DESCRIPTION

COVERAGE

Commonwealth Superannuation Scheme
CSS

Partly funded, defined benefit
scheme.

Established 1976.

Closed to new members 1 July 1990.

Member contribution rate of 5 per cent of salary.

Was compulsory for most employees permanently appointed before 1 July 1990.

Full-time temporary and contract employees and full-time statutory office-holders could also join before that date.

Public Sector Superannuation Scheme
PSS

Partly funded, defined benefit
scheme.

Established 1990.

Closed 30 June 2005

Contribution rate between 2 per cent and 10 per cent of salary.

Was compulsory for all permanent full-time or permanent part-time employees appointed from 1 July 1990 to 30 June 2005 (unless required to join the CSS).

Optional for temporary and casual employees who commenced employment between 1 July 1990 to 30 June 2005 (unless they were full time temporary who could elect to join the CSS).

Public Sector Superannuation Accumulation Plan
PSSap

Fully funded, accumulation plan.

Established 2005.

Compulsory employer contribution of 15.4%.
Members may pay voluntary contributions.

From 1 July 2005 to 30 June 2006 compulsory for all permanent employees unless required to join the CSS or PSS. Optional for temporary and casual employees.

From 1 July 2005 to 30 June 2006, if provided by the employer, PSSap members could choose another fund through 'Choice of Funds'.

From 1 July 2006 not compulsory but maybe a new employees chosen fund (restrictions may apply for preserved CSS or PSS members).

Defence Force Retirement and Death Benefits Scheme
DFRDB

Fully unfunded, defined
benefit scheme.

Established 1973.

Closed 1 October 1991.
Contribution rate 5.5 per cent of highest incremental salary for rank plus allowances.

Was compulsory for members of the ADF who enlisted before 1 October 1991.

Military Superannuation and Benefits Scheme
MilitarySuper

Partly funded, defined benefit
scheme.

Established 1991.

Contribution rate between
5 per cent and 10 per cent of salary.

Compulsory for all new
entrants to the ADF on and
from 1 October 1991.

CSS

Contributors
Deferred
Pensioners
Total

24 730
12 303
115 249
152 282

Contributions
Benefits paid
Lump sum:
Pensions:

$182m

$673m
$2 792m

PSS

Contributors
Preserved
Pensioners
Total

139 759
970 760
14 678
252 197

Contributions
Benefits paid
Lump sum:
Pensions:

$807m

$214m
$245m

PSSap

Contributors
Preserved
Pensioners
Total

44 756
6 270
N/A
51 026

Contributions
Benefits paid
Rollover:
Lump sum:
Pensions:

$381m

$5m
$0.7m
N/A

DFRDB

Contributors
Preserved
Pensioners
Total

5 548
29
57 184
62 761

Contributions
Benefits paid
Lump sum:
Pensions:

$236m

$161m
$1 171m

MilitarySuper

Contributors
Preserved
Pensioners
Total

47 721
65 615
6 409
119 745

Contributions
Benefits paid
Lump sum:
Pensions:

$255m

$88m
$115m

Summary

Contributors
Preserved
Pensioners
Grand Total

262 494
181 977
193 519
637 991

Contributions
Benefits paid
Rollover:
Lump sum:
Pensions:

$1 648m

$5m
$1 137m
$4 323m