The CSC has been established through the consolidation of the Australian Reward Investment Alliance (ARIA), the Military Superannuation and Benefits (MSB) Board and the Defence Force Retirement and Death Benefits Authority.
As the new consolidated trustee board for Commonwealth superannuation schemes from 1 July 2011, the CSC will help secure better superannuation benefits for thousands of civilian and military members.
Members particularly serving and former Australian Defence Force personnel will benefit from better investment returns and lower fees.
These are changes that will provide real financial gains to more than 90 per cent of current serving ADF members. Modelling suggests ADF personnel could receive up to a $95,000 increase in their superannuation benefit if net investment returns are improved by 0.5%.
Senator Wong said the inaugural board will be influential in establishing the operations of the CSC and setting the bodys strategic direction.
I congratulate each of the new board members, particularly Mr Tony Hyams on his appointment as chair of the board.
The board is comprised of individuals who are highly regarded in their fields and will bring continuity and new experience to the CSC, Senator Wong said.
Both civilian and military interests are well represented on the board, with a number of directors having served as past trustees of ARIA and the MSB Board. This will assist in a smooth transition to the new consolidated trustee arrangement, Senator Sherry said.
The Government also acknowledged the contribution that former trustees of ARIA made to the governance of the main civilian superannuation schemes.
Board members have been appointed for terms of up to three years. Appointees to the CSC board are attached below.
The CSC Board
ChairThe Boards chair, Mr Tony Hyams has a strong understanding of and broad experience with Australian Government superannuation. He is currently Chairperson of both ARIA and the MSB Board.
Employer DirectorsMr Tony Cole, Mr Gabriel Szondy, Ms Peggy Haines and Dr Michael Vertigan AC have been appointed employer directors. Collectively they possess a broad set of relevant skills and industry experience that will enhance the governance of the civilian and military superannuation schemes.
The remaining employer director for the CSC Board will be appointed shortly.
Member DirectorsGeneral Peter Cosgrove AC MC and Mr John McCullagh, a former CEO of the MSB Board have been nominated by the Chief of the Defence Force.
Mr Peter Feltham, Ms Winsome Hall and Ms Nadine Flood have been nominated by the Australian Council of Trade Unions.