Fifth Amendment of the Superannuation (PSSAP) Trust Deed

Administered by Department of Finance

Legislation au F2011L01390 Not in force Legislative Instrument

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EXPLANATORY STATEMENT

Issued by authority of the Minister for Finance and Deregulation

Superannuation Act 2005

Fifth Amending Deed made under section 11 of the Superannuation Act 2005 to amend the Superannuation (PSSAP) Trust Deed and Rules.

On 29 June 2005, the Minister for Finance and Deregulation, for and on behalf of the Commonwealth, made a deed (the Trust Deed) under section 10 of the Superannuation Act 2005 (the 2005 Act) to, among other things, establish a superannuation scheme, to be known as the Public Sector Superannuation Accumulation Plan (PSSAP) and the PSSAP Fund from 1 July 2005. The Schedule to the Trust Deed includes rules for the administration of PSSAP (the Rules).

The PSSAP is established for the benefit of most new Australian Government employees and statutory office holders. The Australian Reward Investment Alliance (ARIA) is the trustee for the PSSAP.

Section 11 of the 2005 Act provides that the Minister may amend the Trust Deed by signed instrument, subject to obtaining the consent of ARIA to the amendment where necessary.

Fifth Amending Deed

The Minister amended the Trust Deed and the Rules for the PSSAP set out in the Schedule to the Trust Deed by signed instrument. That instrument is called the Fifth Amending Deed in this statement.

The purpose of the Fifth Amending Deed is to amend the Trust Deed and Rules as part of public sector superannuation reforms provided for in the Governance of Australian Government Superannuation Schemes Act 2011. Background information on the changes and the details of the Fifth Amending Deed are set out in the Attachment.

Approval by ARIA

Although section 11 of the 2005 Act allows the Minister to amend the PSSAP Trust Deed, section 32 of the 2005 Act requires ARIA to consent to the amendments in most circumstances. ARIA has consented to the amendments included in the Fifth Amending Deed.

Legislative Instruments Act 2003

The Amending Deed is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (LIA). Although section 44 of the LIA exempts superannuation instruments from disallowance, the Amending Deed is subject to possible disallowance in accordance with section 11 of the 2005 Act.

Section 17 of the LIA specifies that rule-makers should consult before making legislative instruments. ARIA was consulted on the amendments included in the Fifth Amending Deed.

Commencement

The amendments in the Deed commence on the commencement of the Governance of Australian Government Superannuation Act 2011.

ATTACHMENT

BACKGROUND TO AND DETAILS OF THE FIFTH AMENDING DEED

Background

The Fifth Amending Deed forms part of public sector superannuation reforms. The package of reforms involves the following:

the Governance of Australian Government Superannuation Schemes Act 2011 (Governance Act) which merged the Australian Reward Investment Alliance (ARIA), the Military Superannuation and Benefits Board and the Defence Force Retirement and Death Benefits Authority to form a consolidated trustee body;
the ComSuper Act 2011 which made changes to the governance framework for superannuation administration arrangements for the main civilian and military superannuation schemes; and
the Superannuation Legislation (Consequential Amendments and Transitional Provisions) Act 2011 (Consequentials Act) which contains the consequential and transitional provisions necessary to facilitate the merger and the changes to superannuation administration.

Effect of the Governance Act and consequential amendments

Before the commencement of the Governance Act, ARIA (referred to as ‘the Board’) had certain powers and functions in the Superannuation Act 2005 (2005 Act) and the Public Sector Superannuation Scheme Accumulation Plan (PSSAP) Trust Deed and Rules made under that Act.

The Governance Act established the Commonwealth Superannuation Corporation (CSC) as a body corporate with a separate legal identity from the Commonwealth, by continuing in existence the body corporate that was previously called ARIA.

As a consequence, references to “the Board” in a number of legislative instruments required amendment to refer to “CSC”.

CSC is the trustee of the superannuation schemes for which it is responsible. CSC has a governing board which comprises a Chair and ten directors (directors).

As a consequence, references to “Trustees” in a number of legislative instruments required amendment to refer to “directors”.

CSC’s functions are set out in section 8 of the Governance Act and its powers and functions in relation to the PSSAP and PSSAP Fund are set out in the 2005 Act and the PSSAP Trust Deed and Rules made under that Act.

Effect of the ComSuper Act 2011 and the Consequentials Act

The Commissioner for Superannuation was previously responsible for providing administrative services to the Board. The ComSuper Act 2011 provides for a new position of the Chief Executive Officer (CEO) of ComSuper whose function is to provide administrative services to CSC.

Division 3 of Schedule 2 to the Consequentials Act contains transitional provisions providing for references in Acts and instruments to the Commissioner to have effect as if those references were to CSC, ComSuper or the CEO of ComSuper (whichever is appropriate).

