Police Superannuation Scheme members, who resign from the SA Police and are under age 50, have the choice to elect for a preservation option or a withdrawal option.
Preservation option
For members of the Pension Scheme who elect to preserve their accrued superannuation pension benefits, the following benefits will become payable from age 55:
a) a preserved pension benefit based on the accrued defined percentage of fortnightly superannuation salary as at the date of separation.
The table (below left) shows the estimated preserved pension percentage of superannuation salary payable from age 55 based on the age at separation from SA Police.
b) a preserved lump sum productivity benefit as a defined multiple of annual superannuation salary based on completed months of membership occurring from 1 January 1988, or the date joined the scheme to the date of separation.
Pension Scheme members, who have a voluntary contribution and/or rollover account, have the option to preserve the benefits with the Police Superannuation Scheme or roll over the preserved benefit to a complying fund of their choice
For Lump Sum Scheme members who elect to preserve their accrued superannuation lump sum benefits, the following benefits will become payable from age 55:
a) a preserved lump sum benefit based on the accrued defined multiple of annual superannuation salary as at the date of separation.
The table (below right) shows the estimated preserved lump sum multiple of annual superannuation salary payable from age 55 based on the age at separation from SA Police.
b) a preserved lump sum productivity benefit as a defined multiple of annual superannuation salary based on completed months of membership occurring after the date joined the scheme to the date of separation.
Lump Sum Scheme members, who have a voluntary contribution and/or rollover account, have the option to preserve the benefits with the Police Superannuation Scheme or roll over the preserved benefit to a complying fund of their choice.
Withdrawal option
For the Pension and the Lump Sum Scheme members who elect to take a withdrawal benefit, the following benefits are payable:
a) a cash withdrawal benefit equal to the balance of their member contribution account at the date of payment; and
b) a preserved employer benefit made up of:
• a lump sum productivity benefit as a defined multiple of annual superannuation salary based on completed months of membership occurring during the period 1 January 1988 and 30 June 1992; and/or
• a lump sum Superannuation Guarantee (SG) benefit as a defined multiple of annual superannuation salary based on months of service since 1 July 1992. The SG benefit is payable, in cash, if the benefit is less than $200. If the SG benefit exceeds $200 the benefit is compulsorily preserved and becomes payable, in cash, at age 55. For the 2004-05 financial year, the SG benefit is based on 9 per cent of superannuation salary.
The Pension and the Lump Sum Scheme members, who have a voluntary contribution and/or rollover account, have the option to preserve the benefits with the Police Superannuation Scheme or roll over the preserved benefit to a complying fund of their choice.
Police Superannuation Scheme -
