Triple S

Changes to Fixed cover

13 November 2014

Effective 13 November, 2014, Triple S members can no longer purchase units of Fixed Death and Total & Permanent Disablement (TPD) Insurance and Triple S Spouse members cannot purchase units of Fixed Death Only Insurance.

Members with Fixed Insurance retain their existing level of Fixed cover.

Further details can be found in the insurance section and in the Triple S Death and TPD and Death Only Insurance fact sheet.


New Act and Regulations

1 August 2009

The Southern State Superannuation Act 2009 and the Southern State Superannuation Regulations 2009 replaces the existing Southern State Superannuation Act 1994 and Southern State Superannuation Regulations 1995.

The new Act and accompanying Regulations set out the rules under which Triple S is administered and entitlements are paid. The changes will allow the Super SA Board to introduce new products and services in a more timely manner than was previously possible.

To access a copy of the new Act and Regulations, click here.


Changes to Insurance

1 August 2009

Death & TPD

Triple S Death & TPD Insurance has been expanded to include terminal illness.

Further details can be found in the Death & TPD fact sheet.

Income Protection

Most Triple S members are now covered by Income Protection Insurance.

Further details can be found in the Income Protection fact sheet.


Changes to Investment Choice

1 August 2009

Most Triple S members are now able to invest their super in a maximum of two investment options.

Further details can be found in the Investment Choice fact sheet.


Socially Responsible investment option introduced

Effective 1 March 2009

Triple S members now have the choice of eight investment options.

Find out more about your investment options


Improvements to insurance

Effective 18 January 2009

Active Triple S members with Standard Death and TPD Insurance on 18 January 2009 automatically received an extra unit of limitation free insurance. The extra unit costs 75 cents per week.

All members1 are required to have at least two units of Standard cover for the duration of their Active membership, unless they opted out before 20 April 2009.

The option to opt out of the extra unit before April 20 was not available to Triple S Police and Triple S (AMB) members. Triple S Police and Triple S (AMB) members are required to have at least six units of Standard cover, or the equivalent value of Fixed cover for their age.

All members joining Triple S after 18 January 2009 who are eligible for Death and TPD Insurance automatically receive two units of Standard cover.  They cannot opt out unless they are a casual member.

The value of each unit of Standard Death and TPD Insurance has increased for all members aged between 59 and 63.

Full and part-time employees can now have up to $1,500,000 worth of Standard or Fixed Death and TPD Insurance. Casual employees can have up to $750,000.

1 The insurance improvements do not apply to members of other Super SA schemes who salary sacrifice into Triple S, or to spouse members.

Find out more about Death and TPD insurance


Improvements to insurance

Effective 1 February 2007

Death and TPD insurance is now extended to age 65.

Casual employees must make TPD claims within 6 months of the date of incapacity. Casual employees must work at least 9 hours per week (or an average of 9 hours per week over a 3 month period) to be entitled to TPD insurance.

Casual employees for state elections are no longer entitled to insurance cover.

Pension and Lump Sum Scheme members who salary sacrifice into Triple S can apply for Triple S Death and TPD Insurance.

Find out more about Death and TPD insurance

 

Income Protection Insurance is now extended to age 60.

Payments have been increased to 75% of salary.

Members must make Income Protection claims within 6 months of the date they ceased work due to incapacity.

The benefit period has been extended to 18 months with a maximum of 24 months in extenuating circumstances.

There is no requirement for sick leave entitlements to be exhausted before a benefit is claimed. A waiting period of 30 days from the date last worked will apply.

Non-contributory members may also apply for Income Protection Insurance.

Members who have been contributing for more than 12 months can choose to retain Income Protection Insurance without the need to make further contributions. Members must apply to continue Income Protection Insurance before they cease contributing.

Contributory members can opt out of Income Protection Insurance if they:

  • are employed on a casual basis
  • receive the majority of their income from employment outside of the SA public sector
  • have income protection insurance outside of Triple S that provides greater cover.

Find out more about Income Protection Insurance


Changes to contribution rates

Effective 1 February 2007

There is no limit on the percentage amount of after-tax contributions that can be made. Contributions must be a whole percentage (eg 5%, 75%) unless the amount is 4.5%. After-tax contributions are based on a percentage of salary before tax. Therefore, it is important that members do not elect to contribute an amount greater than their take-home pay.

Find out more about after-tax contributions


Moderate investment option introduced

Triple S members now have the choice of seven investment options.

Find out more about your investment options


Improvements to insurance

Effective 2 October 2005

The value of each unit of Standard and Fixed Death and TPD insurance has increased.

The cost of each unit of Standard and Fixed Death and TPD insurance has decreased.

Death cover has been extended to age 65.

One unit of Standard cover has increased to $75,000 from $50,000 for members under age 34. Cover has also increased for members aged 34 and above.

