Snapshot of 2008/2009
Corporate Governance
ComSuper continued the development of an enhanced assurance framework covering operational, legislative, strategic and compliance risks.
Member services
The Authority approved the expansion of Member communication services to cater for increasing demand from DFRDB Members to understand more about their superannuation. Details of these enhancements are outlined later in this report.
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 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 amount 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.
Whole of Government initiative
Since late 2007, ComSuper has been participating in an Inter-Departmental Working Group set up to examine options for aligning and streamlining the delivery of services and benefit entitlements to Australian Defence Force (ADF) members and their families.
Areas for improvement being examined include increased inter-agency 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
- implementation of system changes to assist in the application of legislative changes
- participating in the merger of the Military Superannuation Board (MSB), the Defence Force Retirement and Death Benefits (DFRDB) Authority and the Australian Reward Investment Alliance (ARIA) into a single Trustee Board as of 1 July 2010.