Police Officers with SASS Additional Benefit Cover (ABC) should be advised that due to amendments to the State Authorities Superannuation Scheme (SASS) legislation, members have the option to opt out of the Additional Benefit Cover and enter through the First State Super (FSS) Police Blue Ribbon Insurance (PBRI) arrangement for Total and Permanent Disablement and Death cover.
Police Officers with SASS ABC will have 90 days to elect to opt out or retain their SASS Additional Benefit coverage. The 90 days is called the 'election period' and commences on 2 March 2012 and concludes on 31 May 2012.
An information package has been sent to all Police Officers with SASS ABC from the NSW Police Force. This information package includes a covering letter, an election form, information on the FSS PBRI arrangements, the State Authorities Superannuation Amendment (Police Officers) Regulation 2012, and a detailed fact sheet from the NSW Police Force outlining the eligibility requirements and transition arrangements.
Also included in this information package is a special fact sheet titled SASS Additional Benefit Cover for Police Officers, which has been prepared by SAS Trustee Corporation to assist Police Officers decide whether or not they wish to opt out of the SASS Additional Benefit Cover. This fact sheet provides factual information on how SASS Additional Benefit Cover works. It does not, however, provide financial advice on whether you should retain your Additional Benefit Cover or opt out and take up the FSS PBRI insurance arrangement. If you do not receive this information package, please contact 02 8835 8273.
An information sheet outlining the amount and cost of Additional Benefit Cover has been sent to all members separately by Pillar Administration. Please contact Pillar on 1300 130 095 if you have not received this information by the end of February 2012.
To assist members, State Super Financial Services will be conducting seminars throughout NSW. For details of the locations of the seminars, please contact SSFS on 1800 620 305. Members are also encouraged to contact State Super Financial Services if they would like to discuss their insurance arrangements with a financial adviser.