you complete this benefit application form,
not to provide a detailed explanation of your benefit
options. You should detach these notes so you can
refer to them as you complete the benefit application
form and retain them for your own records.
A benefit estimate outlines the benefit options
available to you, as well as other important
information regarding the processing of your
benefit. If you havent already obtained a benefit
estimate, or your situation has changed since you
obtained a benefit estimate, you should contact us
on 1300 000 377.
Before completing this benefit application, it is
recommended that you read the PSS Product
Disclosure Statement (PDS) and other relevant
publications at pss.gov.au. It is also recommended
that you seek personal advice from a qualified
professional. CSC have partnered with experienced
financial planners from Industry Fund Services
to make a personal advice service available to
PSS members. Please refer to the first page of this
document for more information.
Your accurate completion of this benefit application
form allows us to process the application as soon as
possible after the date of your cessation. If you do
not complete the benefit application form correctly,
the processing of your benefit will be delayed or may
be processed incorrectly.
Please note there are penalties for making false
declarations in respect of benefit claims.

Section A Personal details


The postal address you provide is where all future
correspondence will be sent. A contact phone
number is also required in case we need to contact
you regarding the processing of your benefit.
Details of your relationship status, including same
or opposite sex de facto relationships, should also
be provided. By providing this information now,
unnecessary delays may be avoided in the event
that a reversionary benefit becomes payable.
You may wish to include a copy of your marriage
certificate or registered relationship certificate with
your application, however this is not compulsory.

Section B Employment details


Your retirement status determines, in part,
whether you can access your PSS benefit
(see Section E of the Explanatory notes for
information on cashing restrictions).

Permanently retired from the workforce


If you are aged less than 60, you are regarded as
being permanently retired from the workforce if
you do not intend to work more than 10 hours per
week and are no longer employed by the employer
that contributed to PSS on your behalf.

If you are aged 60 or more, you are regarded as


permanently retired from the workforce if you
are no longer employed by the employer that
contributed to PSS on your behalf.

Re-employment
If you have been offered or made arrangements for
employment with a PSS participating employer,
then you may not be entitled to a PSS benefit.
You should contact us for more information
before completing this benefit application form
if you are unsure of the eligibility status of your
prospective employer.

Section C Benefit options


You can only select one benefit option otherwise
your benefit application will be invalid and
processing will be delayed.
This section shows all benefit options available to
PSS members under this division of the scheme
rules. However, depending on your situation,
you may not be eligible for some of these options.
You can only select one option that has been
reflected in your benefit estimate. If you have not
obtained a benefit estimate, or your situation has
changed since you obtained a benefit estimate,
please contact us.
You are making a formal election under the
provisions of the Superannuation Act 1990.
This election is binding and cannot be cancelled
or withdrawn, although CSC may, at its absolute
discretion, agree to change an election in certain
exceptional circumstances.
If you have any transfer amounts, these will be
processed in accordance with your instructions in
Section D.

Important: Early Release


Deduction Amounts
If you have an Early Release Deduction Amount
(ERDA), this will only be recovered when you
claim your final benefit. If you preserve some or
all of your benefit, the recovery of this amount
will be delayed until you claim your final
benefit. More information about ERDAs can be
found in your benefit estimate or at pss.gov.au

Option 1 Preserve entire benefit


This option is only available if you are aged less
than 65 years.
By choosing this option, you are electing to
preserve your entire defined benefit in PSS for
payment at a later date. A preserved benefit must
be claimed by age 65. If you access any part of your
defined benefit (for example, an early release on
the grounds of financial hardship) you will not
have the option to take a pension entitlement
when you claim your final benefit.

Your Government Super at Work


2 of 15

Option 2 Full pension


By choosing this option, you are claiming your
final benefit by electing to convert your entire
defined benefit to pension.

