PSS and CSS Scheme Costs
The Long Term Cost Report
The PSS and CSS are reviewed by an actuary every three years to determine the cost of the schemes.
The resulting PSS and CSS Long Term Cost Report discusses the assumptions used in working out PSS and CSS costs and the changes in scheme demographics and experience since the last review.
The report identifies the long-term cost in three different ways:
- projected actual Australian Government employer costs;
- the size of the Australian Government's unfunded superannuation liability; and
- the level of the notional employer contribution rates required to cover the costs of the schemes.
The PSS and CSS are partially 'funded' superannuation schemes. Most of the PSS and CSS employer costs are met at the time of benefit payment rather than as the benefit is accrued. The unfunded superannuation liability is the Government's liability for benefits being paid from the schemes as at the date of the review and for entitlements accrued at that time for current and preserved scheme members.
The liability reflects future unfunded superannuation payments to be made over a period of decades.
The unfunded liability is also reported in the Australian Government Budget and Financial Statements with the actuary's figure updated each year for Budget reporting purposes.
In the latest report, the PSS contribution rate is 16.3% and the CSS employer contribution rate is 21.4% of superannuation salaries. These are the average employer contribution rates that would be paid until the next review if the schemes were funded. These rates include employer productivity contributions of approximately 3%.
A link to the latest (2008) Long Term Cost Report and previous (2005, 2002 & 1999) Long Term Cost Reports are provided below.2008
Long-term Cost Report PDF version [
428 KB ]
Long-term Cost Report Zipped RTF version [
3983 KB ]
2005
Long-term Cost Report PDF version [ 346 KB ]
Long-term Cost Report Zipped RTF version [ 429 KB ]
2002
Long-term Cost Report PDF version [ 358 KB ]
Long-term Cost Report Zipped RTF version [ 484 KB]
1999
Long-term Cost Report PDF version [ 176 KB ]
Long-term Cost Report Zipped RTF version [ 194 KB ]
If you cannot access these documents please email: superbranch@finance.gov.au
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Contact for information on this page: superbranch@finance.gov.au