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Outlook for the future

Find out how we're performing at our Annual Member Meeting

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Join us at this year’s CSC Annual Member Meeting (AMM) to hear directly from the CSC Board of Directors and Executive Team.
The AMM is your opportunity to learn more about CSC’s recent performance, objectives, strategy and outlook for the future.

Event details


Thursday, 10 November, 2022


6:00 – 7:30pm AEDT


Canberra Rex Hotel or online


To confirm your attendance, either in-person or online, you'll need to register.

Register now

Registrations close Thursday 3 November.

Learn about what investment opportunities and risks might imply for your retirement savings and what is ‘just noise’.

Over the last year, central banks have been forced to respond to very high inflation rates across the developed world, by raising interest rates and tightening the supply of money. Financial markets are reacting to this change. The open question is whether this environment of rising rates will result in recession—and what this means for your superannuation savings.

Our AMM is your opportunity to hear about and ask questions on the implications for your super.

For more context and further information regarding our performance visit 2021–22 Investment Performance Review.

Getting the most out of our AMM: Are you in an Accumulation or Defined Benefit fund?

At CSC, our customers fall into two broad groupings—those in Accumulation funds and those in Defined Benefit (DB) funds.

At our AMM, we will be discussing what our investment performance means for each of these two groups. To help you get the most out of this discussion, we would encourage you to familiarise yourself with your own fund, and the category it falls under.

Please note that information at our AMM will be more focused on those in Accumulation schemes, due to customers in these schemes being more impacted by the current investment landscape.

In Accumulation funds, money adds up in your super account from contributions and investment earnings. Contributions can include payments from your employer, or money you add from your pre- or post-tax salary. CSC’s Accumulation funds are PSSap and ADF Super.

For DB funds, the final amount that you receive is based on a formula, instead of accumulated contributions and investment earnings. Each fund has a slightly different formula. PSS is a DB fund.

CSS and MilitarySuper are hybrid schemes, meaning they are part Accumulation, part DB.

Find out more information about our super funds and products.

Get to know your Annual Statement now.

You may have recently received your CSC Annual Statement for the 2021–22 Financial Year. If not, you will soon.

With our AMM just around the corner, now is a good time to engage with your Annual Statement, as a key way to check in on your super and review how it's tracking. At a glance you'll see your account balance, insurance cover (where applicable), any contributions you may have made, and a benefit estimate. To better understand your Annual Statement, this is a useful starting point.

Find out more now, via our Frequently asked Questions (FAQs).

We've published a collection of responses to our key FAQs from our 2021 AMM. Prior to attending this AMM, we encourage you to check out this list and see if it answers any questions of your own.

Keep the retirement of your dreams in focus

Keen to do more to ensure you’re on track for the retirement you’ve been dreaming of? There is no better time than today to start familiarising yourself with our tools and resources designed to help you do just that.

  • Get reacquainted with our resources

    Our video resource library has a collection of videos and recorded webinars to support you to learn more about managing and maximising your super.

  • Predict your pension with i-Estimator

    Our retirement calculator, i-Estimator, can give you a picture of what your pension may look like and when you may be able to conclude working. Log into your account and enter your details to get an estimate of your net income into retirement.

  • See how your super stacks up

    Enter your details into our interactive Benchmark Calculator to see how your super stacks up against your peers. If your balance is higher, you’re on the right track. If your balance is lower, find out how you can make additional contributions.

  • Read about our Retirement Income Strategy (RIS)

    If you’re about to retire, or have retired and are accessing your super, our new Retirement Income Strategy (RIS) has been designed for you. Put simply, it is a framework that will govern and drive an expanded range of product and service offerings for CSC customers who are retired, or about to retire.

    Investment Magazine recently reviewed the superannuation’s response to providing a RIS, with CSC’s strategy drawing favourable responses.

    Our Retirement Income Strategy Investment Magazine's Review 

Join our communities

3rd Act Community

As you think, dream or plan your way towards retirement, our 3rd Act Community can help inspire and guide you. Get access to resources, guidance and information.

3rd Act Community

Vets Hub

The Vets Hub is another source of information and guidance, with regular financial wellbeing information specific to veterans and their families.

Vets Hub

Our performance, products and operations

Your Future, Your Super

In preparation for our AMM, we put together a one-page factsheet of information about our operations and expenditure over the year that may be of interest to you.