These provisions mean that there is no general need to update references to the Commissioner in legislative instruments. However, in some instances it was beneficial to update references to the Commissioner for the sake of clarity.

Details of the Amending Deed

Commencement

Clause 1 provides that the amendments in the Deed commence on the commencement of the Governance Act.

Context

Clause 2 indicates that, unless a contrary intention appears, a word or phrase in the Amending Deed has the same meaning that it has in the Trust Deed and the Rules.

Amendments to the Trust Deed

Clauses 3 to 7 amend the Trust Deed, as shown in the table below.

Clause	Provision being amended	Effect of amendment	Reason for amendment
3.1	1	Deletes 1.3, 1.6 and 1.8 Inserts note at end	Several defined terms were no longer needed in the Trust Deed, as the relevant provisions are now included in the Governance Act. The note informs readers of the deletions.
3.2 3.3	3.2, opening text, immediately before the term “functions” 3.3, immediately before the terms “functions” and “powers”	Deletes “PSSAP”	It is unnecessary to refer to “PSSAP functions” and “PSSAP powers” in these subclauses, as the entire clause relates to the PSSAP.
4.1 4.2	2.1 2.2	Substitutes the clause Substitutes the clause	To reflect the name of the consolidated trustee body.
5.1 5.2	Item 2 of the Notes, immediately following clause 3.4 5.4 and 5.5	Deletes the item Deletes the clauses, inserts a note after clause 5.3	Issues relating to the operation of the trustee body, which were previously dealt with in these clauses, are now dealt with in the Governance Act. The note informs readers of the deletions.
6.1	Wherever occurring in the Trust Deed, except for clause 2	Deletes “The Board”, substitutes “CSC”, along with variations on those terms	To reflect the name of the consolidated trustee body. This amendment does not apply to clause 2 of the Trust Deed as this clause is being amended by clause 4 of the Fifth Amending Deed.
7.1 7.2 7.3	8 and 9, except for paragraphs 8.1(c) and 9.1(c) 8.1(c) 9.1(c)	Deletes “the Commissioner”, substitutes “the CEO of ComSuper” Substitutes the paragraph Substitutes the paragraph	To reflect the new position of CEO of ComSuper. The amendments to paragraphs 8.1(c) and 9.1(c) require a slightly different wording to that used in the rest of clauses 8 and 9, but the effect is the same.

Clause

Provision being amended

Effect of amendment

Reason for amendment

3.1

Deletes 1.3, 1.6 and 1.8

Inserts note at end

Several defined terms were no longer needed in the Trust Deed, as the relevant provisions are now included in the Governance Act.

The note informs readers of the deletions.

3.2

3.3

3.2, opening text, immediately before the term “functions”

3.3, immediately before the terms “functions” and “powers”

Deletes “PSSAP”

It is unnecessary to refer to “PSSAP functions” and “PSSAP powers” in these subclauses, as the entire clause relates to the PSSAP.

4.1

4.2

2.1

2.2

Substitutes the clause

To reflect the name of the consolidated trustee body.

5.1

5.2

Item 2 of the Notes, immediately following clause 3.4

5.4 and 5.5

Deletes the item

Deletes the clauses, inserts a note after clause 5.3

Issues relating to the operation of the trustee body, which were previously dealt with in these clauses, are now dealt with in the Governance Act.

The note informs readers of the deletions.

6.1

Wherever occurring in the Trust Deed, except for clause 2

Deletes “The Board”, substitutes “CSC”, along with variations on those terms

To reflect the name of the consolidated trustee body.

This amendment does not apply to clause 2 of the Trust Deed as this clause is being amended by clause 4 of the Fifth Amending Deed.

7.1

7.2

7.3

8 and 9, except
for paragraphs
8.1(c) and 9.1(c)

8.1(c)

9.1(c)

Deletes “the Commissioner”, substitutes “the CEO of ComSuper”

Substitutes the paragraph

To reflect the new position of CEO of ComSuper.

The amendments to paragraphs 8.1(c) and 9.1(c) require a slightly different wording to that used in the rest of clauses 8 and 9, but the effect is the same.

Amendments to the Rules

Clause 8 amends the Rules, as shown in the table below.

Clause	Provision being amended	Effect of amendment	Reason for amendment
8.1	1.2.1	Inserts a definition of “CSC”	To reflect the name of the consolidated trustee body.
8.2 8.3	1.2.1 1.2.1	Inserts a definition of “director” Deletes the definition of “trustee”	To reflect that members of the consolidated trustee body are now known as “directors” rather than “trustees”.
8.4	Wherever occurring in the Rules, except for Rules 4.1.1 and 6.1.1	Deletes “The Board” substitutes “CSC”, along with variations on those terms	To reflect the name of the consolidated trustee body. This amendment does not apply to Rules 4.1.1 and 6.1.1 as these are being amended by other provisions of the Fifth Amending Deed.
8.5	4.1.1	Substitutes the Rule	To reflect the name of the consolidated trustee body and to clarify that death cover and invalidity cover may be taken out in separate policies. A note has been included with the Rule to further clarify that death cover and invalidity cover may be taken out in separate policies.
8.6	6.1.1	Substitutes the Rule	To reflect the name of the consolidated trustee body. To reflect that members of the trustee body are now known as “directors” rather than “trustees”.

