If you are a contributing member, your super can only be invested in the Default Fund.
Preserved members can choose one of the following two investment options:
Preserved members who have not made a choice in the past will be in the Default Fund.
Contributing members do not have investment choice. The accumulation components of your benefit are automatically invested in the Default Fund.
Which option should preserved benefit and associate members choose?
Take time to understand your investment options, taking your personal objectives, financial situation and needs into account. For example, you should consider:
- the impact investment performance has on your account
- how long your money will be invested before you need it for retirement
- the level of risk and fluctuation in the value of your investment that you can tolerate.
The information below is for preserved benefit and associate members who wish to switch the accumulation components of their membership between the Default Fund and the Cash Investment Option. Under scheme rules, you can make two investment switches each calendar year.
Contributing members do not have investment choice. The accumulation components of your membership are automatically invested in the Default Fund.
Switch cut-off date
It is on or before the last Friday in each month. If an eligible request is received by then, your switch will take effect the following Wednesday. If your request is not received by then, it will be processed in line with the following cut-off date.
How to switch
What components of my benefit can I switch between options?
If you are a contributing member, you cannot switch at all. Preserved benefit and associate members can switch their accumulation components, as well as any amount transferred into the PSS. Only accumulation balances in excess of $1,000 can be switched.
Can I invest in both options?
No, your accumulation components must be 100% invested in one option only.
Can I cancel my switch request?
Yes, providing we receive written correspondence from you to withdraw your switch request on or before the switch cut-off date that applies to your switch.
If your written withdrawal is not received by that date, your switch will be processed.
Written notification to withdraw your switch request is still required if you use Member Services Online to switch your investment option. If by the cut-off date more than one confirmed switch request has been received, only the latest confirmed request will be processed.
Can I switch back?
Yes, preserved benefit and associate members can switch between the options not more than twice in each calendar year. Once two switches have been completed in a calendar year, requests that would take effect in the same calendar year will be invalid and cannot be processed.
Can investment switches be suspended?
Yes, Commonwealth Superannuation Corporation (the trustee of the PSS) reserves the right to suspend member switches if there is a major material event that impacts the Default Fund and/or the Cash Investment Option. If such an event occurs, we will suspend switches until the situation is resolved to our satisfaction. In this event, we’ll keep members informed through this website.
Should I get personal financial advice?
Superannuation, in particular defined benefit schemes such as the PSS, can be complex, so we recommend you consider personal financial advice before taking any action.
Find out more about the fee for service personal financial advice available to PSS members.