State Super has issued a notice to its members informing them that the Fund is in discussions with NSW Treasury regarding the Additional Employer Contribution (AEC), following the increase in the Superannuation Guarantee (SG) from 9.5 per cent to 10 per cent from 1 July.
In the notice, State Super said members may be entitled to additional employer contributions paid into their State Authorities Non-contributory Superannuation Scheme (SANCS) AEC account.
“As a member of the State Authorities Superannuation Scheme (SASS), State Superannuation Scheme (SSS) or the Police Superannuation Scheme (PSS), you may also be entitled to receive additional employer contributions that will be paid into your SANCS AEC account,” State Super said.
“Unlike the defined benefit portion of the SANCS benefit (the basic benefit), the SANCS AEC account provides an accumulation-style superannuation benefit, the value of which is determined by contributions made by your employer and investment earnings achieved by the Fund,” it said.
“You cannot make contributions to the SANCS AEC account, as only contributions made by your employer can be credited to the account.”
State Super said the AEC was first introduced for eligible members in 2013 following the increase of the SG from nine per cent to 9.25 per cent.
The Fund said that in 2014, the AEC was further increased to 9.5 per cent following the SG increase from 9.25 per cent to 9.5 per cent.
It said a further update would be provided in the coming months once details were confirmed.
