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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 customers in accordance with the provisions of the various legislation and Trust Deeds that govern the schemes.
Our vision is to build, support and protect better retirement outcomes for all our customers 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, customers
- provide information about scheme benefits or potential benefits
- provide advice to the Minister for Finance 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 2019–20 Corporate Plan and in the 2019–20 Portfolio Budget Statements. Go to CSC’s Annual Performance Statements to see how we performed in 2019–20.
Regulated superannuation schemes
Regulated superannuation schemes must comply with the Superannuation Industry (Supervision) Act 1993 (the SIS Act) and other prescribed regulatory provisions to be entitled to concessional tax treatment. We are the trustee of five regulated public sector and military schemes. They 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); under its Trust Deed the PSSap also offers 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. They 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 customers generally fall into three categories. They are:
- Those making superannuation contributions who are either employed by a participating scheme employer (usually an Australian Government entity or the ADF), or customers who were formerly employed by a participating scheme employer, and who elected to continue to contribute to PSSap with their new employer.
- Those with preserved or deferred benefits who are no longer able to contribute to their scheme, because they no longer work for a participating employer, or are no longer ADF members. We continue to maintain accounts for these customers and they can generally start making contributions again if they join a participating employer or re-join the ADF.
- Those receiving a pension who have retired. Some ex-military customers receiving a pension may start making contributions again, if they re-enter the ADF for a period of more than 12 months.
CSC customers also include former spouses, following a family law split, spouses and eligible children of deceased customers, and customers who have multiple superannuation accounts with us.