Employers
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Accumulation Scheme (DIV A) Div A was established when the State Authorities Superannuation Scheme (SASS, known as the Retirement Scheme in EISS) was closed to new members in 1992 and was referred to as First State Superannuation (FSS) under the public system. It is an accumulation scheme which consolidates employer and member contributions credited to member's account/s. When each payroll is run and all information is received by the Scheme, together with relevant monies, the contributions received are directly credited to the member, less any contributions tax payable. The money is invested in accordance with the strategies nominated by the member. Each contribution purchases units in the nominated investment strategies, and the member's account balance will vary daily depending upon the unit price calculated for each day. New members will usually have automatic insurance cover, once their employer has confirmed they are full members and are 'at work'. Refer to PDS for definition of 'at work'. |
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