Under the Government’s ‘Protecting Your Super’ package, many Spouse and Rollover members could automatically lose their insurance cover from as early as 1 July 2019 if they have an account that is classified to be 'inactive' and don't do anything about it. Also, certain members with an account balance of less than $6,000 might lose their APSS membership from as early as 31 October 2019 under these new rules. We have written to members who may be affected, and we will alert those who may be at risk in future. See pages 4-5 of your latest Insight member newsletter for more details on these important developments.
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Formula 1: APSS Defined Benefits
The main super benefit for APSS employee members is the APSS Defined Benefit. Unlike other super benefits, a defined benefit is determined by a formula rather than the performance of investment markets (and there are no fees), as explained in the June 2018 edition of your member newsletter, Insight.
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Accumulating super
APSS Member Savings accounts, including Spouse and Rollover accounts, are designed to help you accumulate super over time by adding and investing your own super savings. They work a bit like a bank account but with some important differences as explained in the September 2018 issue of your member newsletter, Insight.
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Flexible retirement income
What do you do with your super when you retire? In the December 2018 edition of your member newsletter Insight, we look at how APSS Pension accounts can turn your super into a flexible retirement income stream, and consider how much retirement income you might actually need.
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