The Governance of Australian Government Superannuation Schemes Act 2011 establishes the Commonwealth Superannuation Corporation (CSC) as the corporate trustee of the Commonwealth’s main public sector and military superannuation schemes.
CSC is a corporate Commonwealth entity for the purposes of the Public Governance, Performance and Accountability Act 2013.
CSC is oversighted by an 11 member board comprising an independent Chair, five employer representative directors and five member representative directors, all of whom are appointed by the Minister for Finance. In the case of the five member representative directors, the appointments are based on nominations received from the Chief of the Defence Force (two directors) and the President of the Australian Council of Trade Unions (three directors).
There are eleven superannuation schemes under CSC’s management. The schemes, which include regulated superannuation schemes and exempt public sector 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
- the ADF Super scheme
- the ADF Cover scheme.
CSC’s role broadly involves:
- administering the schemes and managing and investing relevant superannuation funds;
- receiving payments from employer entities in accordance with scheme legislation;
- paying superannuation benefits to, or in respect of, members of the schemes; and
- providing information to scheme members, including about benefits and potential benefits.