We have designed this easy-to-use tool to help you understand what happens when you make Additional After-Tax Personal Contributions on the Employer-Financed Benefit (EFB) portion of your retirement benefit in SASS.
"+ "The SASS Calculator provides you with:
"+ "To do this, we take the following factors into consideration:
"+ "Please be advised that the SASS Calculator also does not take into account the following factors:
"+ "Taxation. Neither contributions tax payable on employer contributions nor tax on superannu-ation benefits when paid have been deducted, therefore estimates shown are likely to be overstated;
"+ "Pension Option. The retirement benefit is usually paid as a lump sum. Some members may retain access to a pension option. However, the SASS Calculator does not take into account the pension option;
"+ "Deferral of your SASS benefit. The calculator does not take into account investment perfor-mance on deferred benefits and, as such, benefits that are deferred may be higher or lower than the estimated results in the calculator.
"+ "This calculator is issued by StatePlus Australia Limited, trading as StatePlus, ABN 86 003 742 756, AFS Licence No. 238430 (SSFS).
"+ "This calculator is based on the laws of Australia applying as at 1 July 2018.
"+ "It is important to understand that this calculator provides examples of possible outcomes based upon both the information provided by you and the assumptions used, and that its results are for illustration and information purposes only. Results are not guaranteed in any way and do not constitute a forecast or estimation of amounts payable or available in the future.
"+ "While the SASS Calculator is a useful starting point, it cannot replace expert, licensed financial advice and should not be used as the basis for any investment decision. You should consider obtaining advice from a qualified financial adviser to assess your specific financial situation be-fore making any financial decisions.
"+ "Both StatePlus and the SAS Trustee Corporation specifically disclaim any liability (whether based in contract, tort, strict liability or otherwise) for any direct, indirect, incidental, consequential, or special damages arising out of or in any way connected with the access to or use of the SASS Calculator.
"+ "Interests in SASS are not financial products, which means that the SASS Calculator is not re-quired to comply with regulatory rules for providing advice about financial products. However, every effort has been made to comply with all relevant terms of the Australian Securities and Investments Commission's relief for generic calculators.
"+ "The benefit you receive upon exiting SASS will consist of your EFB, the amount accumulated in your Personal Account as well as your benefit in the State Authorities Non-Contributory Scheme (SANCS). The purpose of this calculator is to show you what happens to your EFB only when you make additional personal contributions. The calculator does not provide an estimate of your potential Personal Account balance and your SANCS benefits. As such, the final lump sum benefit you receive upon exiting SASS will be greater than just the EFB amount show in this calculator
"+ "The calculator assumes that the anniversary of your current SASS membership falls on the day that you are using the calculator. It also assumes your birthday and expected retirement occur on the 1st January.
"+ "The maximum number of points allowed is derived by the number of years the individual has been a member of SASS, plus the difference in years between their Expected Retirement Age and their Current Age; multiplied by their Current Personal Contribution Rate as a whole num-ber to a maximum of 6 points per year. The maximum number of points has a cap of 180; above which no additional points can be accumulated.
"+ "The Future Employer Financed Benefit or Future EFB is based on the maximum number of points allowed for the individual multiplied by their superannuation salary multiplied by 2.5%.
"+ "The Potential Future Employer Financed Benefit or Potential Future EFB is based on the maxi-mum number of additional points allowed for the individual multiplied by their superannuation salary multiplied by 2.5%.
"+ "The maximum number of additional points allowed is derived from the difference in years be-tween your Expected Retirement Age and your Current Age; multiplied by your Current Person-al Contribution Rate and your Additional Personal Contribution Rate as a whole number (e.g. 2% equals 2). The sum of contributed Points plus Additional Points is capped at 180; above which no additional points can be accumulated.
"+ "The calculator assumes no increases in wages, a CPI of 0%, no tax rate calculations for income or contributions, no additional fees or charges and no deferral of retirement benefits. The cal-culator assumes you will be employed on a full-time basis at all times, until you exit/leave the NSW public sector.
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