As a SASS scheme member, you have some great opportunities to safeguard your future through your benefit. To make sure you’re making the most of your scheme – while you’re working, as you retire and during your retirement years – it’s important to know what your choices are and the steps you can take to secure your financial future.
In this article, we highlight some important decisions you need to make at different stages on your retirement journey, what you need to consider and where you can get extra information and advice.
Before age 58
Maximising your super balance and SASS benefit
When you’re still looking forward to a decade or more of working life, it’s well worth knowing what you can do to maximise your savings and income for retirement. After all, the more you have put aside for retirement, the more choices you have for how you’ll live.
About your SASS scheme
There’s two parts to your SASS scheme, each with options for boosting your retirement income:
- Your Personal Account: the total of how much you’ve contributed plus investment earnings and losses, less any costs. This part of your retirement savings is subject to market returns.
- Your Employer Financed Benefit: this is a defined benefit based on a points system.
Both your contribution rate to your Personal Account and your length of service will determine how many points you accrue, up to a maximum of 180 points. Your Employer Financed Benefit isn’t affected by changes in investment markets.