Lump Sum Scheme
Lump Sum Scheme
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In response to the closure of the Pension Scheme the Lump Sum Scheme was opened on 1st July 1988 and closed to new members on the 3rd of May 1994.
The scheme is a hybrid scheme. This means the members account will consist of both accumulation and defined benefit monies. The Defined amount will vary depending on what the member of the scheme has contributed and the hours worked for the life of membership. However investment returns will not affect this amount. The accumulation section (including any rollover component), will fluctuate with investment earnings.
A Lump Sum Scheme member can receive a multiple of their final salary as a retirement benefit providing they meet certain rules.What is Super SA's Lump Sum Scheme?
The Lump Sum Scheme is closed to new members. If you’re an existing member of our Lump Sum Scheme, you’ll benefit from Lump sum entitlements payable upon:
- Retirement, retrenchment or resignation
- Temporary disablement or total and permanent disablement
- Death, and
- A wide range of Super SA services, including educational seminars/webinars with our Member Education team.
The Lump Sum Scheme is made up of an Employer Component and Member Component (including Rollover Account if any). Members in this scheme have the option to -
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Choose from different investment options
for your Member Component (including any Rollover Account), and switch options at any time.
Access
to our Income Stream and Flexible Rollover Product.
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With the Lump Sum Scheme, you can grow your super by:
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What are my investment options?You have the option to invest in:
- Defined Benefit High Growth2
- High Growth
- Socially Responsible
- Balanced
- Moderate
- Conservative
- Capital Defensive
- Cash
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Do I have insurance included in my Lump Sum Scheme benefit?
As a Lump Sum Scheme member, you’re automatically covered for Temporary disablement (Income Protection) cover, Total & Permanent Disablement and Death benefits up to age 55.3
If you salary sacrifice into a Triple S account, you’re also eligible to top up your insurance by purchasing additional voluntary units of Triple S Death and TPD cover. -
What are the fees involved with a Lump Sum Scheme?
To ensure you continue to grow your retirement savings, we charge –
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Investment fees
0
Exit fees
0
Commissions -
How does tax work within the Lump Sum Scheme?The Lump Sum Scheme is an untaxed fund (constitutionally protected fund).
This means that the 15% contributions tax is not paid on contributions as they are received, however it is reflected in benefits paid upon members leaving the scheme. Most other super funds are required to tax contributions as they receive them and send the tax amounts to the Australian Taxation Office.
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Want to learn more about Super SA’s Lump Sum Scheme?
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2 The Defined Benefit High Growth option is only relevant to your employer component. Members with a PSESS and/or SG Account have this component invested in the Defined Benefit High Growth option, (which cannot be changed).
3 If you become Totally and Permanently Disabled or die after age 55 a Retirement Entitlement will apply.
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