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| Public Sector Superannuation accumulation plan (PSSap) |
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Overview:
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The Public Sector Superannuation accumulation plan (PSSap) is set up solely to meet the needs of Australian Government employees. It is a multi-award winning 'profit-for-members' fund which means that after fees, management costs and taxes, all investment earnings are returned to members.
PSSap has been awarded the 'AAA' quality badge from SelectingSuper for 5 consecutive years.
Commonwealth Superannuation Corporation is the Trustee of a number of schemes, including PSSap, CSS, MSBS and the PSS. |
| Year of Establishment: |
2005 |
| Value of Funds: |
$2,761.8 million (as at 30 June 2011) |
| Fund Classification: |
Government Fund |
| Key Features: |
- Profit-for-members.
- Economies of scale due to sizable funds managed by Commonwealth Superannuation Corporation.
- Competitive fees with scheme administration fees paid by the employer and a minimum contribution of 15.4% of salary.
- No entry, exit or withdrawal fees and two free investment option switches per year.
- Comprehensive Death and TPD insurance and access to Income Protection insurance at competitive rates.
- Free nationwide education seminars for members including in-house and public seminars.
- Online account access and member services.
- Access to low cost banking services through Members Equity Bank.
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| Administrator: |
ComSuper |
| Auditor: |
The Australian National Audit Office |
| Custodian: |
JP Morgan |
| Asset Consultant: |
Various |
| Insurer: |
AIA Australia |
| Individual asset class investment options* |
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| Cash |
Before the payment of tax, to match the return from the UBS Australian Bank Bill Index. |
| Government bonds |
Before the payment of tax, to at least match the performance of the Barclays Global Treasury GDP Weighted by Country Index. |
| Australian shares |
Before the payment of tax, to at least match the performance of ASX 300 Index. |
| International shares (unhedged) |
Before the payment of tax, to at least match the return of MSCI World (excluding Australia) Index. |
| International shares |
Before the payment of tax, to at least match the return of the MSCI World (excluding Australia) Index with a hedging ratio determined by the Trustee. |
| Property |
Before the payment of tax, to outperform the Consumer Price Index (CPI) by 5% per annum over the medium to long-term. |
| Sustainable |
A passively managed option that invests in Australian companies that lead their peers in terms of sustainable business practices. It seeks to have expected risk and total return characteristics similar to the broader Australian share market. |
| Pre-mixed investment options |
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| Conservative |
A diversified, multi-class investment option with the objective to outperform the Consumer Price Index (CPI) by 3% per annum over the short to medium-term. |
| Balanced |
A diversified multi-class investment option with the objective to outperform the Consumer Price Index (CPI) by 4% per annum over the medium to long-term. |
| Trustee Choice |
A diversified, multi-class investment option with the objective to outperform the Consumer Price Index (CPI) by 4.5% per annum over the medium to long-term. |
| Aggresive |
A diversified, multi-class investment option with the objective to outperform the Consumer Price Index (CPI) by 5% per annum over the long term. |
Investment Options returns to 30 June 2011
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Growth Asset Weighting |
1 yr 3 yr 5 yr |
| Cash |
0% |
4.21% |
4.04% |
4.64% |
| Government bonds |
0% |
2.08% |
2.40% |
2.59% |
| Australian shares |
100% |
10.27% |
2.14% |
2.78% |
| International shares (unhedged) |
100% |
2.28% |
-4.20% |
-3.36% |
| International shares |
100% |
9.36% |
-5.47% |
-1.51% |
| Property |
100% |
7.09% |
2.23% |
7.38% |
| Sustainable |
100% |
8.22% |
-0.17% |
1.66% |
| Conservative |
20-30% |
6.35% |
3.34 |
3.95% |
| Balanced |
45-55% |
6.71% |
2.08% |
3.71% |
| Trustee Choice |
50-90% |
7.28% |
0.24% |
2.82% |
| Aggressive |
75-85% |
7.87% |
-0.12% |
2.53% |
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Insurance Available: |
Death/TPD, Income Protection |
| Extra Benefits: |
Financial Seminars, Online Account Details, Online Transactions |
| Member Communication: |
Employer reports, Employee reports, Newsletters, Membership Booklets, Insurance Booklets, Publications and monthly investment options available on our website |
| Employer Services: |
A dedicated employer website with information and tools to assist in the administration of member superannuation; a quarterly employer newsletter; onsite education and training |
| FEES $ - % |
| Establishment fee |
Nil |
| Contribution fee |
Nil, however a buy spread may apply |
| Withdrawal fee |
Nil, however a sell spread may apply |
| Termination fee |
Nil, however a sell spread may apply |
| Management Cost |
Management costs are estimated at 0.13% - 1.22% per annum of the fund's total assets |
| Switching fee |
The first two investment switches per year are free, with additional switches incurring a $20 fee. A buy-sell spread may apply |
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