Transfers

Transfers

Contributing members can transfer amounts in and out of PSS.

Visit the ATO website for ways to check and manage your super

To transfer amounts into your PSS account, you will need the Unique Superannuation Identifier (USI) of the PSS fund which is 74172177893001. 

Preserved benefit members can transfer eligible monies out of their account without exiting PSS, but can only transfer in amounts in limited circumstances.

Amounts transferred in will generally not affect your defined benefit.

More information

Can I transfer other super into PSS?

Yes, contributing members can transfer in other super to their PSS account.

Advantages of consolidating super in PSS include:

  • paying no entry, exit or administration fees or charges in PSS
  • saving time managing your super
  • less paperwork.

Visit the ATO website for ways to check and manage your super

You will need to enter the Unique Superannuation Identifier (USI) of the PSS fund which is 74172177893001.  

Can I transfer lost super into PSS?

Yes, if you are a contributing member.

Visit the ATO website for ways to check and manage your super

You will need to enter the Unique Superannuation Identifier (USI) of the PSS fund which is 74172177893001.  

How do transfers grow my PSS super?

Transfers made after 1995

Post 1995 transfer amounts do not grow your defined benefit and cannot be converted to a CPI-indexed lifetime pension at retirement. Instead, they comprise a separate lump amount in your account, known as an Accumulated transfer amount (Post 1995).

This amount attracts fund earnings, which can be positive or negative. It will be payable as a lump sum when you claim your benefit or can be transferred to another fund at any time. You must transfer out the entire amount and can only make one transfer per financial year.

You can transfer your Accumulated transfer amount (Post 1995) into PSSap to keep it invested in the Australian Government super environment (you will still be a PSS member).

Transfers made before 1996

Pre 1996 transfer amounts are added to your Accrued Benefit Multiple, becoming part of your defined benefit. These amounts are added in the form of a Transfer Multiple, which is your Pre 1996 amount divided by your average salary on the date your transfer was received by PSS.

Pre 1996 transfer amounts may also affect your Maximum Benefit Limit.

In limited circumstances, an amount transferred into PSS today now may be treated as a Pre 1996 transfer amount. The amount must satisfy three conditions:

1)      Your continuous period of PSS membership started before 1 January 1996

2)      Your employment relating to your transfer amount must have ceased before 1 January 1996

3)      No further contributions were made regarding that transfer since 1 January 1996.

Contact us if you are unsure.

Which amounts can I transfer into PSS?

For contributing members

Contributing members can transfer the following amounts into PSS:

1)      rollover superannuation benefits from another regulated fund (excluding invalidity benefits) which includes lost super with the ATO 

2)      amounts payable under the Superannuation Guarantee (Administration) Act 1992

3)      amounts payable under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003

4)      performance based pay contributions paid under an earlier industrial agreement applicable to Australian Government employees

5)      productivity contributions previously paid by your employer under the Superannuation (Productivity Benefit) Act 1988 during a period of employment undertaken immediately before you became a PSS contributing member.

For preserved benefit members

In limited circumstances preserved benefit members may transfer an amount into PSS. To be eligible, the amount must satisfy the requirements of points 3, 4 or 5 outlined above for contributing members, and must relate to your period of PSS contributory membership.

Contact us if you are unsure.

How do I transfer amounts into my PSS account?

Visit the ATO website for ways to check and manage your super

You will need to enter the Unique Superannuation Identifier (USI) of the PSS fund which is 74172177893001.  

Please note PSS cannot arrange the transfer on your behalf.

You can also contact your other fund directly. Generally you must complete your other fund’s transfer or rollover form. Super monies are usually transferred electronically. However, if your other fund does it by cheque, it must be made payable to:

The Public Sector Superannuation Scheme (view the PSS postal address)

What happens to my Post 1995 transfer amount if I leave my job?

It depends on if you choose to stay in or leave PSS.

You stay in PSS (preserving part or all of your benefit)

In this case, you can either:

1)      preserve your entire Accumulated transfer amount (Post 1995) in the fund

2)      claim any unrestricted non-preserved component of your transfer amount as cash and transfer the remaining balance to another fund, or

3)      transfer the entire amount to another fund.

Contributing and preserved benefit members can transfer their Accumulated transfer amount (Post 1995) to PSSap, keeping these monies invested in the Australian Government super environment.

You exit PSS (withdrawing your entire benefit)

We recommend you contact us for a benefit estimate. This will outline your available options, showing how much you can be paid immediately as a cash lump sum.

What happens to my Pre 1996 transfer amount if I leave my job?

If you become a preserved benefit member, your amount will be preserved in the fund for payment at a later time. Once you do exit the scheme and claim your benefit, your Pre 1996 amount can be claimed as a lump sum, or a pension (provided 50% is converted to a pension).

We recommend you contact us for a benefit estimate. This will outline your available options.

What monies can I transfer out without leaving my job?

All members can transfer the following amounts to another super fund including PSSap:

Amounts Which compriseHow to transfer
 
Your Accumulated transfer amount (Post 1995)

All accumulated amounts paid to PSS as a Post 1995 transfer amount including any government contributions (co-contribution amounts, low income superannuation contributions and ATO Superannuation Guarantee payments)

Member Services Online

 

Or

 

Transfer out form

 Additional contributions
Any voluntary super contributions made to  PSS after you turned age 70 but only prior to 1 July 2011
Transfer out form 

The amounts outlined above must be transferred out in their entirety.

Pre 1996 amounts won’t be included in your Accumulated transfer amount (Post 1995) for contributing or preserved benefit members. They form part of a defined benefit.

How do I transfer eligible monies to another fund?

If you wish to transfer out an Accumulated transfer amount (Post 1995), you can use:

If you wish to transfer out any additional contributions (voluntary super contributions made to PSS after you turned age 70 but only before 1 July 2011), you must use: