State Authorities Superannuation Scheme
Welcome to our SASS Calculator
We have designed this easy-to-use tool to help you understand what happens when you make Additional After-Tax Personal Contributions on the Employer-Financed Benefit (EFB) portion of your retirement benefit in SASS.
The SASS Calculator aims to provide you with how much you could earn in retirement:
- An estimate of the EFB you may receive upon retirement
- An estimate of the potential increase to your EFB
To do this, we take the following factors into consideration:
- Your personal contributions rate
- The number of years to your retirement from the NSW Public Service
- Your superannuation salary
See your results in a few simple steps
- You may decide, or find you need, to take time out of the work force. As a model, the SASS Calculator cannot predict or take account of your individual circumstances, and assumes you continue to work full-time until you exit/leave the NSW Public Sector.
- You may decide to increase or decrease your personal contribution rate at any time. As a model, the SASS Calculator cannot take into account any changes to your individual situation. It assumes you make the selected personal contributions regularly to SASS, over the specified time to your exit from the NSW public sector.
- You may decide to exit SASS before age 58. For all members, other than women in the following predecessor schemes – PASS; NSW Benefits Fund and the Railway Super Account, exiting SASS prior to 58 years of age may lead to a reduction in the EFB. The SASS Calculator does not take this reduction into account.
- Unpredictable external factors beyond your control, such as changes to your superannuation salary. The SASS Calculator assumes no changes to your salary over the remainder of your NSW public sector employment. This means that the estimated benefit may be understated if your salary increases, or overstated if your salary decreases.
What you should know
- The results provided by this calculator are based on underlying assumptions and also on our interpretation of legislation as at 1 December 2011. While the information you provide impacts the calculator’s results, the calculator cannot incorporate every factor that will influence the actual benefit you will receive from SASS upon retirement, e.g, future taxation of superannuation benefits; scheme management charges, etc.
- All results are shown in future dollars (i.e. the actual amount at a future point in time rather than the amount with equivalent buying power in today’s dollars). We have not taken future wage increases or CPI into account. This is important to understand, as future dollars may be worth less than today’s dollars.
- As the SASS Calculator is a tool to help you understand the impact of contributing at different after-tax personal contribution rates to SASS, the model does not take into account the effect of making contributions pretax.
- The calculator is designed for full-time employees only. You should not use this calculator if you are employed on a part-time basis, or will move to part-time employment in the future.
- For most SASS members, the salary percentage for the EFB is 2.5% of your final average salary for each accrued benefit point. However, the salary percentage is 3% for former members of the State Public Service Superannuation Fund. As the calculator is based on a 2.5% amount, former members of the State Public Service Superannuation Fund should not use the calculator.
- The SASS Calculator is a financial model and, as such, cannot accurately predict your end SASS benefits. This will depend on a range of factors we cannot take into account, including (but not limited to) changes to your personal circumstances.
Please be advised that the SASS Calculator also does not take into account the following factors:
Taxation. Neither contributions tax payable on employer contributions nor tax on superannuation benefits when paid have been deducted, therefore estimates shown are likely to be overstated;
Pension Option. The retirement benefit is usually paid as a lump sum. Some members may retain access to a pension option. However, the SASS Calculator does not take into account the pension option;
Deferral of your SASS benefit. The calculator does not take into account investment performance on deferred benefits and, as such, benefits that are deferred may be higher or lower than the estimated results in the calculator.
This calculator is issued by State Super Financial Services Australia Limited, trading as StatePlus, ABN 86 003 742 756, AFS Licence No. 238430 (SSFS).
It is important to understand that this calculator provides examples of possible outcomes based upon both the information provided by you and the assumptions used, and that its results are for illustration and information purposes only. Results are not guaranteed in any way and do not constitute a forecast or estimation of amounts payable or available in the future.
While the SASS Calculator is a useful starting point, it cannot replace expert, licensed financial advice and should not be used as the basis for any investment decision. You should consider obtaining advice from a qualified financial adviser to assess your specific financial situation before making any financial decisions.
Both StatePlus and the SAS Trustee Corporation specifically disclaim any liability (whether based in contract, tort, strict liability or otherwise) for any direct, indirect, incidental, consequential, or special damages arising out of or in any way connected with the access to or use of the SASS Calculator.
Interests in SASS are not financial products, which means that the SASS Calculator is not required to comply with regulatory rules for providing advice about financial products. However, every effort has been made to comply with all relevant terms of the Australian Securities and Investments Commission's relief for generic calculators.
The calculator assumes that the anniversary of your current SASS membership falls on the day that you are using the calculator. It also assumes your birthday and expected retirement occur on the 1st January.
The maximum number of points allowed is derived by the number of years the individual has been a member of SASS, plus the difference in years between their Expected Retirement Age and their Current Age; multiplied by their Current Personal Contribution Rate as a whole number to a maximum of 6 points per year. The maximum number of points has a cap of 180; above which no additional points can be accumulated.
The Future Employer Financed Benefit or Future EFB is based on the maximum number of points allowed for the individual multiplied by their superannuation salary multiplied by 2.5%.
The Potential Future Employer Financed Benefit or Potential Future EFB is based on the maximum number of additional points allowed for the individual multiplied by their superannuation salary multiplied by 2.5%.
The maximum number of additional points allowed is derived from the difference in years between your Expected Retirement Age and your Current Age; multiplied by your Current Personal Contribution Rate and your Additional Personal Contribution Rate as a whole number (e.g. 2% equals 2). The sum of contributed Points plus Additional Points is capped at 180; above which no additional points can be accumulated.
The calculator assumes no increases in wages, a CPI of 0%, no tax rate calculations for income or contributions, no additional fees or charges and no deferral of retirement benefits. The calculator assumes you will be employed on a fulltime basis at all times, until you exit/leave the NSW public sector.