Commonwealth Superannuation Scheme (CSS) was established under the Superannuation Act 1976 to provide superannuation services and products to eligible employees of the Australian Government and participating employers.
It is a hybrid superannuation scheme, meaning it is a combination of two types of funds – a defined benefit fund and an accumulation fund:
- In a defined benefit fund, member benefits are ‘defined’ by a set formula. In CSS, your defined benefit part is generally your CPI-indexed pension which is defined by a formula based on your final super salary, your length of contributory service and your age when you leave CSS.
- In an accumulation fund, benefits are determined by the value of contributions and investment returns. In CSS, your accumulation part is your contributions plus scheme earnings (known as your ‘member component’) and your employer’s fortnightly contributions (known as your ‘productivity component’).
In this section learn about: