Public Servant Expertise
CIVIC Financial Planning is considered to be the premier expert provider of financial advice surrounding the superannuation schemes and strategies available to Commonwealth Government and ACT Government employees.
Offering a range of financial solutions specific to the Public Servant sector, our highly qualified CIVIC advisers ensure you are provided with individually tailored and comprehensive financial advice to best suit your short and long term goals, lifestyle objectives and financial profile.
Public Servant Specific Solutions
Our tailored and holistic approach covers a range of financial planning issues that are specific to individuals employed, or formerly employed, in the Australian Public Service.
Public Sector Superannuation (PSS)
The Public Sector Superannuation Scheme (PSS) was introduced as an alternative to CSS. It is a defined benefit scheme and was closed to new members on 1 July, 2005.
Under this scheme, PSS benefit at exit is a lump sum – 50% or more can be converted to an indexed pension with an attractive conversion rate – determined by the Final Average Salary over the preceding three years multiplied by the accrued multiple. The contribution rate determines the accrued multiple. Contribution rates can be between 2% -10%.
Commonwealth Superannuation Scheme (CSS)
CSS was the original scheme for Commonwealth Government employees. This fund was closed to new members on the 1st July, 1990.
As a CSS member, the basic contribution rate is 5% of the employee’s salary. The employer benefit is an indexed pension which is determined by the salary at exit, age and period of service. The employee component is a lump sum of the contributions and interest plus the productivity benefit. Alternatively a non-indexed pension can be considered for the employee benefit in lieu of the lump sum.
Public Sector Superannuation Accumulation Plan (PSSap)
PSSap is the Public Sector Superannuation accumulation plan and ‘profit for members’ fund. PSSap opened to new members on 1 July, 2005.
Under this scheme, the employer contributes 15.4% of employee’s salary to the fund. There are no compulsory employee contributions and a Lump Sum is available at retirement of the accumulations and interest.
Which scheme is suitable for you?
Due to the complex nature of the Superannuation schemes available, it can often be difficult to determine the most beneficial approach to take for your specific financial situation. There are a myriad of strategies our Advisers employ to ensure your short and long term goals are met.
At CIVIC we believe that every situation is different, and seeking professional financial advice will allow you to better understand the most suitable options available to you and your particular financial circumstances.
Speak to a CIVIC Adviser today and start living your dream.