Option 3 Part pension, part lump sum

>> Queensland Local Government Employees


Superannuation Scheme
>> Queensland Parliamentary Contributory
Superannuation Scheme
>> UniSuper Accumulation 2 Plan

This option is only available if your benefit


includes an unrestricted component.

Option 7 Combine with a concurrent


period of membership

By choosing this option, you are claiming your


final benefit by electing to convert a portion of
your defined benefit to pension, with the remaining
amount paid as a lump sum. Your pension entitlement
will be funded by your untaxed element in the first
instance, unless you instruct otherwise. Information
regarding the unrestricted component can be found
under Cashing Restrictions in Section E of the
Explanatory notes.

This option is only available if you have another


current period of contributory membership.

Option 4 Full lump sum


By choosing this option, you are claiming your
final benefit by electing to have your entire benefit
paid as a lump sum, subject to cashing restrictions.

Option 5 Part lump sum,


part preservation
This option is only available if your benefit
includes an unrestricted component and you
are aged less than 65 years.
By choosing this option, you are claiming
a portion of your defined benefit now and
preserving the balance for payment at a later
date. Please note you will not have the option to
take a pension when you claim your final benefit.
Your final benefit will only be payable as a lump
sum. Your lump sum will be paid from your taxed
element in the first instance, unless you instruct
otherwise. Information regarding the unrestricted
component can be found under Cashing Restrictions
in Section E of the Explanatory notes.

Option 6 Transfer value to an


eligible scheme
By choosing this option, you will transfer your
final benefit to an eligible superannuation scheme
please note this is not a rollover. To be eligible for
this option, you must be a member of an eligible
superannuation scheme resulting from your
employment, and must become a member within
three months of ceasing to be a contributor of PSS.

Eligible superannuation schemes:


>> AvSuper
>> Defence Force Retirement and Death
Benefits Scheme (DFRDB)
>> Northern Territory Government and Public
Authorities Superannuation Scheme
>> Parliamentary Contributory
Superannuation Scheme
>> QSuper
>> Queensland Electricity Supply Industry
Superannuation Scheme

By choosing this option, you are combining your


membership with another concurrent period of
service. An election to combine your memberships
is binding and may impact the calculation of your
final benefit greatly. For this reason, it is strongly
recommended that you contact us to request a
comparative estimate of your potential benefit if
you have yet to do so.

Section D Additional
benefit instructions
The processing of your benefit may require an
additional election if you have a surcharge debt,
have elected to take a pension entitlement or have
any transfer amounts. If you fit into any of these
categories, please complete the relevant part/s of
this section as described below.

Surcharge debt repayment


If you have an outstanding superannuation
contributions surcharge debt (surcharge debt)
and are claiming your final benefit, you must
complete this section.
If you elect to have the debt deducted from
your lump sum benefit, it will be deducted from
any untaxed components in the first instance,
unless you instruct otherwise.
If you elect to have the debt deducted from your
pension entitlement, this will be applied for the
lifetime of the pension.
This election is binding and cannot be revoked if
your circumstances change. You can only make one
election for the repayment of your surcharge debt.
If you do not provide an election, the processing of
your benefit may be delayed.

Election for a reduced pension


If you are claiming some or all of your benefit as
a pension, you must complete this section.
If you pass away when you are in receipt of a
pension, an eligible spouse may be entitled to
67% of your pension entitlement as a reversionary
benefit. However, you have the option to take a
reduced pension now in exchange for a higher
reversionary benefit, should one become payable.
If you elect to take a reduced pension entitlement,
your pension will be reduced to 93% of the original
pension value. In return, the reversionary benefit
paid to an eligible spouse would increase to 85%.

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Reversionary benefits may also be payable to


any eligible children. Similarly, by electing to
take a reduced pension, reversionary benefits
paid to an eligible child would also increase.
More information on death benefits can be found
at pss.gov.au. This election is binding and cannot
be revoked if your circumstances change.

Transfer Amounts
Please complete this section if you have a Post-95
or Pre-96 Transfer Amount.

