CPSU helps members digest the vast amount of information on superannuation with regular, concise updates on how changes to super are likely to affect them.
Superannuation is complicated, and we don't pretend to be the experts. There
is no substitute for independent financial advice. CPSU members get a free
referral to a financial planner with expertise in superannuation. Contact the
Member Service Centre on 1300 137 636 for more information.
Keep informed
Changes to superannuation laws might not seem important now, but they could
end up costing you plenty in the long run. CPSU members can keep informed by
subscribing to CPSU supernnews which charts all the major developments you
can't afford to miss.
Click here to register.
What's happening in super right now?
CPSU is continually working with the federal government to lobby for
improvements to public sector superannuation and to clarify contentious aspects
of existing and proposed legislation. There are a number of outstanding reform
issues which CPSU is continuing to lobby for on members’ behalf. These include:
allow salary sacrificing of superannuation into the CSS and PSSdb
introduction of Transition to Retirement
changing CSS and PSSdb pension indexation from CPI to Male Total Average
Weekly Earnings (MTAWE)
consider changes as unanimously suggested by the Senate Economics
Committee to the taxation arrangements that will apply to ‘untaxed’
superannuation funds, like the CSS and PSSdb.
Remove the age discrimination in regard to CSS and PSSdb that is
inconsistent with general community standards.
CPSU is also pursuing improvements in superannuation entitlements through
Enterprise Agreement bargaining. This including protecting the 15.4% employer
contribution in the public sector, and increasing employer contributions
What has the government established?
A review was established in 2008 which investigated whether indexing of
CSS, PSS and Military superannuation pensions should be changed. The ALP
delivered on its election commitment to conduct a review of Public Sector
and Military Superannuation Indexation arrangements. The CPSU provided a
submission and appeared before this Review in July 2008 advocating a change
in indexation from the Consumer Price Index (CPI) to the better of CPI or
Male Total Average Weekly Earnings (MTAWE) consistent with the arrangements
that apply to the age pension. The review report was released in August 2009
and rejected any change from current methodology. Unfortunately the
Government announced its acceptance of the report recommendation.
In late November 2008 legislation removed the discriminatory treatment
of same sex partners.
Established the ‘Cooper’ Review which has been tasked in looking at the
‘governance, efficiency, structure and operation’ of the superannuation
system in Australia. This Review has now been considered by the Government
and they are not proposing to introduce a number of changes to
superannuation including the establishment of ‘MySuper’ and ‘SuperStream’.
Introduced legislation to increase the superannuation guarantee employer
contribution from 9% to 12% progressively over the next 7 years.
Specifically in the Federal Public Sector in the last few months the
Government has also:
Legislated to amalgamate the ARIA and Military Super Boards. This merger
took place on 1 July 2011.
Announced that the PSSap administration function will be outsourced by
ComSuper to Pillar. A date for this transfer has not yet been established.
Unions welcome ALP super reforms - 3 November 2011 Unions have strongly welcomed the Labor Government’s introduction of legislation this week to increase superannuation to 12%, hailing it as a reform that would provide real benefits to Australians for decades to come.
Stand up for super - 21 September 2011 A new campaign pushing for 12% superannuation for all workers will benefit many CPSU members.
