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CSS/PSS – Combined boards, separate funds
Commonwealth public servants have received an assurance from the chief executive officer of the Public Sector Superannuation Fund (PSS) and Commonwealth Superannuation Scheme (CSS) that the funds will continue to be administered separately despite last week’s move to amalgamate the boards.
The Community and Public Sector Union (CPSU) also told members that the amalgamated board would continue to have a balance of union and Government-appointed representatives.
It said although the boards would be amalgamated the chief executive of the funds had given an assurance that there would still be three separate funds administering three legislatively separate schemes, and that each scheme’s individual focus would be retained.
The CPSU said that it had been assured that the proposal to amalgamate the funds would have no negative effect on investment returns because, currently, two separate trusts operate an overwhelming majority of identical investments.
“Amalgamating the funds will simplify the administration and governance arrangements, which could in fact improve investment returns,” it said.
AUTHOR
Mike Taylor
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