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Read your Product Disclosure Statement (PDS) titled Your Defined Benefit & Member Savings, which can be downloaded in Product disclosure.

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Employee members

If you were a permanent or non-permanent employee of Australia Post or an Associated Employer before 30 June 2012, you are likely to be an APSS employee member. This means you belong to an exclusive group of Australian workers who continue to have an entitlement to ‘defined benefit’ superannuation. This is valuable because you don’t have to worry about a financial crisis or volatile markets reducing the value of that super benefit – your employer takes all the investment risk; not you. So how does it work?

APSS Defined Benefits

As an employee member, you are entitled to a defined benefit (DB) based on a formula that multiplies your years of full-time service and Final Average Salary (FAS) by a percentage. Your DB is not affected by investment performance and has nothing to do with any investment choices you’ve made. Employee members of the APSS generally belong to one of three APSS membership categories:

  • 14.3% Defined Benefit category – generally for permanent employees.
  • SG Defined Benefit (formerly known as the ‘9% Defined Benefit’) category – generally for contract employees.
  • CSS category if you were a member of the Commonwealth Superannuation Scheme (CSS) prior to 1 July 1990 and you elected to retain your CSS super arrangements rather than transfer your super to the APSS. Please refer to the CSS website for details about your super in the CSS.

Member Savings

‘Member Savings’ include money you choose to save voluntarily in an APSS Member Savings account. This is completely voluntary and has no bearing on your DB (see above). The balance of your Member Savings account will be in addition to your DB.

Opening a Member Savings account

Generally, you will need to be under age 65 and have supplied your Tax File Number (TFN). You can contribute between ages 65 and 74 as long as you are employed in the paid workforce on at least a part-time basis, which means at least 40 hours in a period of 30 consecutive days during the most recent financial year. To open an account, refer to the Save more with Member Savings section of your Product Disclosure Statement.

What you can contribute

Contributions to your Employee Account can include:

  • regular contributions from your before-tax salary (i.e. salary sacrifice)
  • regular contributions from your after-tax salary
  • other contributions of after-tax money
  • amounts transferred from other superannuation funds (rollovers)
  • Government co-contributions (if eligible).

Investing your Member Savings account

You have a choice of four investment options for the investment of your Member Savings account balance.

Other Member Savings accounts you can open

  • You can open a Member Savings account for your spouse (who doesn’t have to be an employee).
  • You can start an APSS Pension if you wish to transition to retirement
  • When you leave Australia Post (or Associated Employer), you will have up to 60 days to retain your APSS membership by becoming a Rollover or Pension member of the APSS.