Commonwealth Superannuation Corporation

CSC PSSap - MySuper

Past 5-year return
5.48%
Admin fee

$84

Calc fees on 50k

$659

SuperRatings awards
MySuper Platinum7 Year Platinum Performance
Past 5-year return
5.48%
Admin fee

$84

Calc fees on 50k

$659

SuperRatings awards
MySuper Platinum7 Year Platinum Performance

Based on your details, you can compare and save on the following superannuation

Pros and Cons

Pros and Cons

  • A profit for members fund created specifically to support the needs of current and past Australian Government employees.
  • Investment expertise consistently delivering risk adjusted returns which result in strong net benefit growth to members.
  • Access to trusted and independent superannuation guidance ranging from online, public and one to one education seminars through to a member's best interests financial planning service offered on a fee-for-service basis.
  • Access to PSSap's exclusive lifePLUS cover providing strong recovery and rehabilitation support which is underpinned by dedicated case managers throughout a member's claim.

Summary

CSC PSSap MySuper was established to service the retirement needs of employees of the Australian Government and other participating employers. The fund is only available to current and former employees. The MySuper Balanced option is the fund's default investment option, whilst choice members may select from two additional Diversified options and a Cash option. The MySuper Balanced option underperformed the relevant SuperRatings Index over the 7 years to 30 June 2020.Fees are higher than the industry average across medium and large all account balances assessed. The fund allows members two free investment switches per financial year before charging a switching fee, although a buy/sell spread may apply.A full suite of insurance cover is offered through the fund's lifePLUS cover, with the default insurance arrangement, lifePLUS auto cover providing eligible members with aged-based Death and TPD cover, as well as income protection cover, upon joining the fund. The lifePLUS choice cover allows members to customise their insurance, with the LIFEapp enabling members to get a quote and apply for additional fixed cover online.The fund provides members with access to free in-house and public seminars, as well as a range of online fact sheets, calculators and educational content. PSSap Member Online allows members to update account details and perform transactions.

Features and Fees

Commonwealth Superannuation Corporation Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$84

Administration fee (%)

Switching fee

$20

Investment fee

Indirect cost ratio (%)

1.15%

Exit fee

$0

Pros and Cons

  • A profit for members fund created specifically to support the needs of current and past Australian Government employees.
  • Investment expertise consistently delivering risk adjusted returns which result in strong net benefit growth to members.
  • Access to trusted and independent superannuation guidance ranging from online, public and one to one education seminars through to a member's best interests financial planning service offered on a fee-for-service basis.
  • Access to PSSap's exclusive lifePLUS cover providing strong recovery and rehabilitation support which is underpinned by dedicated case managers throughout a member's claim.

CSC PSSap MySuper was established to service the retirement needs of employees of the Australian Government and other participating employers. The fund is only available to current and former employees. The MySuper Balanced option is the fund's default investment option, whilst choice members may select from two additional Diversified options and a Cash option. The MySuper Balanced option underperformed the relevant SuperRatings Index over the 7 years to 30 June 2020.Fees are higher than the industry average across medium and large all account balances assessed. The fund allows members two free investment switches per financial year before charging a switching fee, although a buy/sell spread may apply.A full suite of insurance cover is offered through the fund's lifePLUS cover, with the default insurance arrangement, lifePLUS auto cover providing eligible members with aged-based Death and TPD cover, as well as income protection cover, upon joining the fund. The lifePLUS choice cover allows members to customise their insurance, with the LIFEapp enabling members to get a quote and apply for additional fixed cover online.The fund provides members with access to free in-house and public seminars, as well as a range of online fact sheets, calculators and educational content. PSSap Member Online allows members to update account details and perform transactions.