Section E Payment
instructions
Please complete this section if you are claiming a
pension and/or lump sum entitlement.
If you want to specify what components should be
applied to your benefit, subject to proportioning
rules, please attach separate instructions to this
benefit application form.

Post-95 Transfer Amount

Cashing restrictions

Your Post-95 Transfer Amount may include


government Co-Contributions, ATO Superannuation
Guarantee (SG) or Low Income Superannuation
Contributions (LISC) paid on your behalf. It does
not form part of your defined benefit and cannot be
converted to pension.

The Superannuation Industry (Supervision)


Regulations 1994 determines how much of a
lump sum benefit can be accessed as cash.

Paid as a lump sum: You can elect to have your


Post-95 Transfer Amount paid as a lump sum,
subject to cashing restrictions (see Section E), even if
you are preserving your entire defined benefit.
Preserved in PSS: If you are under the age of 65,
you can keep your Post-95 Transfer Amount
preserved in PSS. Please note that if you only leave
your Post-95 preserved in PSS (ie you claim your
entire defined benefit) this does not permit re-entry
into PSS at a later date.

Pre-96 Transfer Amount


A Pre-96 Transfer Amount can be converted to
pension, taken as a lump sum or a combination
of both. The calculation of this amount can be
complex, so please make sure you refer to your
benefit estimate when completing this section.
Paid as a lump sum: You can elect to have your
Pre-96 Transfer Amount paid as a lump sum,
subject to cashing restrictions (see Section E),
even if you are preserving your entire defined benefit.
Conversion to pension: You can elect to have
your Pre-96 Transfer Amount included in the
calculation of your pension. The calculation of this
amount will vary depending on whether you claim
your pension immediately upon ceasing to be a
contributor of PSS, or after preserving your benefit
for one day. Your benefit estimate will show the
amounts payable for both scenarios.
Preserved in PSS: If you are preserving some or
all of your PSS benefit, you can also preserve your
Pre-96 Transfer Amount in PSS.
You can also attach additional instructions
with this benefit application form if you want
your Pre-96 Transfer Amount split between
your pension and lump sum benefit.

You can access your entire lump sum benefit


as cash if:
>> you have reached your preservation age and
permanently retired from the workforce
or
>> you have reached age 60 and no longer
work for the employer who contributed to
PSS on your behalf
or
>> you have reached age 65.
However, if you have not met one of the above
conditions, your access to a cash lump sum
will be restricted. The amount that can be
accessed as cash is known as your SIS Upper
Limit. Any part of the lump sum exceeding
your SIS Upper Limit must be paid to a
regulated super fund. The amount of lump
sum you can access as cash is shown in your
PSS benefit estimate.

Lump sum payments


Please nominate how much of your lump sum
benefit (including transfer amounts) is to be paid
as a cash lump sum and/or rollover in this section.
Please note: Once an amount has been paid as
a cash lump sum, it cannot be returned to PSS
to be reissued as a rollover. This is because the
payment is no longer recognised as being in the
superannuation system and is no longer governed
by superannuation laws or regulations.

Cash lump sum payments


Cash lump sums must be paid to an Australian
bank account in your name. If its a joint account,
one of the names listed must be yours.
Please note: payments cannot be made to a
mortgage account.

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Rollovers
You can nominate up to two rollover funds to
receive all or part of your lump sum benefit.
You will need to provide the details of the
fund/s in this section, unless you nominate
Commonwealth Superannuation Corporation
retirement income (CSCri) or Public Sector
Superannuation accumulation plan (PSSap)
Ancillary as these details have been prepopulated
for you.
We will send all rollover payments electronically to
your nominated rollover fund(s). If your fund does
not accept electronic payments, the payment will
be issued in the form of a cheque and sent directly
to the receiving fund. If you do not supply us with
an address for the fund, the cheque will be sent
directly to you to forward to the relevant fund.