Screenshot of Peter Jamieson from 2021 AMM

Missed out on the last Annual Member Meeting?

Check out our important documents below for a transcript, minutes, Q&As and our Annual Reports. You can also watch a recording of the 2021 AMM.

Watch the 2021 AMM

Important Documents

Minutes from CSC's Annual Member Meeting

Minutes from CSC's Annual Member Meeting, including responses to all questions asked by members.

Transcript from CSC's Annual Member Meeting - November 2021

Transcript of CSC's Annual Member Meeting held virtually in November 2021

About the Annual Member Meeting

Why do you hold AMMs?

All super funds are now required to hold an Annual Member Meeting following passage of the Putting Members Interests First legislation early last year. The requirements of the meeting are different to those applying to an AGM for shareholders of publicly listed companies. Specifically, the Annual Member Meeting does not have voting or motions, but there is an opportunity for anyone to ask questions of the fund’s directors and executives. 

Will you be asking for feedback after the AMM? 

Yes, a survey requesting feedback about the AMM will be sent to all participants immediately after the event.

Are you going to mail Proxy Voting?

The regulations requiring the holding of the Annual Member Meeting are different to those applying to an AGM for shareholders of publicly listed companies. Specifically, the Annual Member Meeting does not have voting or motions, but there was an opportunity for anyone to ask questions of CSC’s directors and executives.

Why was last year’s AMM the first Board meeting ever held? 

The Annual Member Meeting (AMM) was not a Board meeting. The Board holds separate Board meetings throughout the year and the AMM was held specifically for our customers so they could hear directly from, and ask question of, our Chair, Board Directors and senior executive staff. All super fund trustees are now required to hold an Annual Members Meeting (AMM) following passage of the Putting Members Interests First legislation early last year.

Will it be possible to view recordings after the meeting?

Yes, a recording of the entire AMM and a complete transcript will be available on our website following the meeting. 

CSC Corporate

Why do you refer to members as "customers"? 

We use the term ‘customer’ because it is our duty and honour to serve everyone who trusts us to invest their superannuation, pay their pensions and provide education, advice and guidance to. A customer is someone you provide a service to because you value them, and by using that term it drives our staff to deliver better outcomes.

What is the annual remuneration to the Board of Directors and Executive Team? 

The remuneration of the CSC Board Directors and senior executives is published annually on the CSC website. The Executive Remuneration Disclosure can be found on our Corporate Governance page.

Why aren't the members of the Board elected by members of the Funds? 

CSC’s governing legislation places responsibility for the composition of the CSC Board with the Minister for Finance, who may directly nominate individuals to the Board in consultation with the Minister for Defence, and who is also required to appoint individuals nominated by the ACTU and the Chief of the Defence Force. Any member of the public can contact the ACTU, Chief of the Defence Force or the Minister for Finance to express an interest in being on CSC’s Board. For specific information on the appointment of Directors to CSC’s Board, please refer to section 12 of the Governance of Australian Government Superannuation Schemes Act 2011.

When do members get to vote on the remuneration for staff and when do we get to vote on board appointments? 

The requirements of the superannuation trustee Annual Member Meeting are different to those applying to an AGM for shareholders of publicly listed companies. Specifically, the Annual Members Meeting does not have voting or motions, but there will be an opportunity for anyone to ask questions of CSC’s directors and executives.

How will the CSC transformation benefit pensioners?

CSC’s transformation is simply about delivering better outcomes for our customers. As part of this transformation there are a lot of back-end changes to our technology systems, processes and operations.

Members can expect to see us make the most of our data and insights to personalise both their experience with us and their retirement outcome. Members will be using the latest digital capabilities that will enable much simpler access to their online CSC account and greater self-service options. Members will experience much faster transactions with us because we’ll have better administration systems that will allow for greater automation.

The way we work will be centred on end-to-end service where the goal will be to resolve any issue or enquiry in a single transaction, with individual and tailored support and guidance. And we will be expanding our financial assistance and advice services to ensure we can guide members on their path towards retirement.

Defined Benefits

What are the risks of a financial crisis impacting a defined benefit pension?

The Australian Government guarantees 100% of all CSC defined benefit pension payments for life (e.g. pensions from CSS, PSS and MSBS). The Future Fund was established specifically for this purpose.

Are PSS members able to move or contribute to their own super fund?

