EXPLANATORY STATEMENT
SUPERANNUATION ACT 1976
DETERMINATION UNDER SECTION 248 (1)
The Commonwealth Superannuation Scheme (the CSS) established by the Superannuation Act 1976 (the Act) provided the superannuation scheme for Commonwealth employees until 1 July 1990 when the Public Sector Superannuation scheme (PSS) , constituted under the Superannuation Act 1990, was introduced. The CSS was closed to new members on 1 July 1990 but continued to provide benefits for existing members.
Part XIV of the Act enables the establishment of arrangements for the transfer of members of the CSS to the PSS. Section 244 defines those persons eligible to transfer to the PSS and provides that such persons may declare in writing to the CSS Board [now Australian Reward Investment Alliance, ‘ARIA’] that they wish to become members of the PSS and elect to cease to be eligible employees for the purposes of the CSS.
Section 245 provides that a person who elects under section 244 ceases to be an eligible employee at the end of the day on which he or she makes the election.
Section 248 empowers the Minister for Finance and Administration [now Minister for Finance and Deregulation] to determine the assets (and liabilities) of the CSS Fund established under the Act to be transferred to the PSS established under the Superannuation Act 1990. The assets to be transferred must fairly and equitably represent the accumulated contributions and accumulated employer contributions of those that have become PSS members. On 3 October 2000, the Minister delegated these powers to the CSS Board [now ARIA].
There have been two choice periods where members could elect to transfer to the PSS. The “first choice” period was 1 July 1990 to 30 June 1991. Previous Ministerial Determinations of 24 June 1992, 11 August 1992, 18 May 1993, 23 February 1996, and 14 August 1997, Superannuation Assets Transfer (Superannuation Fund No. 1/PSS Fund) Determination Nos 1 to 5 refer.
The “second choice” period was 1 March 1996 to 2 September 1996. CSS Board Determination Nos 6, 7 and 8 respectively refer.
Determination 9 made on 10 January 2006 related to 19 members of CSS who were re-employed and, during the period 1 July 2002 to 30 June 2005, in special circumstances covered by the legislation, exercised their right to transfer to the PSS.
This determination relates to 3 members of CSS who were re-employed and, during the period 1 July 2006 to 30 June 2007, in special circumstances covered by the legislation, exercised their right to transfer to the PSS.
In this determination, ARIA has determined the assets that fairly and equitably represent the accumulated contributions and accumulated employer contributions of the CSS members who transferred to the PSS.
This determination may be cited as “Superannuation (CSS) Assets Transfer (PSS Fund) Determination No. 10”.