The Commonwealth Superannuation Corporation (CSC) which is the Trustee for both our ADF Military Superannuation Schemes (230,000 clients) and the Australian Public Service Schemes (470,000) has been expressly excluded from the Royal Commission.
We believe this is wrong and have lobbied the Government for the CSC’s inclusion HERE The ALP supports our request
It is important to note that members of the ADF cannot elect to have their
superannuation contributions made to a fund of their choice, nor can they transfer
their employer contributions to another superannuation fund. This means that current and former ADF personnel do not have the freedom to move their superannuation to another fund should they be dissatisfied with the Trustee’s conduct.
In recent years, several issues have arisen with respect to the way the CSC administers the ADF Schemes. Specifically, these issues relate to members who are in receipt of invalidity payments (Veteran Beneficiaries):
1. the CSC’s inability to administer the ADF Schemes in accordance with their respective Trust Deeds and governing legislation;
2. the lack of regulatory review of the CSC’s conduct to ensure that it is meeting its obligations under its Trust Deeds;
3. the CSC’s persistent failure to conduct itself honestly, fairly and transparently in its dealings with its members/beneficiaries and in accordance with Modal Litigant Rules; and
4. the CSC’s inability to resolve issues and complaints made by its members in accordance with natural justice principles.
In this document, are specific examples of the CSC’s conduct which has
fallen short of the professional standards and benchmarks of conduct expected not only by a financial services provider, but more importantly, as a Commonwealth Government entity.
We believe that the CSC should receive the same level of scrutiny as any other
financial services entity included in the Royal Commission and by excluding it the
Royal Commission would fail in upholding the fundamental right of all Australians
“to be treated honestly and fairly in their dealings with banking superannuation and financial services providers. The highest standards of conduct are critical to the good governance and corporate culture of those providers.”
You can help us in two immediate ways:
Ring your local MP and register your concern, and
If you have had any adverse experiences in dealings with the CSC then please contact Brad Campbell or email ADSO at [email protected] with details