Governance Arrangements for the Australian Government Civilian and Military Superannuation Schemes
Prior to 1 July 2015, the Australian Government’s civilian and military superannuation schemes were managed by two separate government entities. Commonwealth Superannuation Corporation (CSC) provided trusteeship of the schemes (and from 4 December 2014 administrative services in relation to the only accumulation superannuation scheme, the Public Sector Superannuation Accumulation Plan). ComSuper provided administrative services to CSC in relation to the defined benefit superannuation schemes under CSC’s trusteeship.
The Governance of Australian Government Superannuation Schemes Legislation Amendment Act 2015,which took effect on 1 July 2015, merged ComSuper into CSC. As a result of the merger, CSC is now the sole government entity responsible for managing the Australian Government’s civilian and military superannuation schemes, including both trusteeship and provision of administrative services in relation to the schemes. The relevant schemes are:
- the Commonwealth Superannuation Scheme
- the Public Sector Superannuation Scheme
- the Public Sector Superannuation Accumulation Plan
- the superannuation scheme established by the Superannuation Act 1922
- the scheme provided for under regulations made by the Papua New Guinea (Staffing Assistance) Act 1972
- the Military Superannuation and Benefits Scheme
- the Defence Force Retirement and Death Benefits Scheme
- the Defence Forces Retirement Benefits Scheme
- the Defence Force (Superannuation)(Productivity Benefit) Scheme
CSC was initially established, through the merger of the former trustees of the civilian schemes (the Australian Reward Investment Alliance (ARIA)) and the military schemes (the Military Superannuation and Benefits Board and the Defence Force Retirement and Death Benefits Authority), on 1 July 2011. This earlier merger was implemented via the Governance of Australian Government Superannuation Schemes Act 2011 and the Superannuation Legislation (Consequential Amendments and Transitional Provisions) Act 2011.
CSC is a body corporate with a separate legal identity from the Commonwealth. CSC is the same body corporate as that previously known as ARIA.
Last updated: 02 November 2015