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New superannuation arrangements for Australian Government Employees to commence from 1 July 2005
On Friday 17 October 2003 the Government announced changes to the superannuation arrangements for Australian Government employees. These arrangements will only apply to new employees who commence employment from 1 July 2005 and join the Public Sector Superannuation Scheme (the PSS).
Arrangements for existing employees will be unaffected.
Also unaffected will be people with an existing interest in the CSS or the PSS at 30 June 2005. This includes people with a deferred interest or preserved benefit.
Under the new arrangements the PSS will provide fully funded accumulation benefits for new employees with employers contributing at a rate of 15.4% of salary. This is the average cost for the current PSS arrangements.
Further information about the new arrangements can be found at www.finance.gov.au/super .
Further details about the changes will be announced at a later date.