1. Introduction
About CSC
CSC is a corporate Commonwealth entity established on 1 July 2011. We manage 11 government superannuation schemes. and we provide superannuation services to current and former Australian Government employees and members of the Australian Defence Force (ADF).
CSC’s primary function is to administer the schemes and to manage and invest the funds in the best interests of all our members in accordance with the provisions of the various acts and deeds that govern the schemes.
Our vision
Our vision is to build, support and protect better retirement outcomes for all CSC members and their families.
Our legislative objectives and functions
Our objectives and functions, as set out under CSC’s governing legislation, are to:
- administer the schemes and manage and invest the funds
- receive payments from employers in accordance with scheme legislation
- pay superannuation benefits to, or in respect of, members
- provide information about scheme benefits or potential benefits
- provide advice to the Minister for Finance and the Public Service on proposed changes to the scheme legislation or trust deeds.
Our performance outcome
We exist to provide retirement and insurance benefits for scheme members and beneficiaries, including past, present and future employees of the Australian Government and other eligible employers and members of the ADF, through investment and administration of their superannuation funds and schemes.
This is CSC’s performance outcome. Having a performance outcome is a requirement under the PGPA Act. CSC’s performance outcome is published in CSC’s 2017–18 Corporate Plan and in the 2017–18 Portfolio Budget Statements. See our Annual Performance Statements to see how we performed in 2017–18.
Regulated superannuation schemes
Regulated superannuation schemes must comply with the Superannuation Industry (Supervision) Act 1993 (the SIS Act) so as to be entitled to concessional tax treatment.
We are the trustee of five regulated public sector and military schemes which are:
- the Commonwealth Superannuation Scheme (CSS) established on 1 July 1976 by the Superannuation Act 1976 (the CSS Act)
- the Public Sector Superannuation Scheme (PSS) established on 1 July 1990 by the Superannuation Act 1990 (the PSS Act)
- the Military Superannuation and Benefits Scheme (MilitarySuper) established on 1 October 1991 by the Military Superannuation and Benefits Act 1991 (the MilitarySuper Act)
- the Public Sector Superannuation accumulation plan (PSSap) established on 1 July 2005 by the Superannuation Act 2005 (the PSSap Act), which also offers under its trust deed an account-based pension product called Commonwealth Superannuation Corporation retirement income (CSCri)
- the ADF Super scheme (ADF Super) established on 1 July 2016 by the Australian Defence Force Superannuation Act 2015 (the ADF Super Act).
Exempt public sector schemes
Exempt public sector schemes are not regulated under the SIS Act.
We administer six exempt public sector and military schemes which are:
- the scheme established under the Superannuation Act 1922 (the 1922 Act)
- the Defence Forces Retirement Benefits Scheme (DFRB) established in 1948 by the Defence Forces Retirement Benefits Act 1948 (the DFRB Act)
- the Defence Force Retirement and Death Benefits Scheme (DFRDB) established by the Defence Force Retirement and Death Benefits Act 1973 (the DFRDB Act)
- the Papua New Guinea Scheme (PNG) constituted under the Superannuation (Papua New Guinea) Ordinance 1951 and administered in accordance with section 38 of the Papua New Guinea (Staffing Assistance) Act 1973 (the PNG Act)
- the Defence Force (Superannuation) (Productivity Benefit) Determination (DFSPB), issued under the Defence Act 1903 (which is a productivity benefit paid by the Department of Defence)
- the ADF Cover scheme (ADF Cover) established on 1 July 2016 by the Australian Defence Force Cover Act 2015 (the ADF Cover Act).
Our members
Our schemes generally consist of two types of members:
- contributors, who are either employed by a participating scheme employer (usually an Australian Government entity or the ADF), or are PSSap members who were formerly employed by a participating scheme employer, and who elected to continue PSSap membership with their new employer
- deferred benefit members, or preservers, who do not contribute to their scheme because they no longer work for a participating employer or are no longer ADF members. These members maintain an account within their scheme and under scheme rules can generally become contributors again if they join a participating employer or re-join the ADF.
There are also CSC pensioners. Pensioners are former scheme members who have exited their scheme and receive a pension paid by the Australian Government. Eligible pensioners from the military schemes may become contributors again if they re-enter the ADF for a period of more than 12 months.
Public sector scheme members who join CSCri are referred to as CSCri members.
Depending on scheme rules, scheme membership may also include former spouses following a family law split (known as associates); spouses and eligible children of deceased pensioners or members; and members who under scheme rules hold a benefit in a second scheme (MilitarySuper or PSSap), and who are known in their second scheme as ancillary members.
