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.
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