What it does
The Parliamentary Contributory Superannuation Act 1948 (PCSA) establishes and governs the defined benefit superannuation scheme for current and former members of the Commonwealth Parliament who joined before the scheme closed to new entrants. It creates the Parliamentary Retiring Allowances Trust (the Trust) as the administrator, sets out contribution obligations, defines benefit entitlements, and provides for administration, review and payment of those benefits.
The scheme closed to new entrants from 9 October 2004 under Schedule 1, which was inserted by the Superannuation Legislation Amendment Act 2004. Members who joined after that date are covered by the parliamentary contribution arrangements under the Superannuation Act 1990 and related legislation rather than by the defined benefit formula in this Act.
The scheme is a defined benefit scheme funded partly by member contributions and partly by the Commonwealth. All benefit payments are made by the Commonwealth (section 14A). The Trust's functions are largely carried out in practice by Commonwealth Superannuation Corporation (CSC), as defined in section 4 by reference to the Governance of Australian Government Superannuation Schemes Act 2011.