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 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 applied at the end of the financial year.
The exit crediting rate determined each quarter will apply for the whole period
from the commencement of the financial year to the date of payment.
The Board has determined policies in the determination of exit
rates to be applied to the following member accounts if a member resigns from
SAPOL, under age 50.
Member contribution accounts
The Board has determined the following policy for exit
crediting rates to be applied to members’ contribution accounts (member
contributions plus accrued interest). The exit crediting rates are 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 following table shows recent exit crediting rates declared
by the Board, and applied to member contribution accounts. Exit crediting rates
for member contribution accounts
| Scheme |
March 2002 |
June 2002 |
Sept 2002 |
Dec 2002 |
| Pension |
6.1% |
4.6% |
-10.6% |
-3.7% |
| Lump Sum |
6% |
4.5% |
-10.7% |
-3.8 |
Voluntary contribution accounts
The Board has determined the following policy for exit
crediting rates to be applied to voluntary contribution accounts (voluntary
member contributions plus accrued interest). The exit crediting rates 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 Board has determined the following policy for exit
crediting rates to be applied to roll over accounts (roll over benefits
transferred from another fund or employer plus accrued interest). The exit
crediting rates 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.
Current exit crediting rate for voluntary contribution and
roll over accounts
| Scheme |
Dec 2002 |
| Pension |
-7.8% |
| Lump Sum |
-7.8% |
Member information
For information regarding superannuation, contact the Police
Superannuation Office or refer to the website above. Access to the website is
now 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.