One unit of Fixed cover has increased to $75,000 from $50,000.

Standard units of insurance cost 75 cents per unit per week. This is a 25% reduction on the previous cost of $1 per unit per week.

The cost of Fixed units of insurance has also decreased. The cost is dependent on age and fixed at the age it is purchased.

Find out more about Death and TPD insurance


Government Co-contribution payments

Effective 13 January 2005

Eligible Triple S members are able to receive Co-contribution payments through the Commonwealth Government's Co-contribution Scheme.

Find out more about the Government Co-contribution


Payment of Superannuation Surcharge tax

Effective 19 August 2004

Triple S members can elect to have part of their lump sum entitlement withheld and used to pay any accrued surcharge debt.


 

Lump Sum Scheme

Socially Responsible investment option introduced

Effective 1 March 2009

Lump Sum Scheme members now have the choice of eight investment options.

Find out more about your investment options


Improvements to insurance

Effective 1 February 2007

Lump Sum Scheme members who salary sacrifice into Triple S can apply for additional Death and TPD insurance through Triple S.

Find out more about Triple S Death and TPD Insurance


Moderate investment option introduced

Lump Sum Scheme members now have the choice of seven investment options.

Find out more about your investment options


Government Co-contribution payments

Effective 13 January 2005

Eligible Lump Sum Scheme members are able to receive Government Co-contribution payments into a Triple S account through the Commonwealth Government's Co-contribution Scheme for low-income earners.

Find out more about the Government Co-contribution


Change to Superannuation Salary for the first 12 months of an Untenured Executive contract

Effective 18 November 2004

This change provides for the calculation of superannuation salary for existing tenured executives who sign an untenured contract.

More information


Investment Choice introduced

Effective 19 August 2004

This amendment allows Lump Sum Scheme members to have an active role in deciding how the Member Component of their super is invested. The Member Component is made up of the balances of the Member Account and Rollover Account (if any).

Find out more about your investment options


Payment of Superannuation Surcharge tax

Effective 19 August 2004

Lump Sum Scheme members can elect to have part of their lump sum entitlement withheld and used to pay any accrued surcharge debt.


 

Pension Scheme

Improvements to insurance

Effective 1 February 2007

Pension Scheme members who salary sacrifice into Triple S can apply for additional Death and TPD insurance through Triple S.

Find out more about Triple S Death and TPD Insurance


Commutation option for invalid pensioners

Effective 13 January 2005

Invalid pensioners who are not yet 60 years of age can commute (or convert to a lump sum) up to 20% of their pension entitlement before they would usually have access to a lump sum. Regulations were also amended to clarify salary for superannuation purposes in relation to specific allowances and certain employment transfers.

More information


Government Co-contribution payments

Effective 13 January 2005

Eligible Pension Scheme members are able to receive Government Co-contribution payments into a Triple S account through the Commonwealth Government's Co-contribution Scheme for low-income earners.


Change to Superannuation Salary for the first 12 months of an Untenured Executive contract

Effective 18 November 2004

This change provides for the calculation of superannuation salary for existing tenured executives who sign an untenured contract.

More information


Effect of workers compensation on pensions

Effective 19 August 2004

The age until which a pension can be reduced by the amount of weekly payments of workers compensation has been extended from age 60 to 65.


 

Flexible Rollover Product

Changes to Fixed cover

13 November 2014

Effective 13 November, 2014, Flexible Rollover Product investors can no longer purchase units of Fixed Death and Total & Permanent Disablement (TPD) Insurance or Fixed Death Only Insurance.

Investors with Fixed Insurance retain their existing level of Fixed cover.

Further details can be found in the insurance section and in the Flexible Rollover Product Insurance fact sheet.


Socially Responsible investment option introduced

Effective 1 March 2009

Flexible Rollover Product investors now have the choice of eight investment options.

Find out more about your investment options


Improvements to insurance

Effective 18 January 2007

The value of each unit of Standard Death and TPD Insurance and Standard Death Only Insurance has increased for investors aged between 59 and 63.

Find out more about

Investors can have up to $1,500,000 worth of Standard or Fixed Death and TPD Insurance or Death Only Insurance.

Find out more about Flexible Rollover Product Insurance


Moderate investment option introduced

Flexible Rollover Product investors now have the choice of seven investment options.

Find out more about your investment options


 

Income Stream

Super SA Allocated Pension renamed

1 July 2009

The Super SA Allocated Pension is now known as the Super SA Income Stream.


Socially Responsible investment option introduced

Effective 1 March 2009

Income Stream investors now have the choice of eight investment options.

Find out more about your investment options


Moderate investment option introduced

Income Stream investors now have the choice of seven investment options.

Find out more about your investment options


Please note that these updates cover the period since 30 June 2004. Earlier updates are available in the relevant Annual Reports.