ComSuper

ComSuper is an agency established by section 4 of the ComSuper Act 2011. It is a statutory agency for the purposes of the Public Service Act 1999 and was a prescribed agency under section 5 of the Financial Management and Accountability Act 1997 (FMA Act) for the period of this report. Under section 6 and subsection 8(1) of the ComSuper Act 2011, C... omSuper provides superannuation administration services to CSC which is responsible for the following schemes: Commonwealth Superannuation Scheme (CSS) Public Sector Superannuation Scheme (PSS) Public Sector Superannuation accumulation plan (PSSap) Military Superannuation and Benefits Scheme (MilitarySuper) Defence Force Retirement and Death Benefits scheme (DFRDB) Defence Forces Retirement Benefits scheme (DFRB) Defence Force (Superannuation) (Productivity Benefit) (DFSPB) scheme 1922 scheme Papua New Guinea (PNG) scheme. These are among the largest and most complex occupational superannuation schemes in Australia. Management of the schemes' investment funds is the responsibility of CSC which also reports annually to Parliament. The main services ComSuper provide include: collection of member contributions and maintenance of member accounts payment of lump sum and fortnightly pension benefits member and employer communications accounting services and related functions dispute resolution. ComSuper's administrative costs are funded through the ComSuper special account created under subsection 21(1) of the ComSuper Act 2011. ComSuper's revenue comes from fees paid quarterly by employers whose current or former employees are members of the superannuation schemes we administer. Where appropriate, we receive Federal Budget appropriations for projects or legislative changes. In February 2012, ComSuper outsourced most administration services of the PSSap scheme to the Superannuation Administration Corporation, trading as Pillar Administration. Pillar is a New South Wales statutory state owned corporation. ComSuper retains overall responsibility for the administration of ...Read More