CSCri
CSCri is an account-based income stream for those
who wish to keep their lump sum benefit invested
in government super in retirement.
If you wish to roll over all or part of your PSS
benefit to CSCri, you must also complete the form
Apply for CSC retirement income, which is
available from cscri.gov.au. This form must be sent
directly to CSCri at the time you lodge your PSS
benefit application form.
If you have a PSSap Ancillary membership,
your rollover will be paid to PSSap prior to starting
the retirement income stream from CSCri. If you
are not a PSSap Ancillary Member, your rollover
will be paid directly to CSCri.

Section F Taxation details


Eligible Service Period (ESP) start date
Your ESP is used to calculate your tax components.
It is usually the number of days from the day you
commenced with PSS (the ESP start date) through
to the date your payment is made. In some cases a
start date earlier than the date you joined PSS may
be used, such as:

records to confirm the TFN provided is yours and


is correct. Your TFN will be validated using the
SuperTICK validation service. If you do not provide
your TFN, the processing of your benefit payment
may be delayed. You must also advise of your
approval to disclose your TFN to rollover funds.
We will provide your TFN to the receiving fund
unless you instruct us not to. Please note that there
are consequences for not supplying your TFN to
the receiving fund.

TFN Declaration form


If you have chosen to receive all or part of your
benefit as a pension and you wish to claim the
tax-free threshold, you should complete a TFN
Declaration form and attach it with your benefit
application form. These forms are available
from your personnel section, the ATO and some
newsagencies. If you do not provide us with this
form, the tax-free threshold will not be applied to
your pension.

Section G Information
acknowledgement
You must sign this section to acknowledge
you have received and understood sufficient
information to be able to make an informed choice
of how you would like your benefit processed.
Information sources (including the availability
of personal financial advice) are shown at the
start of these Explanatory notes and it is strongly
recommended that you make use of them before
completing this benefit application form.
If you do not sign this acknowledgement,
processing of your benefit cannot proceed.

Section H Member checklist


While it is not compulsory to complete this
section, it is recommended that you complete the
member checklist to be sure you have completed
each section of the benefit application form.

>> if you transferred from CSS to PSS, the date you


joined the CSS will be used as your ESP start date

What next?

>> the date listed as your ESP start date on any


amounts transferred into PSS

When you have completed Sections A to H, you will


need to submit your benefit application form to
your personnel area so that they can complete the
Departmental Report. Your personnel area will
then forward your completed application to us.

>> the date you commenced employment with a


CSS/PSS participating employer (if the date is
earlier than the date you joined the Fund).
If you do not provide a date in this section, we will
use the date recorded against your membership
when we process your benefit.

Please note you can submit your benefit application


form up to 90 days before you cease employment,
however we cannot process your benefit application
form until after your cessation date.

Tax File Number (TFN)


In accordance with the Taxation Laws Amendment
(Tax File Numbers) Act 1988, we are required to
deduct PAYG tax at the top marginal rate, plus the
Medicare levy, from benefits if a person does not
provide a TFN. We are required to validate your
TFN with the Australian Taxation Offices (ATO)

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Documents you may receive


from us after retirement
After your benefit application form has been
processed, you will receive correspondence from us
outlining your chosen benefit option. In addition
to this document, you may also receive:
>> an Exit Statement if you have claimed your
final benefit
>> a PAYG Payment Summary if you have claimed
a cash lump sum benefit
>> a Rollover Benefits Statement if you have
rolled over any of your benefit.
If you have preserved some of all of your benefit,
you will continue to receive annual member
statements until you claim your final benefit.

Privacy
Personal information that you or a third party
provide, such as your employer, is collected,
held, used and disclosed as required or authorised
by law in accordance with the privacy policies and
notice (available via pss.gov.au or by contacting
us on 1300 000 377) for the purpose of managing
your super.
This includes the management of superannuation
investments, providing superannuation products
and information, the administration of accounts,
conducting market research and product
development. The privacy policies and notice
contain important information about how personal
information is handled, including rights to access and
update that information and how a complaint about a
breach of privacy can be made.

