The University of Sydney Professorial Superannuation System (the System) is an Australian superannuation fund established under the provisions of a Trust Deed dated 1 September 1975, as amended. The System is a hybrid superannuation fund providing both defined benefit and defined contribution style benefits to respective members. This is a closed System and therefore is not open for new members. The System provides for Non-Contributory Pensions, Lump Sum Annuities (which represent any conversion of a member’s lumps sum benefit payable upon retirement) and Voluntary Widow/Spouse’ Pensions.