Government Announcement Regarding Reforms to Australian Government Superannuation Scheme Administration
On 26 November 2009 the Minister for Finance and Deregulation, the Hon Lindsay Tanner, announced reforms to improve the administration of Australian Government superannuation schemes.
These reforms follow the Governments’ announcement in October 2008 that it plans to merge the main civilian and military scheme boards into a new single board from 1 July 2010.
The changes include the outsourcing of the administration services of the PSSap (civilian accumulation scheme), currently administered by ComSuper, that is expected to be implemented by July 2011. The Government will invest $22.4 million in savings expected to be generated by the reforms to improve member superannuation data, IT infrastructure and ComSuper’s administration systems for the administration of the military and civilian defined benefit schemes.
These reforms will streamline arrangement and practices and not affect MilitarySuper members’ benefits or entitlements and are designed to ensure that the schemes are best placed to deliver most sustainable and cost-effective services.
A copy of the Minister’s media release can be found at: www.financeminister.gov.au