Zed Seselja (ACT, Liberal Party, Assistant Minister for Finance, Charities and Electoral Matters) Share this | Hansard source

I would like to thank all senators who have contributed to this debate. The Superannuation Amendment (PSSAP Membership) Bill 2020 extends membership of the Public Sector Superannuation accumulation plan to certain current and former Commonwealth employees who are not otherwise eligible to continue making contributions to a fund run by the Commonwealth Superannuation Corporation. The bill will ensure the choice-of-fund principle extends appropriately to Commonwealth public sector schemes. It allows current and former PSSap members to avoid paying multiple fees to maintain separate funds under different trustees. This bill will support them in saving for their retirement.

This bill allows former PSSap contributing members to use their existing PSSap account in respect of any employment, like self-employment, not just employment that attracts a superannuation guarantee obligation, and to make other contributions, such as non-concessional contributions. PSSap contributory members will also be able to make contributions to their account in respect of any non-Commonwealth employment that they undertake concurrent to their Commonwealth employment.

The bill will also allow certain members of the main Australian government defined civilian benefit superannuation schemes and others that are currently a contributing or a preserved benefit member to establish a PSSap account where they choose to also have future superannuation contributions held by the Commonwealth Superannuation Corporation.

I commend the bill to the Senate.