The boards of the two funds covering Australia’s Commonwealth public servants are to be merged into a single governance structure.
The boards of the Public Sector Superannuation Fund (PSS) and the Commonwealth Superannuation Scheme(CSS), which manage over $15 billion in funds on behalf of 298,000 members, will merge as a result of legislation introduced into the Federal Parliament in late March.
The merged entity will be known as the , which will oversee a single investment trust that will manage the CSS and PSS as well as the new PSS accumulation plan.
The merger received the unanimous support of both boards, with the chairman of the PSS and CSS, , saying it would deliver a simplified structure capable of driving cost-efficiencies.
“It will enable us to manage more effectively the administration of the three schemes and investments of their corresponding funds, and therefore strengthen our ability to focus on the needs of members in each specific scheme,” she said.
Doyle said it represented a rational response to the new superannuation environment that had emerged over the past few years with Financial Services Reform, increased regulation and choice of fund.
