- Choice of investment options between Market Return Member Savings or Cash Return Member Savings, or a combination of both.
- No administration fees, however management and transaction costs are deducted from the assets of the APSS before the Crediting Rates are determined.
- Keep your retirement savings in the APSS after you or your spouse leaves employment with Australia Post or an Associated Employer.
- Possibly defer paying lump sum tax by retaining your APSS benefit in super until you reach age 60 (because in general no tax is payable on superannuation benefits paid to members from age 60).
- Ability to readily withdraw unrestricted non-preserved super.
- No minimum limit on the initial investment.
- Flexibility to make additional contributions and rollovers.
You can keep your money in the APSS even after you leave employment, with a Rollover Account.
Who is eligible?
The APSS Rollover Account is designed to enable employee members and spouse members to continue their APSS membership when the employee member ceases employment with Australia Post or an Associated Employer, or in circumstances where the Spouse Account must be closed.
How does it work?
APSS Rollover accounts are accumulation accounts, where the balance of the account is determined by an accumulation of:
- contributions made to the account and rollovers from other super funds
- investment returns (either positive or negative)
- less the fees and taxes deducted from the account
- less any rollovers made to another superannuation fund (under portability rules) and benefit payments (upon retirement or otherwise as permitted under preservation rules).
Rollover members have a choice of investment options for their Rollover Account between Market Return Member Savings or Cash Return Member Savings or a combination of both. Crediting Rates are used to allocate investment returns (positive or negative) to these accounts. Different Crediting Rates apply to the Market Return and Cash Return investment options.
Types of contributions:
Contributions to your Rollover Account can include:
- after-tax contributions
- personal before-tax contributions by the rollover member (if they are self-employed and intend to claim a tax deduction for the contribution)
- Government co-contributions (if eligible)
- amounts transferred from other superannuation funds (rollovers).
If you are not employed by Australia Post or an Associated Employer, your employer cannot make employer contributions into your Rollover Account, nor can you make salary sacrifice contributions from your before-tax pay into your Rollover Account.
- To make personal contributions into your Rollover Account you must be under age 65 (or between age 65-74 and currently employed in the paid workforce on at least a part-time basis). 'Part-time basis' means at least 40 hours in a period of 30 consecutive days during the most recent financial year.
- After-tax contributions can only be made to your Rollover Account if you have provided APSS with your Tax File Number (TFN).
- You must have selected your chosen investment option(s) for the contributions to your Rollover Account before APSS can accept them.
Employee members can no longer open an APSS Rollover whilst you are still employed at Australia Post or an Associated Employer. However, if you already have an APSS Rollover that commenced before 1 July 2007, then you can continue to add additional rollovers and after-tax contributions to it if you wish.