There are two superannuation schemes that may apply to senators and members of the House of Representatives. These are:
- the Parliamentary Contributory Superannuation Scheme (PCSS)
- an accumulation scheme of choice under the Parliamentary Superannuation Act 2004 (PSA Act).
The PCSS is a ‘defined benefits scheme’ constituted under the Parliamentary Contributory Superannuation Act 1948. Entry to the PCSS is dependent on eligibility. This is detailed in the Parliamentary Contribution Superannuation Scheme Handbook.
Membership of the PCSS is compulsory for all senators and members of the House of Representatives who entered the Federal Parliament before 9 October 2004. Senators and members of the House of Representatives who enter the Federal Parliament on or after 9 October 2004 are not able to join the PCSS.
(Schedule 1 to the Parliamentary Contributory Superannuation Act 1948).
The PCSS is administered by the Department of Finance. More information about the PCSS is available on the Department of Finance website.
Accumulation arrangements were established under the under the PSA Act for senators and members of the House of Representatives entering (or re-joining) the Federal Parliament on or after 9 October 2004.
Under these arrangements, the Government pays a superannuation contribution of 15.4 per cent to a complying superannuation fund or to a Retirement Savings Account of a senator's or member of the House of Representatives choice, or to a default fund if no choice is made.
(Section 7 of the Parliamentary Superannuation Act 2004).
These arrangements are administered by the Departments of the Senate and the House of Representatives, as appropriate.
Last updated: 03 February 2020