Aware Super is presently the default superannuation fund for NSW State Government employees.
- Fire and Rescue NSW: Primarily, newer staff members employed by Fire and Rescue NSW would have the ability to become a member of this superannuation fund. Firefighters also have the ability to join the NSW Fire Brigades Firefighting Staff Death and Disability Superannuation Fund.
- Police Blue Ribbon Super: This fund is specifically designed and structured for active serving police officers. It largely operates in a similar fashion to the Aware Super fund – i.e. as an employer sponsored fund. However, given the dangerous nature of being an active police officer, there is access to a greater level of life, total & permanent disablement (TPD) & income protection insurance.
- Ambulance Officers Super: This fund is specifically designed for NSW ambulance employees. Although different to the Aware Super Police Blue Ribbon Fund, the fund again offers access to a superior level of life & TPD insurance compared to the Aware Super employer sponsored fund.
STATE AUTHORITIES SUPERANNUATION SCHEME (SASS)
SASS ceased accepting new members on 18 December 1992, as such it is usually only relevant for longer serving emergency services employees.
SASS is a part defined benefit fund, meaning a portion of your final retirement benefit is based on a formula which takes into account your years of membership, contribution rate and final average salary.
This fund can include members of the police force, firefighters and ambulance employees. If SASS is exited in an incorrect manner it can easily result in the final retirement benefit being significantly lower than anticipated. As a result, it is important to access specialist advice in relation to this fund if you are an active member.
Read Article: Demystifying Defined Benefit Schemes
POLICE SUPERANNUATION SCHEME (PSS)
PSS is often referred to as the Pre-88 scheme.
PSS is an entirely defined benefit superannuation scheme. The benefit of this fund for the member is that their benefit is determined by their final salary in addition to the years of full service with the police force. There are very few remaining police officers that are active members of this fund.
Early Retirement and Financial Advice
At Lambourne Partners, we have helped numerous police officers and other emergency services employees who have had to cease their career earlier than expected, often due to physical or mental health issues.
This can be a challenging experience and is a time when financial advice can be significantly beneficial. Some issues that need to be considered in an event such as this include:
- Your legal options and their financial implications
- The ability to claim a total & permanent disablement (TPD) entitlement
- Tax implications; and
- How to generate an income in the future.
Our team has extensive experience and can assist in all these scenarios.