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holds glossary terms
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- Accumulation
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This part of your super works more like a savings account. Contributions are paid into it and investment earnings (positive or negative) are credited to the account. In the CSS, the accumulation part is your member and productivity components
- Basic Contributions
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In the CSS, you can decide how much you contribute – either 5% of your salary or you can choose not to contribute at all (0%). These rates are referred to as your basic contributions, and form the basis for many benefit calculations.
- Concessional contributions
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These are contributions made from before-tax income, while you were a contributing member. Generally these are employer contributions in the CSS
- Contributions caps
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The maximum amount you can contribute from your before-tax income into your super before a tax penalty is applied is $50,000 p.a
The maximum amount you can contribute from your after-tax income into your super before a tax penalty is applied is $150,000 p.a or $450,000 averaged over 3 years.
- CPI-indexed pension
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A pension paid to you for life, which is indexed half yearly in line with the consumer price index
- Defined Benefit
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A super benefit that is defined in advance according to a set formula. In this type of fund, it is generally your employer rather than you that carries the investment risk.
- non-concessional contributions cap
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The cap on personal contributions made after June 1983, from your after tax salary, while you were a contributing member.
- Preserved Benefit
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When you leave the CSS your benefit is preserved (you cannot roll it over to another fund) until you retire from the workforce.
- super contribution caps
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These are tax caps on your concessional and non-concessional contributions across all your super funds. See the Tax and your CSS benefit fact sheet at www.css.gov.au for more details.
- Super Guarantee
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A policy introduced in July 1992 which provided that all employers are required to contribute a prescribed level of contributions on behalf of their employees to a complying superannuation fund.
The CSS Scheme exceeds the SG prescribed minimum. - supplementary contributions
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In addition to your basic contributions, you may also voluntarily pay supplementary contributions. These do not have to be in whole percentage rates. For example, you could pay contributions of 6.5%. There is no upper limit on the amount of supplementary contributions that you can pay and you can change your contribution rate at any time to suit your financial needs. You can make supplementary contributions from your salary or through BPAY. However, if you elect a zero (0%) basic contribution you must pay any supplementary contributions via BPAY.