Budget 2021-22

May 13, 2021May 13, 2021 Dan Blackman Pensions, Superannuation

Key superannuation changes (Budget 2021-22)

The Morrison Government is proposing a number of key superannuation changes through Budget 2021-22, including changes to work test, extending access to downsizer contributions, and a temporary option to exit certain legacy superannuation products.

PSS

The Public Sector Superannuation Scheme (PSS) was established on 1-Jul-1990 by the Superannuation Act 1990 and the Public Sector Superannuation Trust Deed. The scheme has been closed to new members since 1-Jul-2005.

MilitarySuper

The Military Superannuation and Benefits Scheme (MSBS / MilitarySuper) was established on 1-Oct-1991 by the Military Superannuation and Benefits Act 1991 and the Military Superannuation and Benefits Trust Deed. The scheme has been closed to new members since 1-Jul-2016.

CSS

The Commonwealth Superannuation Scheme (CSS) was established on 1-Jul-1976 by the Superannuation Act 1976 and associated regulations. It has been closed to new members since 1-Jul-1990.

DFRDB

The Defence Force Retirement and Death Benefits Scheme (DFRDB) was established on 1-Oct-1972 by the Defence Force Superannuation and Death Benefits Act 1973 and associated regulations. It has been closed to new members since 1-Oct-1991.