Celebrating 100 Years of Service

It all started with one scheme—the 1922 Scheme, serving federal public servants—and, after several name changes and restructures, became the Commonwealth Superannuation Corporation in 2011. We are still loyally serving Australians today as we have done for a century.

In this centenary year, we celebrate our proud heritage, who we are today, and who we want to become over the next hundred years.

Bold beginnings

• 1922

  The Superannuation Fund Management Board (SFMB) is set up in Melbourne on 18 October under the new Superannuation Act 1922.

  

  Mr FJ Ross

  The Board employs staff directly and there is no separate administration agency. Mr FJ Ross becomes the first President of the Board and agency Head. He bases himself at Chelford House, on the corner of Flinders Lane and Russell Street, Melbourne.

• 1922

  The Pension Scheme (1922 scheme) opens.

  

  With the passing of the Superannuation ACT 1922, the Superannuation Fund Management Board is born on 18 October 1922 and the Pension Scheme (1922 Scheme) opens.

• 1923

  Contributions to the 1922 scheme begin and amount to £128,137 by 30 June.

• 1928

  The earliest-born member of the 1922 scheme retires.

• 1930

  The SFMB is renamed the Superannuation Board and relocates to Canberra.

  

  Superannuation Board staff at the Civic Offices.

  In 1930 the Superannuation Fund Management Board moves to Canberra and changes its name to the Superannuation Board.

• 1930

  One seventh of Commonwealth Public Service staff lose their jobs during the Great Depression.

• 1937

  The Provident Account is introduced for returned soldiers, public servants who can't meet pension scheme medical standards, and new customers over 45 who can't afford the cost of pension scheme contributory units.

Strength to strength

• 1948

  In recognition of the sacrifices made by Australians in WWII, the Government passes the Defence Forces Retirement Benefits Act 1948.

  

  Inaugural Meeting of the DFRB Board in the old War Cabinet Room, Victoria Barracks, Melbourne, 22 July 1948.

• 1948

  The Defence Forces Retirement Benefits Fund (DFRB) opens.

  

  Hand written manual calculations

• 1950

  A fire in the Superannuation Board’s offices destroys many valuable records. It takes two years to restore the information required to prepare the 1948–49 Annual Report. 

• 1951

  The Papua New Guinea (PNG) Superannuation Fund opens.

• 1951

  The PNG Scheme is a thank you from the Australian Government to those in PNG who helped Australian and Allied Forces troops on the Kokoda Track and other locations during WWII.

• 1964

  Staff work in one of four areas: Secretary's Division, Investment Division, Contributions and Benefit Division, or Automatic Data Processing Division. Staff are a prized commodity and are treated to all the perks the job could offer. On joining, they're issued with a pen, stapler, ruler and ashtray!

  

  In the mid-1970s, contributions are handled by data-processing officers using punch cards based on paper returns from employees. Pictured here are the hand-written records cards.

• 1972

  Only 32% of workers are covered by superannuation.

  Chronology of superannuation and retirement income in Australia

• 1973

  The Defence Forces Retirement Benefits Fund (DFRB) closes.

• 1973

  The Defence Force Retirement and Death Benefits Act 1973 establishes the Defence Force Retirement and Death Benefits (DFRDB) Scheme.

• 1973

  The organisation changes its name from the Superannuation Board to the Australian Government Retirement Benefits Office (AGRBO).

• 1973

  Defence Force Retirement and Death Benefits (DFRDB) opens.

• 1974

  In the private sector, 24% of people have super cover compared with 58% in the public sector.

  Chronology of superannuation and retirement income in Australia

• 1976

  The means test for all pensioners is abolished. Previously, people were assessed according to age, income and assets—including the family home!

  Chronology of superannuation and retirement income in Australia

• 1976

  The Pension Scheme (1922 scheme) closes.

• 1976

  The Papua New Guinea Superannuation Fund closes.

• 1976

  Commonwealth Superannuation Scheme (CSS) opens.

• 1976

  The new Superannuation Act 1976 establishes the Commonwealth Superannuation Scheme (CSS). The Pension Scheme and Provident Account close and members are compulsorily transferred to the new CSS.

• 1978

  A computerised contributions recording system is introduced in October. It helps to significantly speed up accounting, actuarial work and reporting to Parliament.

  

• 1984

  The Age Pension assets test is reintroduced, however the family home is excluded.

  

  Filing room in 1984

  

  Staff can be seen using the new computerised recording systems during the 1980’s

• 1987

  Australian superannuation funds total assets amount to $41.1bn.

  

  As part of the AGRBO’s overall superannuation information service, a retirement benefit information service is conducted in Canberra for prospective retirees.

• 1988

  51.3% of workers are covered by superannuation.

• 1989

  Australian superannuation funds total assets amount to $119bn.

  

Becoming the super fund of choice

• 1990

  Commonwealth Superannuation Scheme (CSS) closes. 

• 1990

  Public Sector Superannuation (PSS) Scheme opens.

• 1990

  A shortage of Computer Systems Officers means that when the Public Sector Superannuation (PSS) Scheme is introduced, all PSS and CSS benefits have to be manually calculated for three months due to technical issues.

