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:
- State Superannuation Scheme (SSS)
- State Authorities Superannuation Scheme (SASS)
- Police Superannuation Scheme (PSS)
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.
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.
State Super Financial Services Australia Limited trading as StatePlus (ABN 86 003 742 756 | AFSL 238430) is wholly owned by FSS Trustee Corporation (ABN 11 118 202 672 and AFSL 293340) as trustee of the First State Superannuation Scheme (ABN 53 226 460 365). This information is of a general nature only and is not specific to your personal circumstances or needs. Before making any decisions based on this information you should consider its appropriateness to you. Every effort has been made to ensure the information contained in it is accurate. We strongly recommend that you consult a financial planner before taking action based on this information. Past performance is not an indicator of future performance. Neither the SAS Trustee Corporation nor the New South Wales Government take any responsibility for this information or the services offered by StatePlus, and nor do they, FSS Trustee Corporation or StatePlus guarantee the performance of any product provided by StatePlus.