Commonwealth Superannuation Scheme (CSS) Members
AvSuper members should also read the important information in the AvSuper CSS member's booklet as it contains some important information about the Fund.
CSS Members are those Airservices Australia employees who decided not to join AvSuper in 1990, but have 3% superannuation benefits paid to AvSuper in accordance with their workplace award. All other superannuation benefits are provided by the Commonwealth Superannuation Scheme (CSS).
If this applies to you, your award benefit builds up at the rate of 3% p.a. of Final Average Salary (FAS) for each year or part year of AvSuper membership and includes any award benefit accumulated before AvSuper commenced on 1 July 1990.
An example of how your Award benefit from AvSuper is calculated is as follows:
Benefit Particulars |
|
| pre 1.7.90 award benefit | = 0.065 |
| post 1.7.90 service | = 10 years |
| FAS when you left | = $55,000 |
| Award multiple | |
| pre 1.7.90 transfer multiple | = 0.065 |
| post 1.7.90 multiple | = 10 years x 3% |
| award multiple when you left | = 0.365 |
Benefit |
|
| = benefit multiple x FAS | |
| = 0.365 x FAS | |
| = $20,075 | |
If you leave Airservices Australia employment without providing other instructions within 28 days, your money will be transferred into an AvSuper account based on the unit price aplicable to your chosen investment option(s) on the day after you ceased corporate employment. If you have not made an investment choice, your benefit will be invested in AvSuper's Growth (default) option.