If you have claimed a pension entitlement,


you will receive a PAYG Payment Summary
each year to complete your tax return, as well as
biannual advice in January and July each year
outlining any pension increases in line with the
Consumer Price Index (CPI).

Unclaimed benefits
If we do not receive a completed benefit application
form from you within 90 days of your cessation
date, your benefit may be preserved under the
default provisions of the scheme. This may mean
that you will lose the opportunity to elect for a
payment option following your cessation.
If you have elected for a lump sum benefit and
have provided invalid payment instructions,
or your lump sum is returned to us by a financial
institution, we may pay your lump sum to an
Eligible Rollover Fund (ERF) nominated by CSC.
If you are in receipt of a pension or have a
preserved benefit, it is important that you advise
us of any changes to your contact details. If we are
unable to contact you, you may be classed as a lost
member and this may result in your pension being
suspended, or your preserved benefit being paid to
the ATO as unclaimed superannuation.

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SRR1
07/15

Redundancy
Benefit application form
Read the Explanatory notes and each section of the form carefully before filling it in.

SECTION A Personal details


Reference number (AGS)
D

Cessation date

Title

Mr

Mrs

Ms

Miss

Other

GIVEN NAME(S)

Your name

SURNAME

Date of birth
Previous memberships
Have you had any other
periods of PSS membership?
If so, please list the reference
(AGS) number(s) for each of
those memberships.

1
2
3
4

Relationship details
Relationship details
Start date of de facto
relationship (if applicable)

Single

Married
D

De facto

GIVEN NAME(S)

Spouses name

SURNAME

Spouses date of birth

Section A continued over page


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 (PDS) 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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Contact details
RESIDENTIAL ADDRESS

Address

SUBURB

STATE

POSTCODE

STATE

POSTCODE

POSTAL ADDRESS

SUBURB

BUSINESS HOURS

Phone number
AFTER HOURS

MOBILE NUMBER

Would you like to receive an SMS to confirm we have received your application?
No

Yes

Email address

@
Information about new products and services and member research
I do not wish to receive information about new products and services or
participate in member research.

SECTION B Employment details


Are you permanently retiring from the workforce?
Yes

OR

No I will be employed by the following PSS participating employer.

OR
No I will be employed by the following employer for more than
10 hours per week.

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SECTION C Benefit options


Please ensure that only one benefit option is completed.
Your benefit option election must be completed within 90 days of your retirement date. If your election is
made more than 90 days after your retirement date, you must provide reasons with your application as to
why the election was not made within the period allowed.
Option 1: Preserve entire benefit
Option 2: Full pension
Option 3: Part pension, part lump sum
I elect to be paid the maximum lump sum permitted under PSS Rules.
I elect to be paid a lesser amount of:

$
OR

of my benefit.

Option 4: Full lump sum


Option 5: Part lump sum, part preservation
I elect to be paid the maximum lump sum permitted under PSS Rules.
I elect to be paid a lesser amount of:

$
OR

of my benefit.

Option 6: Transfer value to an eligible scheme


Option 7: Combine with a concurrent period of membership

SECTION D Additional benefit instructions


Only complete the sections that are relevant to you.

A. Surcharge repayment
If you have an outstanding surcharge debt, please select one of the following options:
Deduct the surcharge debt from my lump sum.
Deduct the surcharge debt from my pension as an ongoing lifetime deduction.

B. Election for a reduced pension


If you have chosen a pension entitlement, please select one of the following:
I elect to take a reduced pension of 93%.
I do not elect to take a reduced pension of 93%.