• 1990

  The fund is one of the first government agencies to launch a website!

  

• 1991

  MilitarySuper opens.

• 1991

  Defence Force Retirement and Death Benefits (DFRDB) closes.

• 1992

  Australian superannuation funds total assets amount to $148bn.

• 1993

  80% of workers are covered by Australian superannuation.

   

• 1993

  World Bank endorses Australia's three-pillar system for the provision of retirement income as the world’s best practice.

• 1993

  Australian superannuation fund total assets amount to $169bn.

• 1994

  Pension age for eligible women is raised to 65 in a phased process.

• 1994

  The Retired Benefits Office (RBO) becomes the Commonwealth Superannuation Administration. It is known as ComSuper.

  

• 1996

  ComSuper is the first Australian fund to collaborate with Monash University to identify and measure environmental, social and governance (ESG) risks in Australian public companies, thus laying the foundation for making sustainable investments to grow our members’ savings.

  Investment quality and sustainability

• 1996

  Superannuation fund total assets amount to $245.3bn or 37.9% of GDP.

• 1997

  ComSuper celebrates its 75th anniversary.

  

  Commissioner for Superannuation – Mr Ken Searson celebrates the 75 year anniversary.

  All staff receive a commemorative badge and a slice of the massive cake!

• 1998

  Australian superannuation fund total assets amount to $360.3bn or 51.2% of GDP.

• 2000

  87% of workers are covered by superannuation.

• 2002

  Australian superannuation assets can be divided between separating spouses.

• 2002

  Temporary residents permanently departing Australia may withdraw their accumulated superannuation benefits before their preservation age. This does not apply to New Zealand residents. 

• 2004

  Australian superannuation fund total assets amount to $643bn or 73.6% of GDP.

• 2005

  Public Sector Superannuation (PSS) closes.

• 2005

  The Public Sector Superannuation accumulation plan (PSSap) opens.

• 2006

  Australian superannuation fund total assets amount to $912bn or 98.8% of GDP; and 90% of workers are covered by superannuation.

• 2006

  CSC is an early signatory to the United Nations-backed Principles for Responsible Investment (PRI), founded in April 2006.

• 2007

  CSC sponsors the first Canberra Mother’s Day Classic, a sponsorship we continue to this day.

• 2007

  An employee can now take action to recover unpaid superannuation contributions from employers who have ceased operating.

• 2008

  The first of a range of amendments is introduced to remove same-sex discrimination from Acts governing Commonwealth superannuation schemes. This will ensure same-sex couples are not denied payment of death benefits from superannuation schemes or tax concessions on death benefits currently available to opposite-sex couples.

• 2009

  CSC is the first Australian super fund to have its portfolio carbon footprinted by the Climate Change Institute.

• 2009

  CSC is the first Australian super fund to implement a fully integrated and portfolio-wide risk system that provides a consistent analysis of the key risks for customer portfolios.

• 2009

  Australian superannuation funds can offer limited financial advice to their members.

• 2011

  Parliament passes new laws overhauling the Commonwealth’s public service and military superannuation schemes.

  

  ComSuper CEO Peter Cormack (2010-2012)

• 2011

  The Australian Reward Investment Alliance (ARIA) and Military Trustee Boards merge to become the Commonwealth Superannuation Corporation (CSC).

• 2011

  CSC is responsible for all Australian Public Service and military superannuation schemes.

• 2011

  The TRIM system is implemented! Staff are no longer required to use manual index cards to sort and find paper files.

• 2012

  ComSuper celebrates its 90th anniversary.

  

  CEO Jill Charker celebrates the 90 year anniversary.

• 2014

  ComSuper pays out $6.3 million in pensions across all schemes.

• 2015

  ComSuper merges into the Commonwealth Superannuation Corporation (CSC).

  

  ComSuper at the ACT Seniors’ Expo

• 2015

  All direct responsibilities for scheme administration are assumed by CSC.

• 2015

  CSC is an early signatory to the Montreal Carbon Pledge in 2015.

• 2016

  MilitarySuper closes. ADF Super and ADF Cover open.

• 2017

  The qualifying age for the Age Pension increases by six months, every two years, until it reaches 67 years of age on 1 January 2024.

• 2018

  CSC launches partnership with the Australian National Maritime Museum.

• 2019

  Australia is ranked third in the world, behind Denmark and the Netherlands, for best superannuation system.

• 2020

  In an immediate response to COVID, CSC continues to operate as business as usual for our customers and promote hybrid ways of working for our staff.

• 2020

  CSC is the proud winner of the AsianInvestor Institutional Excellence Award for Environmental, Social and Governance (ESG) engagement.

• 2021

  CSC continues to meet the needs of our customers and staff in the ongoing pandemic.

• 2021

  Together with CSC, the Australian National Maritime Museum launches an expansion of the museum’s volunteer program, designed to engage Defence Force veterans.

• 2021

  CSC wins best medium sized super fund at Asian Investor Awards.

CSC—the next generation

• 2025

  Transformation program scheduled to be complete.