Home / New superannuation arrangements
New superannuation arrangements for Australian Government employees: update
On 23 June 2004, the PSS 20th Amending Trust Deed and Rules, establishing new superannuation arrangements for employees who become members of the PSS from 1 July 2005, passed the period for disallowance without a motion of disallowance being moved. The new PSS arrangments will now come into effect on 1 July 2005.
These changes to the superannuation arrangements for Australian Government employees were announced in October 2003 and gazetted and tabled in parliament in March 2004.
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 under WHAT'S NEW IN SUPER at www.finance.gov.au/super
2 July 2004