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To give you greater flexibility in preparing for your life after work, your contribution options have been expanded.
What’s changing?
From 1 July 2008, you will no longer have to contribute a minimum 5% of your after-tax salary into your CSS super.
Instead, you can continue to contribute 5% (as your basic contributions) OR you can choose to contribute nothing at all (0%).
You can still contribute above the basic contribution rate with your supplementary contributions from your after-tax salary.
Remember, there may be tax implications if you exceed the super contribution caps.
If you decide not to make any changes, your member contributions will remain at their current rate.
What does this mean?
It’s a great opportunity to explore how your current contribution level may affect your final benefit and to check if you are contributing at the rate to achieve your goals.
You should be aware that if you choose not to contribute at all, it won’t affect your CPI-indexed pension if you retire after 55. However, if you resign and preserve your benefit, it could have a detrimental impact on the amount of the pension you may otherwise receive.
Remember – You don’t have to act on this expanded option now. It will always be available to you.