PSS scheme rules do not allow contributions otherwise than from eligible employers and members in eligible employment. Please get in touch if you wish to discuss options in relation to claiming the PSS benefit.

The CSS has been closed to new contributors for many years now. How many contributing members remain?

As of 30 June 2020 there were 2,986 active contributors to the CSS scheme.

Why was the DFRDB scheme closed and replaced by an alternative compulsory scheme?

The DFRDB was closed to new members on 30 September 1991. From 1 October 1991 until 30 June 2016, former members who had deferred benefit rights or who were in receipt of DFRDB pensions were able to resume membership of the DFRDB under certain circumstances.

The Government introduced Military Superannuation and Benefits Scheme (MSBS) following a review of superannuation arrangements in place at that time, which considered whether the design of the Defence Force Retirement and Death Benefit Superannuation Scheme (DFRDB) suited Australian Defence Force (ADF) members and reflected contemporary superannuation policy. The result was to close DFRDB for new entrants and introduce MSBS.

From 1 July 2016, former serving DFRDB members who were in receipt of DFRDB pensions were not able to join the DFRDB or MSBS if they returned to the Permanent Forces or became continuous full–time Reservists. Instead, they became eligible to join ADF Super and became eligible for ADF Cover.

What is CSC's intention to resolve the grievances of DFRDB recipients regarding commutation and indexation?  

In 2019, the Commonwealth Ombudsman published an extensive report on DFRDB Commutation, addressing the issues that have been raised by veterans. The Ombudsman’s report concluded that that neither CSC, nor its predecessors, provided incorrect information about commutation and that CSC is administering commutation in accordance with the law. The report made separate findings in relation to the administration of commutation by the Department of Defence, following which the Department of Defence issued a statement indicating that affected members could apply to the Department of Defence for compensation.

DFRDB customers are directed to the findings of the Ombudsman’s report and to the Department of Defence. The outcome of the Ombudsman’s investigation can be found on the Department of Defence website

How does the superannuation contribution increase impact on PSS or other scheme rates?

As the superannuation schemes administered by CSC are all legislated schemes, the increase of the superannuation guarantee rate will have no impact on our funds. CSC administers both defined benefit funds and accumulation funds, meaning there are varying rates of contributions depending on the scheme you are in. However, all of the schemes administered by CSC currently have higher contribution rates than what the super guarantee is increasing to, so there is no disadvantage with our schemes not changing.

What does 'preserved member' mean? 

A member who previously made contributions to a fund administered by CSC, such as CSS or PSS, but is now a non-contributing member who still has amounts held within that fund.

Will CSS and PSS be combined?

If you are a CSS member you will remain a CSS member for life. There are currently no plans for CSS and PSS to be combined.

What is 54/11? (CSS)

This answer is just for our customers in the CSS scheme

This commonly used term refers to the option of resigning prior to turning 55 (at least two days prior to your 55th birthday), preserving your benefit and claiming a deferred benefit after you reach age 55. If you choose this option, your deferred benefit will include an indexed pension (paid as your employer component). This pension is calculated based on 2.5 times your accumulated basic contributions, multiplied by a pension factor based on your age at claim. You will also be able to take your member and productivity components as a lump sum or additional non–indexed pension.

If you instead choose to continue working and retire at or after age 55, your indexed pension is calculated using a percentage of your final salary. This percentage is based on your age and years of contributory service. As the two calculation methods are very different, it is highly recommended you obtain benefit estimates for both scenarios well in advance of your 55th birthday.

Find out more about the 54/11 option

Online services, communication, and education

Would it be possible to have a single log in for multiple schemes?

We recognise that the current online services experience for customers is not ideal. Whilst our investments in technology will take some time, we are undertaking a significant investment over the next three years to transform our digital services to customers to better meet their expectations. A key area of focus will be our online services to ensure all customers have a simple, easy ‘one-stop-shop’ for all their CSC accounts and services.

Are you doing anything to improve the CSC website? 

We are undertaking a significant investment over the next three years to transform our digital services to customers to better meet their expectations. A key area of focus will be our online services to ensure all customers have a simple, easy ‘one-stop-shop’ for all their CSC accounts and services. We are also undertaking an extensive and ongoing process of updating our website content to make sure it is easier to understand.

Is it possible for customers to receive monthly updates instead of just once a year? 

All of our customers are able to view their account online at any time at


CSC also sends investment and general information emails to all of our customers who wish to receive these emails on a regular basis. 


