Investment & performance

General information only:

The following information is provided to members as general information only. Read How do performance and earnings affect your benefit? to understand the context of this information.

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Earning rates

Month to date earning rates

Earning rate as at 17 February 2017

Investment option Earning rate
Cash 0.073364%
Default 1.098603%

Monthly earning rate history 2015-16

Investment optionFebMarAprMayJun JulAugSepOctNovDecJan 
Default -0.772% 0.232% 0.884% 1.793% -0.291% 1.795% 0.763% 0.041% -0.111% 0.909% 1.637% 0.020%
Cash 0.154% 0.138% 0.154% 0.179% 0.127% 0.146% 0.158% 0.118% 0.130% 0.125% 0.124% 0.150%

Earning rates and performance

Earning rates are needed for daily member transactions and will determine the actual performance a member achieves based on the timing of their individual transactions. The earning rates are determined based on the best available information at the time they are declared. Valuations are fed into the earning rates calculation as soon as practical after they are received.

Investment performance for each investment option is calculated after fees and taxes. Past performance is no indication of future performance. Investment performance is calculated using the actual value of investment option assets as at the end of the quoted performance period and is indicative only of the performance that a member achieves on their investment. Investment performance is based on final valuations as at period end.

Using earning rates to calculate investment performance will provide similar but not identical rates to the published investment performance figures.

Application of earning rates to benefit payments

Earning rates determined for the dates above reflect close of market valuations on that date.

Member benefit payments are generally calculated and processed using the earning rate applicable on the date of processing. Usually, the earning rate applicable on the date of processing is based on valuation information for the day two business days prior to the processing date. This timing reflects when the valuation information is available and the time required to calculate and approve the earning rate. As an example, a lump sum benefit payment calculated and processed on 27 March will generally use the earning rate determined for 25 March, which reflects close of market valuations for 25 March.  

How do performance and earnings affect your benefit?

Fund earnings affect the member and productivity components, as well as any amounts transferred into the CSS (known as accumulation components). The earnings applied to your account will either be positive or negative in line with the investment performance of your chosen option. If you have a productivity component that was accrued prior to 30 June 1990 (commonly referred to as interim or unfunded productivity), it will be credited with earnings based on the performance of your chosen investment option.

The impact of Fund earnings on your final benefit will depend on your mode of exit from the CSS:

If you claim your benefit as a contributing member

If you claim your CSS benefit as a contributor on the basis of age, invalidity or involuntary retirement, your indexed pension, the employer financed part of your benefit, will not be affected by investment performance. It will be determined by a formula based on your age, final salary and contributory membership. As your accumulation components are affected by Fund earnings, any lump sum benefit or additional pension you take will be affected.

If you claim your benefit as a deferred benefit member

When you claim your deferred benefit, your indexed pension, the employer financed part of your benefit, will be affected by investment performance as it is based on a percentage of your accumulated basic contributions. As your accumulation components are affected by Fund earnings, any lump sum benefit or additional pension you take will also be affected.

If you claim your benefit as an associate member

If you are an associate member, the most significant part of your benefit will not be affected by investment performance. It will be determined based on the value of the employer (untaxed) financed benefit at the time you became an associate member, adjusted by the long-term Treasury Bond Rate. However, the accumulation components of your benefit, which are refunded as a lump sum, will be affected by Fund earnings