Commissioner for Superannuation
2010-11 Annual Report
Section 1: Overview
In this section:
- Chief Executive Officer's review
- Roles and functions
ComSuper is a prescribed agency under section 5 of the Financial Management and Accountability Act 1997 (FMA Act) and administers the Australian Government sponsored superannuation schemes which apply to current and former Australian Government civilian employees and Australian Defence Force (ADF) members.
Under an arrangement mandated by the Australian Government, we provide superannuation administration services to the Trustee Boards responsible for the following schemes:
- Commonwealth Superannuation Scheme (CSS)
- Public Sector Superannuation (PSS) scheme
- Public Sector Superannuation accumulation plan (PSSap)
- Military Superannuation and Benefits (MilitarySuper) scheme
- Defence Force Retirement and Death Benefits (DFRDB) scheme
- Defence Forces Retirement Benefits (DFRB) scheme.
These are amongst the largest and most complex occupational superannuation schemes in Australia.
The services we provide include:
- collection of member contributions and maintenance of member accounts
- payment of lump sum and fortnightly pension benefits
- member communications
- accounting services and secretariat support functions
- dispute resolution.
We receive revenue through fees paid quarterly by employers whose current or former employees are members of the superannuation schemes we administer. Where appropriate, we receive Federal Budget appropriations. There were no significant changes in ComSuper's principle functions or services during 2010–11.
The Governance of Australian Government Superannuation Schemes Act 2011 came into force from 1 July 2011, establishing the Commonwealth Superannuation Corporation (CSC) as the new single trustee body for the main Commonwealth civilian and military superannuation schemes through the merger of ARIA, the MSB Board and the DFRDB Authority. The office of Commissioner for Superannuation was also replaced by a new statutory office of Chief Executive Officer of ComSuper as part of the broader legislative package.
Commissioner for Superannuation
For the purposes of this annual report, information is supplied on the roles and responsibilities that the Commissioner for Superannuation (the Commissioner) held in the 2010-11 financial year.
The Commissioner is also the Chief Executive Officer (CEO) of ComSuper. The Commissioner is a statutory office-holder under subsection 18(2) of the Superannuation Act 1976. The Commissioner has the responsibility and power of a Departmental Secretary for the purposes of the staffing and administration of ComSuper. The Commissioner is also ex-officio Chairman of the DFRDB Authority.
As CEO of ComSuper, the Commissioner provides superannuation administration services for the CSS, PSS, PSSap, MilitarySuper and DFRDB schemes and has responsibility for:
- closed Papua New Guinea superannuation schemes
- the closed Defence Force Retirement Benefits (DFRB) scheme
- the Superannuation Act 1922, which provides the continuing authority for the payment of pensions under this closed scheme.
Chart 1 shows the organisation of our senior executive level staff at 30 June 2011. The composition of senior management committees and their roles is described in Section 2B under 'Management structures'.
Outcome and program structure
Our operations fall within the Finance and Deregulation portfolio. For the purposes of
Portfolio Budget Statements (PBS) 2010–11, our operations have a single outcome and program objective which is:
To provide access to Australian Government superannuation benefits and information, through developing members' understanding of the schemes, processing contributions, supporting investment processes, paying benefits and managing member details, for Australian Public Servants and Defence Force members, on behalf of Trustee Boards.
The expectations of these stakeholders are defined and measured through:
- ComSuper's performance against the Minister's expectations
- regular performance reporting against service level agreements with the Trustee Boards
- client satisfaction surveys of scheme members and employer agencies
- Australian and international benchmarking comparisons
- reporting to the Department of Finance and Deregulation.
No changes were made to ComSuper's outcome and program structure from PBS/Portfolio Additional Estimates Statements or other portfolio statements.
Our vision and mission
As outlined in ComSuper's Strategic Plan 2010–13, our vision is to be recognised as 'an industry leading superannuation services partner'.
Our mission is to collect timely contributions, maintain accurate accounts, and pay correct benefits, which enhances the reputation of all our stakeholders.
Responsibility for the schemes we administer rests with the Trustee Boards. At 30 June 2011 they were:
- Australian Reward Investment Alliance (ARIA, formerly the CSS and PSS Boards)
- Military Superannuation and Benefits Board of Trustees No. 1 (MSB Board)
- Defence Force Retirement and Death Benefits Authority (DFRDB Authority).
Management of the schemes' investment funds is the responsibility of the respective Trustee Boards who also report annually to Parliament on the management of these schemes, including investment matters.
ComSuper's stakeholder relationships
ComSuper fulfils a unique role for the Australian Government. In addition to meeting the Australian Government's requirements as an FMA Act agency, ComSuper must also satisfy the relevant regulatory requirements of the financial services industry. This is a result of both ARIA and the MSB Board holding Australian Financial Services Licences. The table below shows the key relationships between ComSuper and its stakeholders.
|Minister for Finance and Deregulation
Minister for Defence Science and Personnel
Department of Finance and Deregulation
Department of Defence
The Ministers and Departments have policy oversight of the superannuation arrangements applying to members of the superannuation schemes that ComSuper administer:
|The Trustee Boards are responsible for applying legislation and trust deeds governing the operation of these schemes.|
Legislation is in place establishing ComSuper as the provider of the superannuation services on behalf of the Trustee Boards. ComSuper acts in accordance with the rules and determinations of the Trustee Boards and scheme legislation.ComSuper has service level agreements in place with the Department of Defence and the Trustee Boards to provide guidelines for the delivery of services to members, pensioners and employers.
|Scheme members and pensioners||Members and pensioners of the CSS, PSS, PSSap, MilitarySuper, DFRDB, DFRB, 1922 and PNG schemes.|
|Participating employer agencies||The Australian Defence Force and Government agencies whose current and former employees are members of the superannuation schemes administered by ComSuper.|
Last updated December 21, 2011