Our first fund opened in 1922, and now we manage and administer 11 super funds. These are set up solely to meet the needs of eligible current and former Australian Government employees and members of the Australian Defence Force.
If you’re new to CSC, already a customer, or trying to find out what we offer, here’s a brief overview.
Full details on product features and eligibility criteria can be found in the relevant Product Disclosure Statement.
If you work for the Australian Government or the Australian Defence Force, you may be eligible to join one of our open super funds.
Open to Government employees
Public Sector Superannuation accumulation plan (PSSap)
PSSap was established on 1 July 2005 is an accumulation scheme.
PSSap is available to eligible current and former Australian Government employees.
Default employers will contribute at a rate of 15.4%.
PSSap offers an account-based pension product known as CSCri (Commonwealth Superannuation Corporation retirement income), to eligible customers.
Eligible CSS and PSS customers are also able to take up an ancillary membership PSSap.
CSC retirement income (CSCri)
CSCri is designed to complement your existing CSS, PSS, or PSSap benefit by allowing you to keep some or all of your super invested, while also receiving regular retirement income payments.
Open to members of the Australian Defence Force
Australian Defence Force Superannuation Scheme (ADF Super)
ADF Super was established on 1 July 2016 and is an accumulation scheme.
ADF Super is generally available to members of the Australian Defence Force, including reservists who are in full-time continuous service.
Eligible ADF Super customers can continue contributing to ADF Super even if they leave the Australian Defence Force.
Australian Defence Force Cover (ADF Cover)
ADF Cover is a benefits scheme established on 1 July 2016.
It provides benefits for medical discharge or death of an eligible member of the ADF who is under 60 and either is an ADF Super customer, or would have been had they not chosen another superannuation fund.
The cover extends to Reserve members rendering continuous fulltime service.
Eligible individuals are automatically covered under the ADF Cover benefits scheme and are not charged any premiums for this benefit.
|PSSap – Public Sector Superannuation Accumulation Plan||1 July 2005||Open|
|ADF Super||1 July 2016||Open|
|ADF Cover||1 July 2016||Open|
|MilitarySuper||1 October 1991||30 June 2016|
|PSS – Public Sector Superannuation||1 July 1990||30 June 2005|
|CSS – Commonwealth Superannuation Scheme||1 July 1976||1 July 1990|
|DFRDB – Defence Forces Retirement and Death Benefits||1 October 1973||30 September 1991|
|DFRB – Defence Forces Retirement Benefits||1948||30 September 1973|
|PNG: Papua New Guinea Superannuation Fund||1951||30 June 1976|
|The Pension Scheme (1922 scheme)||1922||1 July 1976|
If you started working for the Australian Government or the Australian Defence Force prior to 2005, you may be a customer of one of our closed super funds.
- PSS was established on 1 July 1990, and closed to new customers on 30 June 2005.
- PSS is a defined benefit scheme.
- On retirement, customers can usually convert 50% or more of their final benefit accrual to a lifetime non-commutable indexed pension, paid by the Australian Government.
- Any remaining balance, as well as any transfer amounts, will be paid as a lump sum.
- CSS was established on 1 July 1976, and closed to new customers on 30 June 1990.
- CSS is a hybrid scheme (part accumulation, part defined benefit) where benefits derive from customer and employer-financed component.
- The accumulation benefit is formed by customer and productivity contributions, and fund earnings.
- The defined benefit is the employer-financed amount, which (in most cases) is paid as a lifetime non-commutable indexed pension.
- MilitarySuper was established on 1 October 1991, and closed to new customers on 30 June 2016.
- MilitarySuper is a hybrid scheme (part accumulation, part defined benefit).
- MilitarySuper offers an ancillary benefit (which is also available to eligible DFRDB members) to those who wish to make additional contributions and transfers, such as additional personal, salary sacrifice and spouse contributions.
- DFRDB was established on 1 October 1972, and closed to new customers on 30 September 1991.
- DFRDB provides superannuation for ADF members who became contributors on or after 1 October 1972, and for contributors of DFRB on 30 September 1972 who compulsorily transferred to DFRDB on 1 October 1972.
- DFRB is a closed military scheme with no contributing customers.