Read More

Commonwealth Superannuation Corporation Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$84

Administration fee (%)

Switching fee

$20

Investment fee

Indirect cost ratio (%)

1.15%

Exit fee

$0
Fund fees vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Fund past-5-year return vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Investment allocation
INTERNATIONAL SHARES
AUSTRALIAN SHARES
PROPERTY
ALTERNATIVES
FIXED INTEREST
CASH
OTHER
Investment option performance
BALANCED
+ View additional option performance information
Past 5-year return
5.48%
Admin fee

$84

Company
Commonwealth Superannuation Corporation
Calc fees on 50k

$659

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Platinum7 Year Platinum Performance
Go to site
More details
Past 5-year return
New
Admin fee

$84

Company
Commonwealth Superannuation Corporation
Calc fees on 50k

$659

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Gold
Go to site
More details
Past 5-year return
New
Admin fee

$84

Company
Commonwealth Superannuation Corporation
Calc fees on 50k

$659

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Gold
Go to site
More details
Past 5-year return
5.48%
Admin fee

$84

Company
Commonwealth Superannuation Corporation
Calc fees on 50k

$659

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum15 Year Platinum PerformanceSR50 Capital Stable Index
Go to site
More details

FAQs

What happens to my insurance cover if I change superannuation funds?

Some superannuation funds will allow you to transfer your insurance cover, without interruption, if you switch. However, others won’t. So it’s important you check before changing funds.

When can I access my superannuation?

You can withdraw your superannuation when you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:

  • Age 65
  • Your ‘preservation age’ and retire
  • Your preservation age and begin a ‘transition to retirement’ while still working

The preservation age – which is different to the pension age – is based on date of birth. Here are the six different categories:

Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
From 1 July 1964 60

A transition to retirement allows you to continue working while accessing up to 10 per cent of the money in your superannuation account at the start of each financial year.

There are also seven special circumstances under which you can claim your superannuation:

  • Compassionate grounds
  • Severe financial hardship
  • Temporary incapacity
  • Permanent incapacity
  • Superannuation inheritance
  • Superannuation balance under $200
  • Temporary resident departing Australia

 

What are the age pension's age rules?

Australians must be aged at least 65 years and 6 months to access the age pension. This eligibility age is scheduled to increase according to the following schedule:

Date Eligibility age
1 July 2019 66 years
1 July 2021 66 years and 6 months
1 July 2023 67 years

What are reportable employer superannuation contributions?

Reportable employer superannuation contributions are special contributions that an employer makes on top of the regular compulsory contributions. One example would be contributions made as part of a salary sacrifice arrangement.

Is superannuation paid on overtime?

As the Australian Taxation Office explains, there are times when superannuation is paid on overtime and times when it isn’t.

Here is the ATO’s summary:

Payment type Is superannuation paid?
Overtime hours – award stipulates ordinary hours to be worked and employee works additional hours for which they are paid overtime rates No
Overtime hours – agreement prevails over award No
Agreement supplanting award removes distinction between ordinary hours and other hours Yes – all hours worked
No ordinary hours of work stipulated Yes – all hours worked
Casual employee: shift loadings Yes
Casual employee: overtime payments No
Casual employee whose hours are paid at overtime rates due to a ‘bandwidth’ clause No
Piece-rates – no ordinary hours of work stipulated Yes
Overtime component of earnings based on hourly-driving-rate method stipulated in award No

How do you pay superannuation?

Superannuation is paid by employers to employees. Employers are required to pay superannuation to all their staff if the staff are:

  • Over 18 and earn more than $450 before tax in a calendar month
  • Under 18, work more than 30 hours per week and earn more than $450 before tax in a calendar month

This applies even if the staff are casual employees, part-time employees, contractors (provided the contract is mainly for their labour) or temporary residents.

Currently, the superannuation rate is currently 9.5 per cent of an employee’s ordinary time earnings. This is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

Employers must pay superannuation at least four times per year. The due dates are 28 January, 28 April, 28 July and 28 October.

Can I take money out of my superannuation fund?

Superannuation is designed to provide Australians with money in their retirement. The government has strict rules around when people can take that money out of their fund because it wants to prevent people eroding their savings before they reach retirement.

As a general rule, you can only take money out of your superannuation fund when you reach:

  • Age 65
  • Your ‘preservation age’ and retire
  • Your preservation age and begin a ‘transition to retirement’ while still working

That said, you can take money out of your superannuation fund early based on one of these seven special conditions:

  • Compassionate grounds
  • Severe financial hardship
  • Temporary incapacity
  • Permanent incapacity
  • Superannuation inheritance
  • Superannuation balance under $200
  • Temporary resident departing Australia

What is the difference between accumulation and defined benefit funds?

A majority of Australians are in accumulation funds. These funds grow according to the amount of money invested and the return on that money.

A minority of Australians are in defined benefit funds – many of which are now closed to new members. These funds give payouts according to specific rules, such as how long the worker has been with their employer and their final salary before they retired.

