FINANCE MICHAEL HOGG Police Superannuation Lump Sum Scheme ­ benefits overview 38 * a lump sum productivity benefit as a Police Journal Scheme Membership Temporary disability Members of the Lump Sum Scheme defined multiple of annual pension include: superannuation salary based on Members of Lump Sum Scheme * Police officers who commenced completed months of membership (prior to 55 years of age), who are employment on or after 1 June 1990 occurring after the date joined the temporarily or permanently April 2005 and on or before 3 May 1994; scheme to the date of separation; incapacitated for work within SAPOL, * Police officers who commenced * a cash withdrawal equal to the have exhausted their sick leave and are employment as cadets on or before balance of their voluntary contribution not entitled to worker's compensation www 31 May 1994; and and/or roll over account at the date of payments are eligible to apply for a payment. .policejournalsa.org.au * Ex-STA transit officers appointed as temporary disability pension. police officers on or before 31 March In cases in which members are in The benefit payable as a temporary 1995. receipt of worker's compensation disability pension is equal to two payments, superannuation benefits thirds of the fortnightly Retirement benefits are reduced by the amount of superannuation salary payable to the worker's compensation payable. Members of the Lump Sum Scheme applicant at the date of application. are eligible to receive the following Partial incapacity benefits from age 50 onward: invalidity benefit Death benefit ­ spouse * a lump sum retirement benefit Upon the death of a member of the which is a defined multiple of annual Retirement on the grounds of Lump Sum Scheme, the following superannuation salary; invalidity and partial incapacity is benefits are payable to a surviving * a lump sum productivity benefit determined by the applicant's level of spouse: which is a defined multiple of annual incapacity for all kinds of work, both * a lump sum benefit as a defined superannuation salary based on inside and outside SAPOL, being less multiple of annual superannuation completed months of membership than 60 per cent or not likely to be salary (maximum lump sum of five occurring after the date joined the permanent. times annual superannuation salary if scheme to the date of separation; In the event of retirement on the member joined at age 25 or under); * a cash withdrawal equal to the grounds of partial incapacity (prior to * a lump sum productivity benefit as a balance of their voluntary contribution age 55) members of the Lump Sum defined multiple of annual and/or roll over account at the date of Scheme are eligible to receive the superannuation salary based on payment. following benefits: completed months of membership * a lump sum benefit based on the occurring after the date joined the Total and permanent accrued defined multiple of annual scheme to the date of death; invalidity benefit superannuation salary from the date * a cash withdrawal equal to the joined scheme to the date of Retirement on the grounds of balance of a voluntary contribution separation (minimum lump sum invalidity and total incapacity is and/or roll over account (if applicable) payable is two times annual determined by the applicant's level of at the date of payment. superannuation salary with a lump incapacity for all kinds of work, both For members of the Lump Sum sum of 5.45 times annual inside and outside SAPOL, being 60 Scheme, a surviving spouse is superannuation salary payable after per cent or more and likely to be defined as: 30 years' membership); permanent. * a lawful spouse who was the * a lump sum productivity benefit as a In the event of retirement on the member's lawful spouse at the date of defined multiple of annual grounds of total and permanent death; or superannuation salary based on incapacity (prior to age 55) members * a putative de facto spouse as completed months of membership of the Lump Sum Scheme are eligible declared by the court. occurring after the date joined the to receive the following benefits: scheme to the date of separation; * a lump sum benefit based on the * a cash withdrawal equal to the defined multiple of annual balance of their voluntary contribution superannuation salary that would have and/or roll over account at the date of been payable at age 55; payment. Police Superannuation Scheme www.policesuper.sa.gov.au 39 Death benefit ­ eligible a defined multiple of annual Withdrawal option Police Journal child/children superannuation salary based on For members of the Lump Sum Upon the death of a member of the completed months of membership Scheme who elect to take a Lump Sum Scheme, a fortnightly occurring after the date joined the withdrawal benefit, the following pension benefit is payable to an scheme to the date of death; benefits are payable: April 2005 eligible child or children. An eligible * a cash withdrawal equal to the * a cash withdrawal benefit equal to child is a child under 16 years of age, balance of a voluntary contribution the balance of their member or a child who is over 16 years of age and/or roll over account (if applicable) contribution account at the date of but under 25 years of age and a full- at the date of payment. payment; www time student. In cases in which a member of the * a lump sum productivity benefit as .policejournalsa.org.au If a deceased member of the Lump Lump Sum Scheme dies in the a defined multiple of annual Sum Scheme is also survived by a course of duty and is not survived by superannuation salary based on spouse, the pension benefits payable a spouse or an eligible child, a completed months of membership to an eligible child or children are paid minimum lump sum of three times occurring after the date joined the in addition to the benefit payable to annual superannuation salary would scheme to the date of separation; the spouse. be payable to the deceased * a lump sum Superannuation If the deceased member has an member's estate. Guarantee (SG) benefit as a defined eligible child or children, but is not Withdrawal benefit ­ multiple of annual superannuation survived by a spouse, the following salary based on months of service benefits are payable to the separation from SAPOL since 1 July 1992. member's estate: under age 50 The SG benefit is payable, in cash, if * a lump sum benefit as a defined the benefit is less than $200. If the multiple of annual superannuation Preservation option SG benefit exceeds $200, the benefit salary (maximum lump sum of two For members of the Lump Sum is compulsorily preserved and times annual superannuation salary) Scheme who elect to preserve their becomes payable, in cash, at age 55. * a lump sum productivity benefit as accrued superannuation lump sum For the 2004-2005 financial year, the a defined multiple of annual benefits, the following benefits will SG benefit is based on 9 per cent of superannuation salary based on become payable from age 55: superannuation salary. completed months of membership * a lump sum benefit based on the Lump Sum Scheme members who occurring after the date joined the accrued defined multiple of annual have a voluntary contribution and/or scheme to the date of death; superannuation salary as at the date roll over account have the option to * a cash withdrawal equal to the of separation; preserve the benefits with the Police balance of a voluntary contribution * a lump sum productivity benefit as Superannuation Scheme or roll over and/or roll over account (if applicable) a defined multiple of annual the preserved benefit to a complying at the date of payment. superannuation salary based on fund of their choice. completed months of membership Death benefit ­ estate occurring after the date joined the If a deceased member of the Lump scheme to the date of separation. Sum Scheme is not survived by a Members of the Lump Sum Scheme spouse or an eligible child, the who have a voluntary contribution following benefits are payable to the and/or roll over account have the member's estate: option to preserve the benefits with * a lump sum benefit based on the the Police Superannuation Scheme or accrued defined multiple of annual roll over the preserved benefit to a superannuation salary (maximum lump complying fund of their choice. sum of seven times annual superannuation salary is payable after 35 years of membership) * a lump sum productivity benefit as