Budget 2007 Super News

New Government proposals were announced in the 2007 Budget which will affect members of the CSS. Full details in relation to these measures will be available once the legislation is finalised and this information will be made widely available to CSS members at that time.

The proposals are as follows:

Removing the Requirement for Mandatory Member Contributions

It is proposed to allow CSS members to make an election to contribute at 0%. If a member makes such an election their contributory service will not be affected, however, it can affect any future lump sum benefits and/or contributor financed pensions.

This measure is proposed to have effect from 1 July 2008.

Early Access to Benefits for Contributing Members

It is proposed to allow contributing members to access part of their CSS benefit on hardship and/or compassionate grounds. If a member meets the criteria for early release in line with the eligibility rules provided under the superannuation regulatory framework, a debt account will be created and will be taken into account when the member's final benefit is payable.

This measure is proposed to have effect from 1 January 2008.

For further information you can access the Department of Finance website.

Also if you wish to view the press release from the Minister for Finance click here.