SUPERANNUATION

About Commonwealth Superannuation

Superannuation for Australian (and territory) Government employees became available in 1922 with the commencement of the Commonwealth Superannuation Scheme (CSS). There have been many changes to the original CSS since 1922, the most notable being in 1976 when the CSS was changed from a unit of pension purchase scheme to a hybrid accumulation/defined benefit scheme. The member component of the CSS is an accumulation fund while the employer component is a defined benefit based on salary, age at retirement and length of membership and payable from Government revenue in the form of an indexed pension.

The CSS was closed to new members from 1 July 1990 following the commencement of the Public Sector Superannuation Scheme (PSS). The PSS is a defined benefit scheme with benefits based on a formula comprising contribution rate, period of membership and salary. The PSS defined benefit (PSSdb) scheme was closed to new members on 1 July 2005 with the commencement of the PSS accumulation plan (PSSap).

The PSSap is a fully funded superannuation plan with each Commonwealth employing agency paying 15.4% of the member's salary into the PSSap fund. PSSap members are not required to contribute to this superannuation fund but they have an option to make after-tax contributions through deductions from pay or by salary sacrificing from pre-tax salary.

CSC (Commonwealth Superannuation Corporation)

CSC (formerly ARIA) manages the assets of the CSS, PSS, PSSap and 1922 schemes, as well as the military superannuation schemes, and administers relevant legislation. http://www.csc.gov.au

ComSuper

ComSuper administers the Commonwealth and Defence superannuation schemes (CSS, PSS, Military Super, DFRDB, DFRB, PNG and 1922 ) on behalf of CSC. ComSuper collects member contributions and maintains their accounts, pays lump sums and pensions, and is responsible for communication with members with regard to their Commonwealth superannuation. http://www.comsuper.gov.au/

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