ARIA starts, to serve members' interests better
Australian Reward Investment Alliance (ARIA), starts its work for members on 1July 2006.
The superannuation environment in Australia has undergone significant change over the past few years, with financial services reform, increased regulation and Choice of Fund.
The previous structure, of one Board managing the Commonwealth Super Scheme (CSS) and another Board managing the Public Sector Super Scheme (PSS) and PSS Accumulation Plan (PSSap), created duplications. Under that structure in the new environment, super arrangements for Australian Government employees would not have been sustainable or cost-effective in the long term.
It was obvious that the CSS Board and PSS Board had to adapt in order to continue to meet members' needs into the future. So we have merged to create ARIA, a simplified, sustainable and more effective governance structure which will greatly enhance our ability to serve the interests of members.
We ( the Trustees of ARIA ) were previously members of the CSS Board, the PSS Board or both. Our principal responsibility remains the same: to manage and invest the Fund to maximise benefits to members, with profits going to members.
Our new structure will enable us to introduce a range of improvements for your Scheme. We will be able to:
• achieve new cost efficiencies through the elimination of outdated complexities and duplications in administration, investment, liability management, risk management and regulatory compliance, which will have a positive effect on investment returns over time
• ensure sustainability for the future with the use of a single investment Trust which will provide greater economies of scale in managing the closed CSS Fund and assist us to maintain competitive cost structures
• maintain a strong governance structure in line with the Australian Government's new best-practice corporate governance principles, to maintain our high levels of accountability and transparency
• improve communication and education services with the delivery of seminars and individual consultations to members at their place of work
The end result will be an improved business structure to further maximise your benefit and an active communications framework to make it easier for you to gain the knowledge and skills you want to manage your super confidently.
The single Trustee structure is another step in the process of modernising the CSS with best-practice corporate governance principles and more equitable distribution of earnings between departing and remaining members.
Your Government Super at Work
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Your Schemes are set up solely to meet the superannuation needs of Australian Government employees and are managed by:
Our job is to help you make the most of your financial future. We do this by aiming for consistently good returns at a low cost. We also provide information and general advice to help you develop the knowledge and skills you want to manage your super confidently. We:
- are appointed by the Australian Government to maximise your benefits and act in your best interests, responsibilities to you which are protected by law
- represent 30 years' experience working for Australian Government employees and employers
- understand your employment conditions and share your dedication to the value of community
- maximise your benefit through the cost-efficiency of a pooled investment trust
- provide support and training for you and your employer at your place of work
- operate in line with Australian Government best-practice corporate governance principles
More information
Questions and answers for CSS members
Questions and answers for PSS members
