Remember, limited services apply from 22 April ahead of the APSS merger with Australian Retirement Trust on 30 April.

'Member Savings' include money saved voluntarily or retained in an APSS Member Savings account. If entitled to an APSS Defined Benefit , your Member Savings account, if you choose to have one, is completely independent of your defined benefit. In other words, your Member Savings account balance is additional to your defined benefit.

How Member Savings accounts work

Member Savings accounts are what's known as accumulation accounts. These are similar to regular bank accounts, except that they operate in a tax-concessional environment.

In accumulation accounts, 'deposits' are called 'contributions', and your 'interest' is typically referred to as your 'investment return.' Withdrawals mean much the same as in a regular bank account except you can only withdraw after you meet a condition of releaseOpens in new window.'

In short, such accounts are the sum of the accumulation of what goes in, minus the accumulation of what comes out:

What goes in What comes out
  • Contributions
  • Rollovers from other super funds
  • Investment returns (positive)
  • Fees and taxes
  • Rollovers out / Withdrawals
  • Investment returns (negative)

Your investment return

The investment return (positive or negative) applied to your Member Savings account will depend on the performance of your investment choice. You have four investment options to select from:

  • Cash
  • Conservative
  • Balanced
  • High Growth

In fact, you have even more choice because you can combine these four options into a unique option of your very own individual design.

Investment returns are represented by the fortnightly Crediting Rates that are declared for each of the four investment options, which allocate overall APSS investment returns to Member Savings accounts. The return allocated to your account depends on the option/s you’ve chosen to invest in.

What you can put in

All APSS Member Savings accounts accept:

To make personal contributions into a Member Savings account, you must generally be under age 65. After-tax contributions can only be accepted if you have provided APSS with your Tax File Number (TFN).

You may also be able to contribute past age 65 if you are employed in the paid workforce on at least a part-time basis (i.e. at least 40 hours in a period of 30 consecutive days during the most recent financial year).

What you can take out

You can take out all or part of your Member Savings account balance any time if you want to transfer it to another complying super fund, or when you meet a condition of release.

Because the timing of a withdrawal or transfer out will rarely coincide with the date that a fortnightly Crediting Rate is declared, an Interim Crediting Rate will always be used whenever a payment/transfer is due.

Types of APSS Member Savings accounts

There are three types of Member Savings accounts designed for:

  • Employee members - generally employees who commenced employment at Australia Post or an Associated Employer before 1 July 2012.
  • Spouses of employee members – who can become members if an APSS Spouse Account is opened in their name (i.e. by the employee member spouse).
  • Members who cease to be employee members (e.g. leave Australia Post) but wish to retain their APSS membership by rolling over their leaving service benefit to an APSS Rollover Account.*

    * APSS membership can also be retained in an APSS Pension Account, which may include money transferred from a Member Savings account. However, a Pension Account is designed to draw income from rather than save into. You can’t, for instance, make new contributions to an existing Pension Account. Learn more about the APSS Pension here.