Welcome
Your obligations in detail
We are happy to receive your feedback
Information to help employers and members make payments.
Our Client Relationship Managers are available
History of the Retirement Scheme (Div B)
The State Authorities Superannuation Scheme (SASS) was created by the State Authorities Superannuation Act (1987) and commenced on 1 April 1988.There were two avenues for joining the Scheme:
- State and LG employees who did not already contribute to another public sector scheme could elect to join
- Members of other public sector superannuation schemes such as the State Public Service Superannuation Fund (SPSSF), the Public Authorities Superannuation Scheme (PASS), the Local Government Provident Fund (LGPF), the Pension, Insurance and Benefit Funds and the Hunter Water Board Provident Fund etc. were automatically transferred to SASS although they did retain certain rights and entitlements which had existed under their previous schemes.
- SASS closed to new entrants on 18 December 1992.
Div B is a split-benefit scheme, being a mixture of accumulation and defined benefits. The components of the benefits are:
- Contributor Financed Benefit (CFB) which comprises the member's nominated contributions plus returns less the administration fee and if appropriate the additional benefit cover levies.
- Employer Financed Benefit (EFB) which is a defined benefit and comprises employer contributions calculated at the time of exit.
- Basic Benefit (BB), which is a defined benefit of 3% of final average salary at retirement for every year of service from 1st April 1988. A member may also hold an Other Contributions (OC) account within the BB, which is an accumulation account designed to accept contributions (including rollovers from other funds) that cannot be accommodated within the CFB account.
Note: In some cases, the level of EFB provided to a member by the Retirement Scheme and BB may be less than the minimum required by Superannuation Guarantee legislation. If this happens, the difference must be made up by the Scheme as an additional 'Shortfall' payment. Further information can be found in the Product Disclosure Statement (PDS).