PSS and CSS Long Term Cost Report
The Public Sector Superannuation Scheme (PSS) and Commonwealth Superannuation Scheme (CSS) are reviewed every three years by an independent actuarial firm to determine the schemes’ cost. The review examines the size of the schemes’ unfunded liabilities, the timing of the projected payments (to be made over a period of decades), and the notional employer contribution rates.
The results of the most recent review are outlined in the PSS and CSS Long Term Cost Report (LTCR) 2011, which is based on data as at 30 June 2011.
This latest report outlines an increase to the PSS and CSS unfunded liability to $96.2 billion as at 30 June 2012. This increase is due to factors including:
- fewer than expected contributors ceasing employment;
- average investment returns (credited to members’ accounts) being lower than expected for both the PSS and CSS;
- salary increases being higher than expected;
- the take-up rate of PSS pensions being higher than expected. Under the assumptions made in the actuarial investigation, a member electing to take their benefit as a pension leads to a more valuable benefit; and
- PSS members contributing at rates higher than assumed (increasing the value of benefits accruing).
A link to the 2011 LTCR and previous (2008, 2005, 2002 & 1999) LTCRs are provided below.
2011
Long-term Cost Report PDF version [
1.3 MB ]
Long-term Cost Report Word version [
526 KB ]
2008
Long-term Cost Report PDF version [ 428 KB ]
Long-term Cost Report Zipped RTF version [
3.88 MB ]
2005
Long-term Cost Report PDF version [ 346 KB ]
Long-term Cost Report Zipped RTF version [ 429 KB ]
2002
Long-term Cost Report PDF version [ 358 KB ]
Long-term Cost Report Zipped RTF version [ 484 KB]
1999
Long-term Cost Report PDF version [ 176 KB ]
Long-term Cost Report Zipped RTF version [ 194 KB ]
If you cannot access these documents please email: superbranch@finance.gov.au
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Contact for information on this page: superbranch@finance.gov.au