The State’s Public Servants are to be able to choose their superannuation fund from later this year, according to Super SA.
In its statement, Super SA said that from 30 November eligible South Australian public sector workers would be able to choose their preferred superannuation fund under new laws that passed State Parliament.
“Most Triple S members, including new Public Sector employees, will be given the option to choose a superannuation fund that suits their personal needs,” Super SA said.
“For many years, membership of the State’s Triple S Scheme administered through Super SA has been mandatory for Public Servants.”
It said in addition to fund selection, Super SA would provide a Limited Public Offering (LPO) to existing members.
“This will enable eligible Triple S and Super SA Select members who also work outside the SA Government to direct their contributions from non-SA Government employers to our taxed fund, Super SA Select,” Super SA said.
“Eligible members with multiple employers both within SA Government and outside of SA Government will be able to have all their super under the one roof,” it said.
“Super SA will be able to accept employer contributions from non-Government employers.”
The Scheme Administrator said Triple S members who had ceased employment with the State Government would also be able to have contributions from non-SA Government employment paid into Super SA Select.
“Special Fund Selection arrangements have been made for Emergency Services groups who are members of Triple S (police and ambulance officers) to ensure their compulsory contributions and mandatory levels of insurance are maintained,” Super SA said.
“Eligible members (including police and ambulance members) may be able to transfer existing accumulated account balances from Triple S and Super SA Select to other complying funds.”
Super SA’s statement on the changes can be accessed at this PS News link.
