Public Sector Superannuation Scheme

The Public Sector Superannuation Scheme (PSS) was created in 1990 to give superannuation products and services to eligible government employees. The PSS is what’s known as a “defined benefit” superannuation scheme which means that the benefits are set in advance utilising a specific formula.

The Commonwealth Government, State Public Servants, and Defence Forces all have their own variations on contributions and benefits. At Lambert Investments and Lambert Parkhill, our financial advisers have extensive experience in making the most out of the various PSS Scheme memberships:

  • Commonwealth Superannuation Scheme (CSS) – A hybrid superannuation scheme that provides its members with both an accumulation plan and a defined benefit formula combined into one.
  • Defence Force Retirement & Death Benefits Scheme (DFRDB) – This scheme provides income for Defence Force members who have served for set periods of time. There are additional limitations and benefits including the option to return to active service for a period or having your pension recalculated following your service period.
  • Military Superannuation – This form of PSS Scheme provides Defence Force members a retirement benefit once they leave the workforce.
  • Public Sector Superannuation Accumulation Plan (PSSap) – The current superannuation plan for new public sector employees. It is a standard accumulation benefit that enjoys boosted contribution amounts from its members.
  • Public Sector Superannuation Scheme (PSS) – The base scheme with the defined benefit formula.

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We’ve only scratched the surface here on how your PSS can work for you. If you need help making sense of the defined benefit formula and how you can make it work best for you then please don’t hesitate to contact us.