Is superannuation taxed?

Superannuation is taxed. It is generally taxed at 15 per cent. However, if you earn less than $37,000, you will be automatically reimbursed up to $500 of the tax you paid. Also, if your income plus concessional superannuation contributions exceed $250,000, you will also be charged Division 293 tax. This is an extra 15 per cent tax on your concessional contributions or the amount above $250,000 – whichever is lesser.

Am I entitled to superannuation if I'm not an Australian citizen?

Yes, permanent and temporary residents are entitled to superannuation.

How much superannuation should I have at age 40?

The amount of superannuation you should have at age 40 is based on how much money you need to have at retirement. That, in turn, is based on how much money you expect to spend each week during your retirement. That, in turn, depends on whether you expect to lead a modest retirement or a comfortable retirement.

The Association of Superannuation Funds of Australia (ASFA) estimates you would need the following amount per week:

Lifestyle Singles Couples
Modest $465 $668
Comfortable $837 $1,150

Here is the superannuation balance you would need to fund that level of spending:

Lifestyle Singles Couples
Modest $50,000 $35,000
Comfortable $545,000 $640,000

These figures come from the March 2017 edition of the ASFA Retirement Standard.

The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension.

Here is how ASFA defines retirement lifestyles:

Category Comfortable Modest Age pension
Holidays One annual holiday in Australia One or two short breaks in Australia near where you live Shorter breaks or day trips in your own city
Eating out Regularly eat out at restaurants. Good range and quality of food Infrequently eat out at restaurants. Cheaper and less food Only club special meals or inexpensive takeaway
Car Owning a reasonable car Owning an older, less reliable car No car – or, if you do, a struggle to afford the upkeep
Alcohol Bottled wine Casked wine Homebrew beer or no alcohol
Clothing Good clothes Reasonable clothes Basic clothes
Hair Regular haircuts at a good hairdresser Regular haircuts at a basic salon Less frequent haircuts or getting a friend to do it
Leisure A range of regular leisure activities One paid leisure activity, infrequently Free or low-cost leisure activities
Electronics A range of electronic equipment Not much scope to run an air conditioner Less heating in winter
Maintenance Replace kitchen and bathroom over 20 years No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom No budget to fix home problems like a leaky roof
Insurance Private health insurance Private health insurance No private health insurance

 

 

Am I entitled to superannuation if I'm a part-time employee?

As a part-time employee, you’re entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

Am I entitled to superannuation if I'm a contractor?

As a contractor, you’re entitled to superannuation if:

  • The contract is mainly for your labour
  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

Please note that you’re entitled to superannuation even if you have an Australian business number (ABN).

What should I know before getting an SMSF?

Four questions to ask yourself before taking out an SMSF include:

  1. Do I have enough superannuation to justify the higher set-up and running costs?
  2. Am I able to handle complicated compliance obligations?
  3. Am I willing to spend lots of time researching investment options?
  4. Do I have the skill to make big financial decisions?

It’s also worth remembering that ordinary superannuation funds usually offer discounted life insurance and disability insurance. These discounts would no longer be available if you decided to manage your own super.

When did superannuation start in Australia?

Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.

How do you find lost superannuation funds?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

You can use your MyGov account to see details of all your superannuation accounts, including any you might have forgotten. Alternatively, you can fill in a ‘Searching for lost super’ form and send it to the Australian Taxation Office, which will then search on your behalf.

How do you calculate superannuation?

Superannuation is calculated at the rate of 9.5 per cent of your gross salary and wages. So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.

The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

How is superannuation calculated?

Superannuation is calculated at the rate of 9.5 per cent of your gross salary and wages. So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.

The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

Do I have to pay myself superannuation if I'm self-employed?

No, self-employed workers don’t have to pay themselves superannuation. However, if you do pay yourself superannuation, you will probably be able to claim a tax deduction.

What are government co-contributions?

A government co-contribution is a bonus payment from the federal government into your superannuation account – but it comes with conditions. First, the government will only make a co-contribution if you make a personal contribution. Second, the government will only contribute a maximum of $500. Third, the government will only make co-contributions for people on low and medium incomes. The Australian Taxation Office will calculation whether you’re entitled to a government co-contribution when you lodge your tax return. The size of any co-contribution depends on the size of your personal contribution and income.