What are your support services for customers who live overseas?

CSC does not have any physical offices overseas, however all customers can access their CSC account online at any time. 

If you need assistance logging in to your account visit our ‘Contact us’ page to find the right email or phone number to call.

Our PSSap, ADF Super and CSCri contact centre is open between 8:30am and 6pm (AEST) and our CSS, PSS, MilitarySuper and DFRDB contact centre is open between 8am and 6pm (AEST).

When do you expect to be able to resume member education sessions in cities around Australia?

CSC will look to recommence its live ‘in-person’ public seminars in 2022. Much like holiday travel, varying COVID restrictions have made it difficult to book venues too far into the future. However much of our education material is available online which you can view at a time convenient to you. Furthermore, live webinars are also listed on our website, which you can register to attend. We look forward to getting back to our face to face public events as soon as we can.

When will you start workplace information seminars again?

We're hoping to get back into visiting more of our employer sites to deliver information sessions. Reach out to your HR/People team to express your interest. If you’re an employer interested in arranging an in-house seminar for staff, please contact us on 1300 338 240.


Does CSC have an ethical investment policy?

Yes, CSC’s active ownership policy is summarised in our Stewardship Factsheet.

How are you dealing with climate risk?

Climate change risk is a core component of CSC's approach to managing the risks arising from poor consideration of environmental, social and governance challenges, what is commonly referred to as ESG. At CSC, we believe that there is significant embedded value in companies and organisations that operate ethically and sustainably. ESG measures assist us in assessing companies' develop in these areas, and at CSC, we're focused on engaging with companies to promote genuine sustainable impact.

There are many facets to managing ESG risks, because they're interdependent. We believe that incremental, consistent changes are more effective in supporting robust and smooth transitions to a more sustainable future. On climate, we manage climate investment risk, principally in three ways.

  1. Renewable investments. We invest in renewable energy assets and strategies because renewable energy is the most likely future of our global energy system. CSC has a proud record of investing in assets, both public and private, that will make a positive impact on the climate in the future. CSC focusses our investment exposures in the relatively cleaner producers, especially in Australia, and particularly those who are also investing in renewables and operate with high social and community standards.
  2. Supporting robust transitions from fossil fuels. As long-term investors, we can support a transition from fossil fuels, a transition that respects the practical demands for energy in our country and around the world, that recognises the labour force impacts of the transition and that understands simple divesting is unlikely to reduce the climate risk.
  3. Focusing on the impact of the climate footprint over time. Our approach considers the carbon footprint of our investments, the market's appreciation of that and our ability to influence it, and we measure this at a net portfolio level. CSC considers all ESG issues to be fundamental, and we have consistently been a market leader, and in many cases, a first mover in this space. 

More information can be found on our Investment quality and sustainability page, and our Your super and climate change factsheet.


Do you invest in renewables?

CSC has been investing in new-energy-system assets for over two decades both directly, through our private asset portfolio and via tailored public market indices. By being a first- mover, we have been able to avoid trade-offs more easily accepted by charitable organisations and instead, capture strong financial returns for you which also deliver positive impact in the world you will retire into. By way of example, we were an early investor in windfarms, acquiring half of the largest wind farm in the Southern Hemisphere at that time, being Macarthur Wind Farm, in 2015. This investment has generated strong returns of 14% per annum to December 2020, because we recognised the structural tailwinds to renewables before others did, and were therefore able to make a very low risk investment at a relatively low price per megawatt of generation capacity. Our competitors who have followed us into renewable energy have been assuming greater risk and paying up to 68% more than we did.

We have also invested in solar farms and wind farms in both Australia and Europe.

We understand that sustainable investing is not just about renewable energy. To mitigate the risks arising from the global population's challenging demands on natural resources, our most recent initiative has been to actively reduce our exposure to companies that misuse scarce natural resources. Compared to the standard passive International Equity Index, this has effectively halved water use and waste produced by companies in that particular segment of your international shares portfolios. Domestically, our investment in a multi-utility infrastructure business promotes better usage of precious resources like water and land.

Where does CSC stand on carbon emission reductions?

A number of super funds have announced targets, a 33% reduction in carbon, for example, within a decade. At CSC, we're well on track to deliver that. In fact, naive extrapolation of our track record to date would suggest we'd be carbon neutral by 2030, but we all know that these things aren't linear, and we hope to move as quickly as we can. Some other funds have announced a 100% reduction in carbon emissions by 2050 to align with the Paris Climate Agreement. This will require a well-articulated and tangible plan, so when you're comparing super funds, we would encourage you to look for that execution capability and ask for a plan, rather than just look at the headlines.

Is CSC planning to divest from thermal coal?

When engagement is futile, and the risks to franchise value are material, we will exit our shareholdings. Historically, we have divested of:
  • undiversified companies which generate 70%+ revenue from thermal coal production and generation in 2020-21;
  • single entity producers of tobacco in 2013;
  • cluster munitions and landmines in 2011; and
  • Forestry Enterprise, Guns Limited, approximately two years prior to the company being placed into administration in 2012.

Are there any plans to move away from the fossil fuels industry? 

We have not invested in new fossil fuel plants in our infrastructure portfolio since 2010. We have reduced exposure to the inefficient users of water and producers of waste, and we have divested from undiversified thermal coal producers, both domestically and internationally, because we cannot engage effectively to produce genuine change with single-focus producers.

However, we don't believe in the precipitous exit, from diversified resource companies, like BHP, for example, or South32, who are well placed and incentivised to deliver a robust transition to the new energy system. These companies, for example, were two of the first companies in Australia to adopt the transparent reporting standards advocated by the task force on climate-related financial disclosures, which was set up by the Financial Stability Board internationally. They utilised climate-related scenarios to test not just the resilience of their asset bases, but also how to commit capital to leverage new technologies and decarbonisation trends, so they're creating value for you in terms of your financial outcomes in retirement and improving the world that you'll retire into and leave to your children.

Do you use dashboards to optimise ESG investment? 

Given the variability in coverage and depth still evident in ESG data, we seek to use a very broad range of data inputs into our process, processed and analysed both directly through our internal risk systems and externally, via those of our investment partners. In so doing, we access data derived from AI processes and quantitative scores as one of many inputs to identify environmental, social and governance (ESG) risks and opportunities within our portfolio.

  • Our primary ESG scoring system rate companies on a ‘AAA‘ to ‘CCC’ scale according to their exposure to industry-specific ESG risks and their ability to manage those risks relative to peers.
  • We note that the quality of ESG scores differs by region and industry around the world, so we access a number of different rating sources and focus on the material exposures and outliers generated from this quantitative analysis.
  • Importantly, for our material exposures, we also use the more nuanced inputs from security-level insights derived by our specialist fund managers around the world, who have responsibility for analysing specific companies in which they have built up a bank of knowledge both with respect to their specific idiosyncratic characteristics, management systems, evolving strategic priorities and their advantages and disadvantages in the industries and communities in which they operate.
  • The scores help efficient screening of the thousands of companies we gain exposure to through our passive equity investments.
  • ESG factors, together with financial factors that relate to balance sheet health and operational discipline, inform our analysis of risk. They are all consistent and systematically measured inputs into our portfolio-risk evaluation systems, investment- valuation models, portfolio scenario and stress tests.

This forms a rich tapestry of data and information from which to measure and analyse not just the ESG opportunities and risks in the portfolio, but the vulnerabilities of our material company and asset exposures. It has enables us to:

  • Understand and measure the climate-related exposures through the portfolio by seeking partnerships with experienced and complementary external research and data providers, incorporating exposures to physical, transition and liability risks as they relate to climate;
  • Engagement with a specialist in climate risk modelling, as well as other external research and data providers, to provide input into climate scenarios and their impacts on CSC portfolios;
  • Consolidation of the different metrics of climate change risk management into a master database which facilitates a holistic view of the portfolio exposure; and
  • Preliminary scenario analysis using tools provided by the Transition Pathway Initiative, and 2-degree Scenario Analysis initiative.

Where can members find details of what assets and holdings are managed by CSC? 

Portfolio holdings information is updated every 6 months and available on our Investment Disclosure page.

Find more answers

Frequently asked questions

We have provided answers to some of our most commonly asked questions, you will find EOFY information, our USI, help logging in to online services and many other questions we're regularly asked.

Answers to frequently asked questions

Important Documents

Minutes from CSC's Annual Member Meeting

Minutes from CSC's Annual Member Meeting, including responses to all questions asked by members.

Transcript from CSC's Annual Member Meeting - November 2021

Transcript of CSC's Annual Member Meeting held virtually in November 2021

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