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I am with SASS super fund since Dec 1986. I contribute 9% of my salary as Concessional contribution. This sum will exceed the $25,000 concessional contribution cap after 1 Jul 2017. There is a note that ‘For individuals who were members of a funded defined benefit scheme as at 12 May 2009 , the existing grandfathering arrangements will continue.
Can you please explain what this grandfathering arrangement is? Will I be able to contribute at the same rate without penalty or do I need to lower my percentage contribution?
A: Thanks for the question
I don’t think SASS is a funded scheme.
The proposed rules have not been legislated and at this stage will not commence until 1 July ’17. However at this point in time I believe the notional employer contribution will use up all of the concessional contribution cap for most members of public sector unfunded schemes.
