Merger of MilitarySuper Board, the DFRDB Authority and ARIA from 1 July 2011
Background
In 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), to form a single trustee board.
Update
The legislation to merge these entities was passed by the Parliament on 21 June 2011. Therefore, from 1 July 2011, the MilitarySuper Board will cease to exist and the new trustee body (Commonwealth Superannuation Corporation) will assume responsibility for the administration of the military and civilian superannuation schemes.
The merger is intended to provide more efficient trustee arrangements, improved member services and better outcomes for members.
How will the proposed board merger affect you as a member of MilitarySuper?
For members of MilitarySuper, the Government’s stated intentions are that:
- there will be no change to existing benefits or entitlements (for example, the existing features and benefits that reflect the special nature of service in the Australian Defence Force, such as death and disability arrangements, will be maintained)
- although there will be a change at Board level, each scheme will maintain its own unique branding and continue to look and feel the same to its members
- ComSuper will continue to be the scheme administrator and your first point of contact for any queries about your scheme membership.
Additionally and importantly, the interests of MilitarySuper members will continue to be represented on the new Board. The Chief of the Defence Force will be responsible for nominating two directors to represent military members.
The new arrangements will continue to ensure that members of the Defence Force, and their dependants, have access to high quality superannuation arrangements that recognise and reflect the unique nature of Military service.
22 June 2011