Govt consolidates Federal super boards
The boards of the major superannuation schemes covering Federal public servants are to be consolidated to form a single trustee board.
The Minister for Superannuation and Corporate Law, Senator Nick Sherry, and the Minister for Finance and Deregulation, Lindsay Tanner, announced today that as of July 1, next year, the boards of the Australian Reward Investment Alliance (ARIA), the Military Superannuation and Benefits Scheme (MSBS) and the Defence Force Retirement and Death Benefits Scheme would be merged to form a single trustee board.
Commenting on the move, Sherry said the changes would not affect members’ superannuation benefits in any way, with each scheme retaining its own legislative base and provisions.
“Consolidation will bring more than 650,000 members and pensioners under a single trustee board, establish a greater pool of assets for investment purposes and apply best practice management approaches across all the schemes,” Tanner said.
At the same time, both ministers said the Department of Finance and Deregulation would be undertaking a comprehensive review of the current administration arrangements relating to the main civilian and military schemes, including long-term IT requirements for the administration of the schemes.
AUTHOR
Mike Taylor
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