Snapshot of 2007/2008
Regulatory environment
The DFRDB is an Exempt Public Sector Scheme for the purposes of the Superannuation Industry (Supervision) Act 1993 (the SIS Act). Though not subject to the prudential requirements in the SIS legislation, the DFRDB is, however, subject to the Tax File Number and rollover/transfer requirements in the SIS legislation that apply to public sector superannuation schemes. Decisions relating to the quantum of benefits payable to Members are subject to external review by the Administrative Appeals Tribunal (AAT) and in some instances by the Federal Court and Federal Magistrates Court.
Corporate Governance
ComSuper continued the development of an enhanced assurance framework covering operational, legislative, strategic and compliance risks.
Member services
The Authority approved expansion of Member communication services to cater for increasing demand by DFRDB Members to understand more about their superannuation. Details of these enhancements are mentioned later in this report.
Whole of Government initiative
Since late 2007, ComSuper has been participating in an interdepartmental working group set up to examine options for aligning and streamlining the delivery of services and benefit entitlements to ADF members and their families.
Areas for improvement being examined include increased interagency sharing of information, listing of agency services into a single document for Member reference and improved agency coordination, particularly in relation to Member medical discharges.
Looking forward
Other activities planned include:
- ongoing enhancement of communication, seminar
and counselling programs
for Members - implementing proposed legislative changes relating to same sex relationships
- working with the successful tenderer to consolidate ComSuper's existing administration systems into a single platform by 2010.