October 2002 Volume 83 Number 10 "serving the protectors"
Police Super Update www.policesuper.sa.gov.au
By Micheal Hogg

Exit crediting rate – Police Superannuation Scheme

For members of the Police Superannuation Scheme under age 50, who resign from SAPOL during a financial year, a rate of return is used to calculate the cash withdrawal and/or preserved lump sum benefit payable on the member’s behalf. This rate of return is known as an exit crediting rate.

The Superannuation Funds Management Corporation of South Australia (Funds SA) is responsible for the management and investment of the assets (member contributions) of the Police Pension and Lump Sum Scheme divisions of the Police Superannuation Scheme. Investment returns achieved by Funds SA are used by the Police Superannuation Board to calculate exit rates. The Board reviews the exit crediting rates on a quarterly basis to alleviate any significant fluctuations between the exit crediting rate applied during a financial year and the crediting rate declared at the end of the financial year. The exit crediting rate determined each quarter will apply for the whole of the period from the commencement of the financial year to the date of payment.

The Board has determined the following policies in respect of exit rates that are to be applied to the various accounts that a member may have.

Member contribution accounts

The exit crediting rate is calculated as the average of the net rates of return (money weighted return net of the Board’s administration costs) over the previous two years and the year-to-date annualized rate of return for each quarter, September, December, March and June (reduced by one percentage point), as advised by Funds SA.

The table below shows the recent exit crediting rate declared by the Board, and applied to member contribution accounts.

Exit crediting rates for member contribution accounts

Scheme	Sept 2001	Dec 2001	Mar 2002	Jun 2002
Pension	-3.9%	5.7%	6.1%	4.6%
Lump Sum	-4.0%	5.6%	6%	4.5%

Voluntary contribution accounts

The exit crediting rate will be the year-to-date annualized rate of return for each quarter, September, December, March and June, during the financial year, as advised by Funds SA.

Roll-over accounts

The exit crediting rate will be the year-to-date annualized rate of return for each quarter, September, December, March and June, during the financial year, as advised by Funds SA.

Member information

For information regarding your superannuation, contact the Police Superannuation Office or refer to the website listed above. Access to the website is available on the SAPOL Intranet under Services, Business Service, FMSB. Group information sessions can be arranged upon request.

Police Superannuation office:
Ground floor, 30 Flinders St, Adelaide, 5000.
Postal Address: GPO Box 1539, Adelaide, 5001.
Internal postcode: 128.
Phone: 8204 2964 or 8204 2965.
Fax: 8204 2303.
E-mail: admin@policesuper.sa.gov.au
SAPOL Intranet: Police Superannuation,
Services, Business Service, FMSB.

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