For your employer to contribute on your behalf, you must be a contributing member (ie you are a PSS member currently employed by a PSS participating employer).
There are two types of employer contributions, both of which grow your Benefit Multiple:
- Employer notional contributions (fixed at 8% of your super salary) - These are notional contribution amounts, they do not attract fund earnings.
- The productivity component (3% of your super salary) - This is an additional amount, designed to average 3% for all members. It is paid to PSS each fortnight and attracts fund earnings (which can be positive or negative). Employer Productivity Superannuation Contribution (EPSC) rates are based on your super salary, with the income thresholds indexed to Average Weekly Ordinary Time Earnings (AWOTE) each year.
Will my employer match my fortnightly contribution rate?
Yes, in addition to the two types of employer contributions described above, your employer will notionally match your fortnightly member contribution rate.
Employer matching contributions also help to grow your Benefit Multiple, increasing your final defined benefit, subject to the 10-year rule and your Maximum Benefit Limit.
These notional contributions do not attract fund earnings.
If you choose not to contribute (ie elect a 0% rate) you will receive no matching contributions for the period of time you do not contribute yourself. Your Benefit Multiple will accrue at 11% only from your employer notional contributions and productivity component.