Commonwealth awards tender for administration of the PSSap superannuation scheme
The CEO of ComSuper, Peter Cormack, announced today the successful tenderer for the outsourcing of the Public Sector Superannuation accumulation plan (PSSap) presently administered by ComSuper.
Pillar Administration, a NSW state owned corporation, will be responsible for PSSap’s scheme administration services from 21 November 2011. The Australian Reward Investment Alliance (ARIA) will continue to be the scheme’s Trustee. Member entitlements are not affected.
PSSap is a fully funded accumulation plan that was established under the Superannuation Act 2005 and presently has over 100 000 members in almost 200 Commonwealth employer agencies, managing $2.5 billion assets on their behalf*.
The scheme has been administered from its inception by ComSuper, the Australian Government agency responsible for the day-to-day administration of a range of superannuation schemes for members of the Australian Public Service and the Australian Defence Force. ComSuper will continue to be responsible for contractual management of the relationship with Pillar, on behalf of PSSap.
Following a comprehensive review of the administration arrangements of Australian Government superannuation schemes, the government determined in November 2009 that PSSap would be outsourced to an industry administrator. A tender process commenced in November 2010 and closed in January 2011.
The Commonwealth has entered into an agreement with Pillar after an evaluation of tenders conducted by the Department of Finance and Deregulation and ComSuper. Further information will be announced in due course and ComSuper will be working closely with PSSap employer agencies and members over the next six months to ensure a smooth transition to the new administrator.
Media contact:
- Danni Woods, Executive Manager Communications, ComSuper
- Phone 02 6272 9539 or 0448 044 434
*As at 31 March 2011
31 May 2011
Back to topLast updated July 1, 2011