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History of the Accumulation Scheme (DIV A)
Div A was established when all Defined Benefits Schemes were closed to new members in 1992 and was referred to as First State Superannuation (FSS) under the public system. It is an accumulation scheme which consolidates employer and member contributions credited to members' account/s. When each payroll is run and all information is received by the Scheme, together with relevant monies, the contributions received are directly credited to the member, less any contribution tax payable. The money is invested in accordance with the strategies nominated by the member. Each contribution purchases units in the nominated investment strategies, and the member's account balance will vary daily depending upon the unit price calculated for the next day.
New members will have automatic insurance cover, once their employer has confirmed they are full members and are 'at work'. Refer to the Product Disclosure Statement (PDS) for definition of 'at work'.
When members leave Council employment, they now have the option to continue being members of the Scheme through transfer to Division P, which is a recently created public offer division of LGS. For further information refer to the PDS.