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Super SA Superannuation
Types of Super SA accounts
Super SA offers two main accumulation super products at the time of writing.
Triple S
Triple S is the default super option for all South Australian Government employees and has been since 1995. If you become a South Australian Government employee, you become a Triple S member automatically, the provider says.
Triple S is an exempt public sector super scheme (EPSSS) and an untaxed fund, meaning tax is not deducted when contributions are made and is instead applied when funds are withdrawn. Super SA says this may be beneficial for members who get the benefit of compounding investment returns on a higher account balance throughout their membership.
Some of the features of the Triple S product include:
- no annual concessional contribution caps (lifetime contributions cap still applies)
- a range of investment options based on a variety of investment objectives and the ability to have existing savings and future contributions invested using different options
- as a tax-deferred fund, no tax is paid up-front on contributions
- access to income protection and combined death and total and permanent disablement (TPD) insurance with premiums deducted from the member’s super balance.
Read the Triple S Product Disclosure Statement (PDS) for further information on how the product works, how your money is invested, what fees apply and what inclusions, exclusions and limits apply to any insurance you may have through Super SA.
Super SA Select
Super Select SA is an accumulation scheme that has been open to public sector employees in South Australia since 2013. Super SA members can choose to switch to Super SA Select after initially being defaulted into the Triple S scheme, but once they have switched they cannot revert to having contributions directed to their Triple S account.
Unlike the Triple S product, Super Select SA it is a taxed fund which Super SA says is more closely aligned with the Commonwealth Government’s tax, super and preservation rules.
Some of the features of the Super SA Select product include:
- the ability to access the Low Income Superannuation Tax Offset (LISTO) and the First Home Super Saver (FHSS) Scheme
- two investment options: balanced and cash
- insurance options retained via the member’s Triple S account
Read the Super SA Select Product Disclosure Statement (PDS) for further information on how the product works, how your money is invested, what fees apply and what inclusions, exclusions and limits apply to any insurance you may have through Super SA.
In addition to its main accumulation account options outlined above, Super SA offers a number of products designed for members entering the pension phase of super.
Eligibility to join Super SA
To be eligible to join Super SA, you must be a South Australian government employee.
How to join Super SA
As at December 2021, membership of Super SA is mandatory for South Australian government employees and an account is automatically opened for them when they start their employment.
However, under changes legislated by the South Australian parliament, most of the fund’s existing members, as well as all new public South Australian government employees, will have the ability to choose a different fund in the future. This change will come into effect as soon as the “administrative and system changes to bring fund selection into effect for members” are completed. Super SA will begin this process in the first half of 2022, according to the South Australian Government.
Members may also be able to set up a Super SA super account for their spouse. Otherwise, the fund is not open to members who are not employed by the South Australian Government.
