Update on the proposed merger of the MilitarySuper Board, ARIA Board and the DFRDB Authority
Background
In October 2008 the Government announced that it intended to merge the MilitarySuper Board, the DFRDB Authority and the ARIA Board (the trustee of the CSS, PSS and PSSap civilian schemes) from 1 July 2010.
In February 2010 the Government introduced into the Parliament a package of Bills to collectively support these Government reforms. In June 2010 these Bills were passed by the House of Representatives. However, as the Senate had not completed its consideration of the Bills before it rose for its winter recess in late June 2010, the proposed commencement date of 1 July 2010 for the new single board was not achieved. The Bills subsequently lapsed when Parliament rose before the 2010 Federal Election.
Update (24 March 2011)
On 24 March 2011, revised Bills covering the proposed merger were introduced into the Parliament. If passed, these Bills will take effect on 1 July 2011. No debate on the Bills will occur until at least 10 May 2011 (as Parliament is in recess until that date). Until this or similar legislation is passed by the Parliament, the MilitarySuper Board continues as the trustee of the MSB Scheme and Fund.
MilitarySuper continues to work closely with Government and other key stakeholders to assist in ensuring that operational aspects for the new single board are in place by 1 July 2011, if the legislation is passed.
A reminder to members that the Government has provided an assurance that the reforms will not affect members’ superannuation benefits, as each scheme will retain its own legislative base and provisions.
13 April 2011