Overview
The Lump Sum Scheme is a "Defined Benefit" scheme that was closed to new members in 1994. Payouts are not solely determined by investment markets; instead, they are calculated using a specific formula based on your salary, length of membership, and your personal contribution rate.
Key Features
Formula-Based Benefits: Your retirement benefit is typically a multiple of your Entitlements Superannuation Salary (ESS), providing a high degree of certainty for long-term employees.
Points System: Your benefit grows through the accumulation of "Points"—most members accrue one point per month of full-time service at a 6% contribution rate.
Untaxed Scheme: Like Triple S, tax is not deducted from employer contributions or returns while funds remain in the scheme, aiding growth through compounding.
Legacy Advantage: This scheme features a significant employer-funded component that often makes it one of a member's most valuable financial assets.
Who it May Suit
Public sector employees who joined the scheme before May 1994 and have maintained their membership.
Members looking for a guaranteed benefit structure that is less sensitive to market volatility than modern super funds.
How Humble Goode Can Help
The Lump Sum Scheme is the most complex product in the Super SA suite. Decisions you make today can permanently change your final payout. We support you by:
Point "Catch-up" Strategies: Advising on whether you should increase your contribution rate (to 7.5% or 9%) to "catch up" on points missed during previous lower-contribution periods.
Golden Hello Analysis: Calculating the optimal retirement date based on your ESS and years of membership—sometimes staying an extra few months can result in a significant jump in your benefit multiple.
Member Account Optimization: Helping you select the right investment option for your personal contributions (Member Account), which is subject to market movements.
TTR for Lump Sum Members: Navigating the unique TTR rules where your accrued points are reduced proportionally to the salary reduction in your transition agreement.
Documents and Resources
Access the latest official Lump Sum Scheme documentation via the Super SA portal:
Why Professional Advice Matters
While Super SA provides excellent schemes, they do not provide personal financial planning. Their role is to provide information about their products, not to tell you which strategy is right for your life.
At Humble Goode, we bridge that gap. We look at your Super SA entitlements in the context of your entire financial world—your family goals, your other assets, and your dreams for the future.
Advisory Fees – What to Expect
Professional financial advice is an investment in your future. To ensure you receive a comprehensive and tailored review of your Super SA position, we charge an initial consultation fee of $330.00 (inc. GST).
During this session, we dive deep into your specific scheme entitlements, identify potential risks or opportunities (such as insurance gaps or tax caps), and provide you with a clear path forward. If you choose to engage us for ongoing advice or a full Statement of Advice, this fee may be credited toward your total project cost.
General Advice Disclaimer The information on this website is general in nature and does not take into account your personal objectives, financial situation, or needs. You should consider whether the information is appropriate for you and read the relevant Product Disclosure Statement (PDS) before making any investment decision. Humble Goode Financial Pty Ltd (ABN 69 142 070 808) is an Australian Financial Services Licensee (AFSL 349026).