Overview

The Superannuation Act 2005, enacted by the Australian Parliament, was designed to establish a framework for the regulation and management of superannuation schemes, including the Public Sector Superannuation Accumulation Plan (PSSAP). The primary problem this Act aimed to address was the need for a coherent, streamlined legislative framework to govern the administration and oversight of superannuation funds, particularly those associated with the public sector. The Superannuation Act 2005, along with its subsequent amendments, sought to ensure that superannuation arrangements were fair, transparent, and efficiently managed for the benefit of participants. The Fifth Amending Deed, introduced under section 11 of the 2005 Act, reflects ongoing reforms in the governance of Australian government superannuation schemes, including the consolidation of trustee bodies and the adjustment of administrative roles to enhance efficiency and accountability. The policy objective of these amendments is to align the legislative framework with the structural changes in the governance of superannuation schemes, ensuring that the PSSAP continues to meet the needs of its beneficiaries effectively.

Scope and Application

The Fifth Amending Deed, issued under the Superannuation Act 2005, pertains to the Public Sector Superannuation Accumulation Plan (PSSAP) and its associated Trust Deed and Rules. This deed applies to the PSSAP, which benefits most new Australian Government employees and statutory office holders, and is administered by the Australian Reward Investment Alliance (ARIA), now known as the Commonwealth Superannuation Corporation (CSC). The deed was enacted to align with reforms under the Governance of Australian Government Superannuation Schemes Act 2011, which consolidated the trustee body and altered the administrative framework. The amendments reflect the structural changes, updating references from "the Board" and "Trustees" to "CSC" and "directors," respectively. The deed also adjusts references from "the Commissioner" to "the CEO of ComSuper," aligning with the new administrative arrangements. These changes were approved by CSC and are set to commence alongside the Governance Act. The deed is subject to the Legislative Instruments Act 2003, with the possibility of disallowance as per the 2005 Act, and was developed in consultation with relevant parties.

Key Provisions

The Fifth Amending Deed made under section 11 of the Superannuation Act 2005 amends the Trust Deed and the Rules for the Public Sector Superannuation Accumulation Plan (PSSAP) as part of broader public sector superannuation reforms. This includes changes necessitated by the establishment of the Commonwealth Superannuation Corporation (CSC) as the trustee under the Governance of Australian Government Superannuation Schemes Act 2011. The Fifth Amending Deed specifically addresses the renaming of the trustee body and its members, and the substitution of references to the Commissioner for Superannuation with references to the Chief Executive Officer of ComSuper. The amendments ensure consistency and clarity in the legislative instruments by reflecting these structural changes (Clauses 3.1, 3.2, 3.3, 4.1, 4.2, 5.1, 5.2, 5.4, 5.5, 6.1, 7.1, 7.2, 7.3, 8.1(c), 9.1(c), 8.11, 8.12, 8.4, 8.5, 8.6). The obligations imposed by the Fifth Amending Deed primarily concern the accurate updating of references within the PSSAP Trust Deed and Rules to reflect the new governance arrangements. The Australian Reward Investment Alliance (ARIA), now known as CSC, has a duty to ensure these changes are implemented correctly and that all references within the Trust Deed and Rules are updated to reflect the new legal entities and positions. This includes substituting references to "The Board" with "CSC," and "Trustees" with "Directors." Additionally, references to "the Commissioner" must be updated to "the CEO of ComSuper" where appropriate. These updates ensure that the Trust Deed and Rules remain legally consistent with the new governance framework established by the Governance Act 2011, the ComSuper Act 2011, and the Superannuation Legislation (Consequential Amendments and Transitional Provisions) Act 2011. Breach of the obligations imposed by the Fifth Amending Deed could result in legal and financial consequences. While the Superannuation Act 2005 does not explicitly outline specific penalties for non-compliance with the Deed, failure to adhere to the amendments could potentially lead to administrative or legal challenges regarding the validity of the PSSAP and its operations. Given that the Trust Deed and Rules are integral to the operation of the PSSAP, non-compliance could also result in broader regulatory scrutiny or action by relevant authorities. The importance of these amendments lies in their role in ensuring that the PSSAP continues to operate within the updated legal framework, maintaining its integrity and compliance with current legislative requirements.

Area of Law: Superannuation Law
Instrument: Amending Act
Concepts: Commencement Provisions; Repeal & Amendment; Reporting & Disclosure Obligations

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.

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