Luke on 2CC – PSS and PSSAP Superannuation

Government Super Schemes – PSS and PSSAP

Financial Adviser, Luke Smith, Financial Planner Canberra
Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in
The Money Show which aired on Friday 26 March 2021. This week’s topic: Australian Government Super Schemes – PSS and PSSAP. If you work in Canberra or around Australia for the Federal Government, you might be in one of these superannuation schemes. But do you know how they work? 

This week Luke and Leon explore the difference between PSS and PSSAP and the general things that members of these superannuation funds should be aware of when thinking about their retirement savings.  PSS stands for Public Sector Superannuation Scheme. PSSAP stands for Public Sector Super Accumulation Plan. 

Key highlights include:

  • PSS is the old plan, PSSAP is the new plan 
  • PSS is defined benefit scheme is a defined benefit scheme. This means your final outcome is determined by your final salary and your contributions while you were working. 
  • PSSAP is a standard accumulation fund. Your outcome is determined by your employer contributions and your own contributions and the returns to the fund over your working life. PSSAP only has 4 investment options, which might not be enough, depending on what goals you’re trying to achieve. 
  • Public Servants in PSSAP, do have super choice, depending on their employment agreement.
  • When it comes to super does you have the have the tools you need to achieve the results you’re seeking to achieve? 
  • When it comes to considering costs, also look at the Indirect Cost Ratio (ICR)
  • Why it pays to take a look at your investments, don’t just look at the investment label
  • Also look at your superannuation options in insurance, cheaper isn’t necessarily better, even in the PSSAP
  • Luke offers his tips if you’re in the PSSAP
  • Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

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Do you need advice around your PSS or PSSAP Super?

Government Superannuation - PSS and PSSAP
If you have a PSS or PSSAP super account, you can seek financial planning advice at Envision Financial Canberra.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Superannuation and retirement can be complicated but the good news is you can make an appointment to speak with Luke about your specific cover requirements and options.

Make an appointment to confidentially discuss your own insurance, investment, super or retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC next Friday fortnight. Next Friday is Good Friday – so Happy Easter to our listeners, Luke and Leon won’t be on air on Good Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast.  We look forward to your company again.

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