June 2001 Volume 82 Number 6 "serving the protectors"
By Michael Hogg  www.policesuper.sa.gov.au

Police Super Update

Retirement Benefit Options

As a member of the Police Superannuation (Pension or Lump Sum) Scheme and the Police Occupational Superannuation Scheme you have the option to elect to take a retirement benefit from the scheme at any time from age 50 onwards.

Police Superannuation Scheme - Retirement Benefits between 50 and 55 years of age

Members of the Pension Scheme who retire from SAPOL between 50 and 55 years of age have the option to:
1) elect to receive a lump sum retirement benefit; or
2) elect to preserve a pension benefit (calculated at the date of separation) which will become payable after attaining 55 years of age.

Members of the Lump Sum Scheme who retire from SAPOL between 50 and 55 years of age will receive a lump sum retirement benefit.

The following lump sum benefits are payable to members of the Pension or Lump Sum Scheme who retire from SAPOL between the ages of 50 and 55 and have been a member of the Scheme for 30 years. If you have been a member for fewer than 30 years a proportionate benefit is payable.

AGE	MULTIPLE OF ANNUAL SUPER SALARY
50	5.4
51	5.5
52	5.6
53	5.7
54	5.8

Police Superannuation Scheme - Retirement Benefits from age 55 and over

Members of the Pension Scheme who retire from SAPOL from age 55 have the option to:
1) elect to receive a lifetime pension, adjusted annually by the Consumer Price Index (Adelaide); or
2) elect to receive a part lifetime pension, adjusted annually by Consumer Price Index (Adelaide) and a part lump sum (partial commutation); or
3) elect to take a full lump sum (full commutation).

The following pension benefits are payable to members of the Pension Scheme who retire from SAPOL from age 55, after a minimum of 25 years' membership. If you have been a member for fewer than 25 years a proportionate benefit is payable.

AGE	PERCENTAGE OF F/N SUPER SALARY
55	51.8
56	54.7
57	57.7
58	60.7
59	63.6
60	66.6

Members of the Lump Sum Scheme who retire from SAPOL from age 55 will receive a lump sum retirement benefit.

The following lump sum benefits are payable to members of the Lump Sum Scheme who retire from SAPOL, after a minimum of 30 years' membership. If you have been a member for fewer than 30 years a proportionate benefit is payable.

AGE	MULTIPLE OF ANNUAL SUPER SALARY
55	6.0
56	6.2
57	6.4
58	6.6
59	6.8
60	7.0

Police Occupational Superannuation Scheme - Retirement Benefit at any time from age 50 onwards

Members of the Pension or Lump Sum Scheme will receive a lump sum retirement benefit based on months of service since 1 January 1988 or Date of Joining Scheme, if that date is after 1 January 1988.

Member Information

For information regarding superannuation 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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