Retrenchment and your SASS benefit
Your SASS benefit payable on retrenchment will include your:
- Personal Account balance including earnings.
- Employer Financed Benefit based on your accrued benefit points and the higher of your final salary or your Final Average Salary if you are below the scheme earliest retirement age, for most members this is 58. If you are retrenched after reaching your eligible retirement age (generally 58), then the retirement benefit is payable.
- State Authorities Non-contributory Superannuation Scheme benefit which includes your Basic Benefit, based on your final average salary.
You may choose to roll over your retrenchment benefit to another superannuation fund of your choice. Or you can leave it in the SASS scheme as a deferred benefit. There is no difference in the total benefit whichever option you choose.
Your estimated benefit
Your estimated withdrawal and deferred benefit2 are included in your annual statement under the heading 'alternative benefits'.
2 Your estimated withdrawal and deferred benefit for resignation, discharge, dismissal and retrenchment.
Defined benefit pension
If you have a defined benefit pension option as a feature of your account, you will lose this option if you resign or are retrenched before age 60.
Additional benefit cover
Once you defer your benefit, you will no longer have death and permanent disability insurance cover. This is your Optional Additional Benefit Cover.