CSS Online NEWS – December 2002

PSS/CSS announces new financial planning service for members and their families

In 2003, PSS/CSS members and their families will have the opportunity to access one of Australia’s leading financial planning organisations – State Super Financial Services (SSFS) in which the Schemes have recently invested.

The new service will be available in NSW and ACT from January 2003. Financial Planners will also visit Melbourne and Brisbane in early 2003 and the service will expand nationally in the future.

What is the new service?

Through State Super Financial Services, PSS/CSS members and their families will have direct access to professional and responsible advice and information about managing their finances, taxation, social security rules and related retirement matters. This financial planning advice will be tailored to suit the individual’s lifestyle and needs.

What’s the benefit for members?

Professional financial planning advice helps members’ and their families maximise their super and other savings. This can be achieved by using strategies that are appropriate for their individual circumstances and will allow them to make the most of their retirement opportunities.

Financial planners can also assist members and their families keep up to date with changes in superannuation legislation, tax and social security.

This new service provides PSS/CSS members with an additional financial planning service to choose from. Naturally, members are under no obligation to use these services and should always compare financial planners to find one which best meets their needs.

When should members consider seeking financial planning advice?

Members should consider seeking financial planning advice if they:

What does State Super Financial Services do?

State Super Financial Services (SSFS) was established by the SAS Trustee Corporation in 1990, to provide professional financial planning services to current and former public sector employees of the NSW Government and their families.

It now has 14 offices in New South Wales and the ACT, more than 29,000 clients and funds under advice of nearly $3.5 billion.

SSFS provides three separate but closely linked services:

SSFS financial planners have extensive experience with defined benefit schemes such as the PSS and CSS (the latter being a combination of defined and accumulation) and the financial planning issues involved.

In addition, SSFS already conducts pre-retirement seminars for public sector employees throughout NSW and the ACT, and some PSS and CSS members already attend these.

For more information log on to www.ssfs.com.au

What sort of financial planning advice will SSFS provide to members?

SSFS uses a comprehensive “needs based” financial planning approach tailored to the individual. And, because financial planning is a continuous process, SSFS clients receive regular reports and can meet with their planner to review their situation.

What is the cost to members?

Members can meet with one of SSFS’ professional financial planners and have a personal plan prepared without cost or obligation. SSFS does not charge entry, exit or switching fees on their investment products. They do charge a single competitive management fee, which is paid by individuals who choose to become clients. There is no cost to members who do not access this new service.

Why is PSS/CSS offering this new service?

The PSS and CSS Boards are always working to maximise investment returns for members and better meet members’ needs for high-quality, low-cost financial services so they can make the most of their retirement opportunities.

To this end, the PSS and CSS Boards have made an investment in SSFS which will also provide members with access to high-quality financial planning services, but it is first and foremost an investment undertaken by the Boards to deliver strong long-term returns for members.

This new initiative is a natural extension to the Schemes’ investment in Members Equity, made in 2000, which provides members with access to low-cost home loans and banking services.

Why is this new service only being offered to members in the ACT and NSW initially?

This is first and foremost an investment, undertaken by the Schemes to deliver strong long-term returns for members. In providing members with an additional service, our primary goal was to ensure it was a high-quality and responsible service. SSFS meets that goal and is currently providing its services only in NSW and ACT. The Schemes’ investment in SSFS will allow this service to be expanded nationally over time.

The new service will be available in NSW and ACT from January 2003. Financial Planners will also visit Melbourne and Brisbane in early 2003 and the service will expand nationally in the future.

Can PSS and CSS pensioners also access this service?

Yes, these services are also available to retired PSS/CSS members and their families.

How and when can members access this new service?

In 2003, PSS/CSS members will be invited by the PSS/CSS to find out more about this service at a seminar. However, members and pensioners can access this service now if they wish:

Phone: Call State Super Financial Services direct on 1800 620 305 (toll free)
OR
Log on to: www.ssfs.com.au and click on the NEED HELP box where you can request an invitation to a seminar or make an appointment with a financial planner.

For more information, members can contact: