Super fund celebrates 100 years, launches centenary celebrations

Media release 

• The Commonwealth Superannuation Corporation (CSC) celebrates 100 years of serving those who serve Australia - Australian Government employees and Australian Defence Force personnel
• CSC is one of the longest continuously operating super funds in Australia, with AU$58 billion currently under management
• CSC will use the milestone to launch a year-long commemoration of its rich history and connection to Australia’s public service, defence force and veteran communities, culminating with an event later in the year to mark the day 100 years ago when its first super scheme began

The Commonwealth Superannuation Corporation will today launch its 100 Year Anniversary celebrations, kicking-off a year-long program of activity showcasing the history and evolution of the fund and its ongoing commitment to Australia’s public service, defence force and veteran communities.

Since its inception in 1922 as the 1922 Scheme, the Government-owned super fund has grown from just 26,876 customers and 299 pensioners after its first year in operation in 1923, to over 488,000 customers and 245,000 pensioners today.

With a niche customer base of Australian Defence Force personnel, veterans and Australian Government employees, CSC’s support of its customers extends beyond just superannuation and includes financial literacy, education and advice, and a range of services designed to support veterans transitioning out of the defence force, and increasingly, products and services to help customers in their retirement.

CSC will use the milestone to celebrate its proud heritage, how it supports and guides its customers today, and how the business is transforming to deliver improved customer-centric services.

“We’re thrilled to be announcing this exciting milestone because for us it is about celebrating the incredible men and women who have previously served and those who continue to serve our country through their roles in the Australian Public Service and the Australian Defence Force,” said CSC Chief Executive Officer Damian Hill.

“We’ll be using our centenary to celebrate the amazing contributions they have made throughout our 100 years in operation.

“From our humble beginnings in 1922, CSC has continually evolved to provide support to those in Australia’s public service, defence force and veteran communities so they can enjoy the retirement they want and deserve.”

“In this centenary year we celebrate our proud heritage but also who we are today and who we want to be in the future, and we are very excited about our next chapter – a chapter that will be totally driven by the needs of our customers.”

Established as the Superannuation Fund Management Board (SFMB) in Melbourne on 18 October 1922 under the new Superannuation Act 1922, the SFMB was later renamed the Superannuation Board in 1930 and relocated to Canberra where it has been headquartered since.

Many CSC customers will remember CSC’s predecessor organization, ComSuper which operated from 1994 to 2015. During that period ComSuper adopted a role in superannuation awareness and promotion which was achieved though representation on industry peak bodies, a schools' superannuation awareness program and retirement and retrenchment presentations.

ComSuper also managed the closure of the Commonwealth Superannuation Scheme (CSS) to new members in 1990 and the opening of the Public Sector Superannuation (PSS) scheme that same year. The PSS scheme closed to new members in 2005 and was superseded by the Public Sector Superannuation Accumulation Plan (PSSap), which still operates today.

CSC remains a trusted partner to its customers, providing support and assistance every step of the way along their super journey to reach their personal super goals, empowering them with the confidence to take the next step and sharing its expertise to secure their financial futures.

Visit www.csc.gov.au/100years for the complete history of CSC.

-- ENDS --

Media contact

Damon Whittock, CSC Senior Manager Corporate Affairs; ph. 02 6275 7108; email. damon.whittock@csc.gov.au