Superannuation Act 1976

Superannuation Act 1976 — What Is It?

This is the founding law that created the Commonwealth Superannuation Scheme (CSS) — the retirement savings scheme for Australian federal government employees who started work before 1 July 1990. It is one of Australia's oldest and largest defined benefit superannuation (retirement savings) schemes.

Who Does It Affect?

• Current and former federal public servants employed before 1 July 1990 who are CSS members
• Employees of approved government bodies (such as certain statutory authorities and government-owned companies)
• Spouses, children and dependants of CSS members (who may receive pension payments after a member's death)
• The Commonwealth Superannuation Corporation (CSC) — the government body that manages the scheme
• Employers (Commonwealth departments and approved authorities) who make contributions on behalf of staff

What Does It Actually Do?

1. Creates the CSS Fund — a special pool of money into which both employees and their employers pay contributions (regular payments), which is then invested to fund retirement benefits
2. Defines who is eligible — sets out in detail who counts as a 'eligible employee' entitled to join the scheme, including permanent staff, some temporary staff, and statutory office holders