August 2000 Volume 81 Number 8 "serving the protectors"
Police Super Update
By Michael Hogg

Police Occupational Superannuation Scheme (POSS)

f you are a member of the Police Pension or Lump Sum schemes you are also a member of the Police Occupational Superannuation Scheme or POSS as it is commonly called.

The POSS scheme was established, effective 1 January 1988, through a Deed of Arrangement between the Treasurer and the Police Association of South Australia to provide employer-paid benefits for members under the 1988 3% of salary productivity benefit. POSS provides you with a defined lump sum benefit (ie multiple times salary) upon separation from SAPOL and does not require employees to contribute.

If you are a member of the Police Pension Scheme your POSS benefit will be a defined lump sum benefit equal to 2% of your annual superannuation salary for your completed months of service occurring after 1 January 1988 or the date you joined the Pension Scheme if that date was after 1 January 1988. The additional 1% of salary was used to meet the cost of providing a “preservation of accrued pension benefits” option which came into effect on 1 June 1990.

If you are a member of the Police Lump Sum Scheme your POSS benefit will be a defined lump sum benefit equal to 3% of your annual superannuation salary for your completed months of service occurring after the date you commenced employment with SAPOL.

Upon separation from SAPOL you will be entitled to TWO superannuation benefits, one from the POSS scheme and another from the Police Pension or Lump Sum scheme. Please note that the type of separation (eg age retirement from age 50, resignation, etc) will determine whether your benefit entitlements from both schemes are payable in cash or must be preserved until age 55.

Member Information

The Police Superannuation Board website is now available for members to obtain information relating to the Police Superannuation and Police Occupational Superannuation Schemes.

For more information contact the Police Superannuation Office. Group information sessions can be arranged upon request. Phone: 8204 2964 or 8204 2965. Fax: 8204 2303.
E-mail: polsuper@adelaide.on.net

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