Section D continued over page


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C. Transfer Amounts
If you have a Post-95 Transfer Amount, please select one of the following:
I elect to have my Post-95 Transfer Amount paid as a lump sum.
I elect to keep my Post-95 Transfer Amount preserved in PSS.
If you have a Pre-96 Transfer Amount, please select one of the following:
I elect to have my Pre-96 Transfer Amount paid as a lump sum.
I elect to have my Pre-96 Transfer Amount included in the calculation of my pension by:
Claiming immediately.
OR
Claiming after preserving for one day.
I elect to keep my Pre-96 Transfer Amount preserved in PSS.
I have attached additional instructions regarding the payment of my Pre-96 Transfer Amount.

SECTION E Benefit payment arrangements


Lump sum payment
Complete this section to tell us how you want your lump sum paid.
I elect for :

gross

OR

%
of my total lump sum to be paid as cash.
AND/OR
I elect for :

gross

OR

%
of my total lump sum to be paid as rollover.
If you have specific instructions relating to the breakup of your benefit (subject to proportioning)
please attach these details separately.

Details for your cash lump sum payment


Name of institution

Name of account holder

Branch location
Branch (BSB) number

Account number
Note: If the BSB or account number you have provided is incorrect, the payment may not be accepted
by your financial institution. If you have any doubts what your correct BSB or account number is,
you should confirm these details with your financial institution before including them on this form.

Section E continued over page


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Details for your rollover payment or transfer value to an eligible scheme


Send my rollover to CSCri.
Send my rollover or transfer value to another fund.
If you are rolling over your benefit to CSCri:
I am an existing PSSap Ancillary Member and my membership number is:

I am not an existing PSSap Ancillary Member.


If you are not an existing CSCri member you must also complete the form Apply for CSC retirement
income available at cscri.gov.au and send your completed form to CSCri Locked Bag 8840 Wollongong
NSW 2500 when you return your completed PSS benefit application form.

Details for rollover to CSCri or PSSap Ancillary


Name of fund

Public Sector Superannuation accumulation plan

ABN of fund

65 127 917 725

Postal address of fund

PSSap Locked Bag 9300 Wollongong NSW 2500

Unique Superannuation 65127917725001


Identifier (USI) of fund
Name of fund

Commonwealth Superannuation Corporation retirement income


(a part of Public Sector Superannuation accumulation plan)

ABN of fund

65 127 917 725

Postal address of fund

CSCri Locked Bag 8840 Wollongong NSW 2500

USI of fund

65127917725002

If you are rolling over or transferring your benefit to another fund:


Name of fund or RSA

AUSTRALIAN BUSINESS NUMBER

ABN of fund or RSA


Membership number
(known as Member
Client Identifier) for
fund or RSA
USI = UNIQUE SUPERANNUATION IDENTIFIER

USI of fund or RSA


Postal address of fund

SUBURB

STATE

POSTCODE

Section E continued over page


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Details for your pension payment


Please provide the account details for the payment of your pension:
Name of institution

Name of account holder

Branch location
Branch (BSB) number

Account number
Note: If the BSB or account number you have provided is incorrect, the payment may not be accepted
by your financial institution. If you have any doubts what your correct BSB or account number is,
you should confirm these details with your financial institution before including them on this form.

SECTION F Taxation details


Eligible Service Period (ESP) start date
What is your ESP
start date for
taxation purposes?

Tax File Number (TFN)


If you have already provided your TFN to us, you are under no obligation to provide it again in this application.
Tax File Number
Can we give your TFN to
the rollover fund(s)/RSA(s)
nominated above?

Yes
No

TFN Declaration (for pension recipients only)


I have attached a TFN Declaration form.
I do not wish to provide a TFN Declaration form.

