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Basic Benefit

The basic benefit is an automatic lump sum benefit that’s awarded to members of a scheme called the State Authorities Non-contributory Superannuation (SANCS). If you’re a member of any of the following defined benefit schemes, you’re also automatically in SANCS:

Facts about the basic benefit

The basic benefit is in addition to any other benefit payable from the SSS, SASS or PSS schemes, and is fully paid for by the employer – you do not have to contribute to it. Members are eligible for payment of this additional lump sum benefit as long as the member’s employer is not already paying a similar benefit into another fund. 

The basic benefit accrues at a rate of up to 3% of final average salary for each year of service, from 1 April 1988.
 

Navigating the complexities of benefits, salaries and tax rates can be challenging. One of the advantages of working with a financial planner is that you can be sure you are awarded your full entitlements.

At StatePlus, we have over 25 years of experience dealing with benefits and retirement planning. There’s no cost or obligation to meet one of our financial planners. The fee you pay will reflect the advice you need and the level of service you want. So call us on 1800 620 305 and speak to an expert today.

Visit one of our seminars to find out more about preparing for retirement.

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