- Established in 1948, this scheme closed to new contributors on 30 September 1972.
- Customers contributing at that time the scheme was closed automatically transferred to DFRDB on 1 October 1972.
- DFRB continues to provide the benefit entitlements for customers who ceased to be contributors before 1 October 1972, and for reversionary benefits to eligible spouses and children.
- PNG is a closed public sector scheme with no contributing customers.
- Constituted under the Superannuation (Papua New Guinea) Ordinance 1951, PNG provided retirement benefits for employees of the administration of the Territory of Papua and New Guinea.
- Since the PNG closed on 1 July 1976, the scheme has been administered in accordance with section 38 of the PNG Act.
- The 1922 scheme, which was established under the 1922 Act, is a closed public sector scheme with all customers receiving a pension.
- The 1922 scheme closed on 30 June 1976 and customers contributing to the 1922 scheme transferred to CSS, when CSS opened on 1 July 1976.
- The 1922 Act continues to provide for pension payments and any reversionary pensions that become payable.
Accumulation and defined benefit super funds, what’s the difference?
Great question. Here’s an overview — we’ve saved you some of the technical details. If you want the nitty gritty, you can get all the information in our Product Disclosure Statements.
Accumulation super funds
‘to collect a large number of things over a long period of time’
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.
Defined benefit super funds
‘the value of the pension is fixed according to a formula’
The final amount that you receive is based on a formula instead of accumulated contributions and investment earnings. Each scheme has a slightly different formula.
If you hold eligible employment, by law your employer has to put money into your super account. The amount your employer pays is a percentage of your salary for super. The government calls these payments the ‘Super Guarantee (SG)’.
You’re also allowed to put money into your super account, but you don’t have to. There are other types of payments that can be made into your super account.
|Money is added to your account by your employer. Your employer makes pre-tax contributions and, depending on your fund, you may be able to make after-tax contributions.|
The amount you get – your retirement benefit – is your account balance when you retire.
The money in your super account is invested and generally the aim is for your money to grow over time, after fees and subject to inflation. For this reason, your account balance will also show the impact of investments returns over time (both positive and negative).
The amount you get – your retirement benefit – is defined in your fund rules and is usually calculated using a formula that is based on:
- how much contributions made by your employer and how much contributions made by you (including extra contributions),
- your length of employment with the employer, and
- your final average salary when you retire.
|Insurance is generally offered to eligible customers to help cover your income in case you become ill or injured and cannot work, or if you die, subject to meeting eligibility criteria.||
Generally defined benefit funds have an inbuilt insurance component within them for eligible members in case of death or permanent disability, subject to meeting eligibility criteria.
Additional insurance is also available for eligible members to obtain for a fee.
The government has many rules for the defined benefit funds that CSC looks after. Here are some of them:
- Your Salary for Super is what we use to calculate contributions. There are specific rules for calculating your ‘Salary for Super’, and it’s often different from your take home pay.
- Depending on your fund, your benefit payment is calculated using your average salary when you retire. Different calculations apply depending on how you leave your employment.
- The difference between contributions made by you and your employer, plus the earnings on these contributions are only a small percentage of your final benefit. The difference is covered by the Future fund. The Future Fund was established in 2006 to strengthen the Australian Government’s long-term financial position and ensure that from 2020, funds can be withdrawn from it to cover the annual unfunded Commonwealth superannuation liabilities due to our ageing population.
- Both the CSS and PSS customers can choose if they receive all or part of their benefit as a pension, depending on when they access their benefit.
- The pension in all of CSC’s defined benefit funds is paid as an indexed lifetime retirement income – except in the case of CSS which can have both indexed and non-indexed pensions. The pensions are reversionary, meaning a percentage of your pension will continue to be paid to an eligible beneficiary, generally your spouse, when you die.
- Any one off payments, also called lump sums, must stay in your super fund until you reach the earliest age the government will allow you to access your super, which is called your preservation age.
- You may be able to access your super through regular fortnightly payments, also known as a retirement income stream, earlier than your preservation age. You may also be able to access all or part of your super earlier than your preservation age due to being unable to work, are terminally ill or on compassionate grounds.