The CSS is established under the Superannuation Act 1976. The CSS closed to new members from 1 July 1990. In some limited instances, new employees are required or allowed to contribute to the CSS, for example, if the employee has an existing CSS deferred benefit. The CSS is a hybrid scheme including both a defined benefit and an accumulation benefit.
CSS members can make basic contributions equal to 5 per cent of their superannuation salary or can elect to make no contributions. Optional supplementary contributions are also allowed. Employee contributions are paid into an investment fund (the CSS Fund).
As a CSS member, your main benefit will generally be paid as a pension. The amount of that pension is determined by your reason for leaving the scheme, the time that you have contributed to the scheme and your age on leaving the scheme. In some cases your final salary will also be a factor in determining your pension.
The Commonwealth Superannuation Corporation is the trustee and administrator of the CSS.