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.
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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 were not addressed in the last federal budget 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)
rectifying the reversionary pension benefit arrangements that
discriminates against people in an interdependency (including same sex)
relationship
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 working on the development of an Australian Public Service (APS)
Service Wide Agreement. The CPSU will be seeking to lock in some superannuation
arrangements into this agreement
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 "Henry" Review of Taxation which will investigate
taxation arrangements in Australia, including superannuation taxation
arrangements. The CPSU has also provided a submission to this Review
advocating that salary sacrificing should be allowed in the CSS and PSSdb,
and that changes are made which more equitably treat taxation arrangements
for employees in untaxed superannuation funds. The report of the Henry
Review has now been provided to Government and it is expected that the
Government will release the report and provide its comments in the next few
months.
Established the ‘Cooper’ Review which has been tasked in looking at the
‘governance, efficiency, structure and operation’ of the superannuation
system in Australia.
Specifically in the Federal Public Sector in the last few months the
Government has also:
Announced their intention to amalgamate from 1 July 2010 the Federal
Public Sector Superannuation Trustee (ARIA), with Military Super. It is not
intended that the funds be amalgamated
Implemented the outcomes of a review which will require ComSuper to
outsource the administration of the PSSap
Government super co-contribution - are you eligible? - 27 May 2010 If your total income is less than $61,920 and you make an after-tax payment into your super, the government may match up to $1 for every $1 you contribute.
How scrambled is your nest egg?- 24 March 2010 Four in ten CPSU members have ‘fessed up to having more than one superannuation account, wasting vital money on duplicate fees.
Super win on unpaid maternity leave - 2 March 2010 Concern about inadequate superannuation was revealed as a key issue for CPSU women in the 2008 What Women Want survey.
Survey reveals looming super squeeze - 2 March 2010 The nation’s largest survey of working women reveals a troubling picture of the state of women’s finances.
Same-sex relationships and Super CPSU suplementary submission to the Inquiry into the Same-Sex Relationship (Equal Treatment in Commonwealth Laws-Superannuation) Bill 2008 - 1 August 2008. Download the PDF
