Luke on 2CC – Let’s look at PSS Pension – Government Super

Do you know how your PSS Pension works?


Luke Smith joined 2CC Talking Canberra 1206AM.
Financial Adviser, Luke Smith, Financial Planner CanberraThe Money Show aired on Friday 21 February 2020.

PSS stands for Public Sector Superannuation and it’s a defined benefit scheme. It’s a special kind of superfund found in the Public Service in Canberra and it’s closed to new members. So only existing members can benefit from the great things this has to offer. In the latest podcast, Luke and talks to Leon about how it works.

Key highlights include:

  •  What is the PSS and how is it different from other kinds of super funds?
  •  If you leave employment for another job, the funds stay within the PSS, you don’t ‘roll them’ to another fund. 
  •  Maximising your final salary over the last three years and your accrued benefit multiple is a big opportunity!
  •  Work out your lump sum value, before working out your pension. 
  •  At pension phase, you have three options: (1) take a full pension, (2) take a part pension and cash or (3) take it as lump sum
  •  Consider your broader situation, including your spouse before making a decision
  •  Consider the tax implications too, it’s not the same as other kinds of accumulation super funds
  •  The PSS doesn’t allow you to salary sacrifice or transition to retirement. These are great reasons to have a second super fund.
  •  The PSS doesn’t offer any estate planning outcomes for singles, but will revert to a living spouse.
  •  Don’t forget to make contributions to your PSS and check your yearly contributions cap on their website.
  •  Consider a withdrawal and re-contribution strategy if you have a spouse.
  • Make the most of your opportunities and time, as well as the offer to seek advice with Envision Financial.

Listen to the Podcast right now


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

Apple Podcasts


Do you need help with your PSS and retirement plans?

Public Sector Superannuation - Government Super

Let us help you get your retirement plans in place.

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your financial situation and life after full-time work 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 Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

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