SECTION G Information acknowledgement


Benefit processing cannot proceed unless this acknowledgement is completed.
I have received enough information to make an informed decision regarding the payment of my
PSS benefit. I have been advised to read the PSS PDS and seek personal financial advice.
I understand that, by selecting an option in Section C and/or Section D, I am making a formal election
under the provisions of PSS legislation and this benefit election cannot be cancelled or withdrawn.
I declare that the information I have provided is true and correct to the best of my knowledge. I acknowledge
that it may be a criminal offence to knowingly provide false or misleading information or documents.
SIGNATURE

Date signed
D

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SECTION H Member checklist


I have:

read the Explanatory notes at the beginning of this benefit application form
received a benefit estimate outlining my available options
obtained the information I require to make an informed decision
provided my personal details in Section A
completed the employment details in Section B
selected a benefit option in Section C
completed the additional benefit instructions in Section D
provided payment instructions in Section E
forwarded the Apply for CSC retirement income form to CSCri (if applicable)
completed the taxation details in Section F
attached a TFN Declaration form (pension recipients only see Section F)
signed the information acknowledgement in Section G
attached a copy of my marriage or registered relationship certificate
(if applicable)
attached additional instructions regarding the payment of my benefit
(if applicable).

You have now completed this form. Please return the form, along with any attachments, to your
personnel area or payroll section for completion of the departmental report. Your employer will then
forward your application to us.
Dont forget to confirm with your personnel area or payroll section that your application has been
forwarded to us.
END FORM

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Departmental report
To be completed by personnel section or pay office (benefit processing may be delayed if departmental
report is not correctly completed).
Members name

Reference number (AGS)


D

Date of exit

Salary for
superannuation
benefit purposes
at date of exit:
This is the members salary
for superannuation benefit
purposes as at the date of
exit. This can be greater than
the salary for superannuation
contribution purposes at the
last birthday.

Last three
superannuation
variations including
the payday that
contributions were
ceased (usually the
payday after the date
of exit)

SALARY FOR SUPERANNUATION BENEFIT PURPOSES AT 1 JULY 1999

$
SALARY FOR SUPERANNUATION BENEFIT PURPOSES AT DATE OF EXIT

PAYDAY OF
THE ADJUSTMENT

OLD
PERM. CONT.

NEW
PERM. CONT.

CURRENT
ADJUSTMENT

1.
2.
3.

POSITIVE OR
NEGATIVE

+
+
+

Personnel checklist
NOTE: FAILURE TO PROVIDE THE DOCUMENTS OUTLINED IN THIS CHECKLIST WILL RESULT
IN DELAYS IN PROCESSING THIS APPLICATION
The following information is required:
Yes

Applicants signature and date of birth confirmed?

Yes

Superannuation history card or computer print-out attached?

Yes

Departmental retirement certificate attached?

Yes

N/A

Is the applicant receiving an allowance (or did they receive such an allowance
in the past three years) that increases salary for superannuation purposes?

Yes

N/A

If yes, is the allowance automatically recognised as salary for superannuation


purposes? If the allowance is not automatically recognised as salary for
superannuation purposes, please attach Form S17A, S17S or S17T?

Yes

N/A

Has the member ever worked part-time hours? If yes, please attach details.

Yes

N/A

Is the applicant a fixed-term contract employee? If yes, please attach an


extract of the contract document detailing conditions of employment and
eligibility for redundancy/involuntary retirement benefits.

Yes

N/A

Has the applicant had any periods of LWOP in the two years prior to date
of exit? If yes, attach details of commencement and ceasing date(s), and type
of leave.

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Certification by employer
GIVEN NAME(S)

I,

SURNAME

being the officer authorised to sign on behalf of the agency, declare that the above information is true
and correct and certify that no variations to contributions will be made subsequent to the ceasing entry
shown above.
Signature and date

SIGNATURE

Date signed
D

Phone number
Fax number
Email address

@
END FORM

email

phone

financial advice

post

members@pss.gov.au

1300 000 377

1300 277 777

web

overseas callers

fax

pss.gov.au

+61 2 6272 9622

(02) 6272 9613

PSS
GPO Box 2252
Canberra ACT 2601
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