Deferred Benefit - SASS

The State Authorities Superannuation Scheme (SASS) generally pays a lump sum benefit on retirement.

As a deferred benefit member, you should be aware of three main issues.

Investment choice

SASS offers members four Asset Allocation options. These range from a conservative Cash option (100% cash) to a more aggressive Growth option (25.5% cash, 74.5% growth assets). If you do not make an investment choice, the automatic investment choice default is the Growth fund. It is important to ensure that your asset allocation strategy is appropriate to your circumstances.

For deferred benefit members, this investment choice applies to your benefit including your Employer Financed Benefit and Personal Account Balance. It does not apply to your Basic Benefit.

Automatic exit at age 58

Recent NSW State Government legislation means that once you reach age 58, you can no longer remain in the SASS scheme as a deferred member.

For many people, this represents an excellent opportunity to review your superannuation position and your long term financial goals. A discussion with a financial planner at this time can be extremely valuable.

Transition to retirement income streams

If you have not permanently retired from the workforce, and plan to continue to work for a number of years, a Transition to Retirement income stream may be an option for you to consider. Our Financial Planners can discuss how you may be able to apply this strategy to your deferred benefit.

A financial planner will help you to understand your options and explain how you may benefit by accelerating your super savings or alternatively cutting back on the hours you are working without reducing your income.