CSC and the Royal Commission – Summary & Actions

Summary Update

 “Why is the Commonwealth Superannuation Corporation excluded from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry?

The Commonwealth Superannuation Corporation (CSC) administers military and other superannuation public service funds for over 700,000 people of which 230,000 are serving and former servicemen and women.

The Royal Commission’s Terms of Reference say: “All Australians have the right to be treated honestly and fairly in their dealings with…. superannuation…. providers.”

Why is our superannuation provider excluded from Royal Commission scrutiny?

Why deny us an equal voice in making submissions to the Royal Commission?

The following representations have been made to PM and the Government  since the announcement of the Royal Commission:

13 December 2017: Media Release – Calls to clarify the Terms of Reference of the Royal Commission into Banking and Superannuation.

18 January 2018joint Media Release with RSL re Royal Commission into the Banking, Superannuation and Financial Services Industry.

7 June 2018 at the Longman Electorate Forum a younger veteran asked the PM the Why question. The PM answered “I don’t know but I;ll find out and get back to you”

15 June 2018 An Open Letter sent to the PM and all Federal Parliamentarians, the Defence Family network and national media outlets and social media.

More recently representations to the PM by both the  Australian Public Services – Superannuated Commissioned Officers Association (SCOA) and the Australian Council  of Public Sector Retiree Organisations  (ACPSRO) have made the same requests for CSC’s inclusion in the Royal Commission

The ALP supports the inclusion of the CSC into  the Royal Commission’s Terms of Reference

To date the Government and PM have not formally responded to our representations

Actions

Veteran Clawback – CSC & The Banking Royal Commission

CSC Campaign: Veteran Protest Rally – 28 June 2018

As part of our campaign to seek inclusion of the Commonwealth Superannuation Corporation (CSC) in the Royal Commission into the Banking, Superannuation and Finance Services Industry, a Dignified Veteran Protest Rally will be staged when the Royal Commission convenes in Brisbane on 28 June.

Our aim is to draw media and public attention to our cause and have the Veteran Voice be heard at the Royal Commission.

READ THE DETAILS HERE

 CSC Flyer

Comments

  1. Andrew Birchley says

    Military Superannuation has been protected by special legislation for decades. Non-military Australians have been allowed to invest in accumulation funds and transfer between funds if the return is poor. The Australian liberal party commissioned a review 10 years ago and nothing happened. Recommendation 8 of the review recommended that deferred benefits be moved to an accumulation fund to increase the poor performance. Nearly 20 years has passed since I discharged and 1.75-2% (CPI) return on $180,000 is just not good enough. Not only is this an injustice and discrimination to ex-serving members; it is against the constitution of Australia. After writing to my local member, Peter Dutton responded as to how the Deffered benefit is so fantastic as it is safe and secure in government coffers.