October 2001 Volume 82 Number 10
"serving the protectors"
| October 2001 Volume 82 Number 10 "serving the protectors" |
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Police Super Update |
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| By Micheal Hogg |
Police Super Voluntary Member Superannuation Contributions Transfer (roll-over) of Super Benefits
Members now have the option to make additional voluntary member superannuation contributions to the Police Superannuation Scheme (the Scheme) and to transfer (roll-over) superannuation benefits from a previous employer or scheme into the Scheme.
Voluntary member superannuation contributions (a dollar amount of your choice) may be deducted from your police post-tax salary on a fortnightly basis and/or you have the option to pay lump sum payments (minimum of $500) into the Scheme. The voluntary member contributions will accumulate in a separate account (voluntary contribution account), with the crediting rate, within the Scheme and will provide you with a separate lump sum superannuation benefit upon separation from SAPOL. The voluntary contribution account will be completely separate from your existing defined pension or lump sum superannuation benefit and will not attract any additional employer contributions.
Superannuation benefits from a previous employer or scheme may be transferred (roll-over) into the Police Superannuation Scheme. Superannuation benefits rolled over will accumulate in a separate account (roll-over account), with the crediting rate, within the Scheme and will become payable to you upon separation from SAPOL. The roll-over account will also be completely separate from your existing defined pension or lump sum superannuation benefit and will not attract any additional employer contributions.
The balance of your voluntary contribution account and roll-over account will only be payable upon separation from SAPOL. It will not be payable earlier, for example, on the grounds of financial hardship or compassionate grounds.
Upon separation from SAPOL you will have the option to:
(a) Take a total cash withdrawal of the voluntary contribution account; or
(b) Preserve the balance of the voluntary contribution account (if you have elected to preserve another entitlement), which will accrue with the crediting rate and become payable to you at age 55; or
(c) Take a total cash withdrawal, in lieu of the preserved VCA benefit, prior to age 55; or
(d) Roll-over the voluntary contribution account benefit to a complying Fund of your choice.If you are interested in making voluntary contributions or rolling in a superannuation benefit from a previous employer, please contact the Police Superannuation Office for the relevant application forms to be forwarded to you.
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.
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