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If you are made redundant or resign from a SASS employer, you will need to make a decision about your SASS benefit.

Key points:
 

  • Your defined benefit will be calculated at the point of exit from your employer.
  • You have the choice to roll over your benefit at any age, but if you are resigning from your employer before your scheme’s earliest retirement age you may be better off deferring it in the scheme.
  • If you choose to defer, your benefit will be 100% invested and will receive the underlying investment returns of the investment strategy, both positive and negative.
  • You and future employers won’t be able to make additional contributions to your deferred account.
  • If you want to cash out your SASS deferred benefit, you can access a small part of your balance which is the unrestricted non preserved amount, however you will need to meet the Commonwealth conditions of release to cash out the preserved amount.
  • 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.
  • If you had opted into the additional benefit cover, that cover will cease.
  • An Aware financial planner1 can help you understand your options. Learn more.


1 Financial planning services are provided by our financial planning business, Aware Financial Services Australia Limited, ABN 86 003 742 756 AFSL No. 238430.

Resigning from a SASS employer

When you resign from your SASS employer you will need to decide whether to roll over to another super fund or keep it deferred within SASS.

If you have reached your earliest retirement age, which for most members is age 58 the retirement benefit calculation is used based on the number of benefit points that you have accrued up until that point.

If you have not yet reached your earliest retirement age, and you are considering rolling over your SASS account, you should request a benefit estimate from State Super Customer Service. It’s important to check whether you receive a higher benefit by deferring in the scheme, rather than taking it as an immediate withdrawal benefit and rolling it to another super fund.

If you choose to defer your benefit your account will no longer be a defined benefit calculated based on a formula, it will be an account balance that is invested and will receive the investment returns of the underlying investment strategy.

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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.

Cashing out your super

Whether resigning or facing retrenchment, at the point of exit from your SASS employer the restricted non-preserved amount will become unrestricted non-preserved and could be cashed out and the balance rolled over to another super fund.

The preserved amount will remain in the super system until you meet the conditions of release. For more information refer to the State Super Fact Sheet 4 - When can I be paid my superannuation benefits?

It’s important to get help to understand your options. An Aware financial planner3 can help you.

Book an appointment


3
Financial planning services are provided by our financial planning business, Aware Financial Services Australia Limited, ABN 86 003 742 756 AFSL No. 238430.

Further contributions

If you choose to defer your benefit in SASS following resignation or retrenchment from a SASS employer, you and future employers won’t be able to make additional contributions. You would need to open an account with another super fund such as Aware Super. You can then direct your new employer to pay Super Guarantee contributions to that account and make any additional personal super contributions up to the relevant contribution’s limits.

Why choose Aware Super

Managing your SASS deferred account

Login to the State Super member portal. You can:
 

  • Request an online benefit estimate
  • View or download your last statement; and
  • Keep your contact details up to date

Where to next?

Need advice?

At Aware, our financial planners are experienced in your State Super scheme and know the ins and outs of planning for a successful retirement.

To help you make better decisions for your retirement, book a no cost, obligation free appointment.

Join Aware Super

Join 1 million+ Australians who choose to invest their super with Aware Super.

Insurance at Aware Super

The Aware Super Insurance Strategy outlines the approach we take with regard to designing insurance benefits offered to our members.

General advice only. Consider your objectives, financial situation or needs, which have not been accounted for in this information and read the relevant PDS and TMD before deciding to acquire, or continue to hold, any financial product. Advice provided by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL 238430), wholly owned by Aware Super. You should read the Financial Services Guide, before deciding about our financial planning services. Issued by Aware Super Pty Ltd (ABN 11 118 202 672, AFSL 293340), trustee of Aware Super (ABN 53 226 460 365)