If you’re thinking of switching funds, have a look at some of the funds currently on Canstar’s database.
Types of PSS superannuation accounts
PSS offers two retirement-related products to choose from:
- A personal, defined-benefit super product available for individual employees
- Account-based pension converts superannuation into regular income payments for retirees and workers in the transition to retirement (TTR) stage
There are several benefits available to PSS members who have a personal super account, including:
- Simple investment options – pick either ‘default’ or ‘cash’
- Zero fees – they’re all paid for by your employer
- Permanent and invalidity and death cover at no extra cost
- Financial advice available from a qualified professional
- Easy online account access
Eligibility to join PSS superannuation
To have a superannuation account with PSS, you must be able to satisfy the following criteria:
- You must be an Australian resident
- You must be an eligible employee of the Australian Government or a PSS-participating employer
However, PSS super is no longer open to new members.
How to join PSS superannuation
As of 1 July 2005, PSS super is closed to new members.
PSS Superannuation FAQs
Yes, PSS has a dedicated online portal for their super fund members. You can view your account balance online, access statements for your account, download super fund information, and more.
The money in your PSS super account is invested by your super fund. They offer two investment options: cash and default.
When choosing an investment option, it is important to take into your account investment timeframes and goals, and your personal risk tolerance for market fluctuations. Learn more about how to choose between different investment options on the Canstar website.
Yes, PSS offers a consolidation service for members who have super in other funds. It is free of charge and they do the rollover of your super for you.
It’s important to check with your old super funds for information regarding costs such as exit fees and any insurance cover you may lose if you switch super funds. If you have any questions or concerns about the rollover process, give PSS a call on 1300 000 377.
Be sure to check these 9 things on your superannuation statement:
- Personal details are up-to-date
- Nominated beneficiaries are up-to-date
- Tax File Number (TFN) is recorded
- Super contributions from employer and/or your voluntary contributions are correct
- Investment asset class choices are appropriate for your life stage
- Amount paid in fees for the year is not too high
- Insurance in super is still adequate coverage for your needs
- Super is consolidated, after checking whether there is insurance or any other benefits attached to the account you may lose and you’re comfortable to do so
- The big picture – are you happy with your super fund overall?
PSS is the Public Sector Superannuation, which was established under the Superannuation Act 1990. It is a defined benefit superannuation scheme for employees of Australia’s public sector, but became closed to new members in 2005.