Commonwealth Superannuation Corporation retirement income (CSCri) is an account-based income stream product offered through PSSap to CSS, PSS and PSSap members.
CSCri provides flexibility to members who want to receive regular tax effective income payments from all or part of their superannuation benefit through:
- A rollover option that allows prospective CSCri members to use superannuation savings from outside the Government super environment (such as a rollover from another superannuation fund) to commence a CSCri income stream; and
- a restart option that allows current CSCri members to restart a CSCri account with additional money (eg, from the sale of an investment property, an inheritance or other windfall, or from other superannuation savings).
Read the CSCri Product Disclosure Statement for information about CSCri.
CSS and PSS members
- Complete your CSS or PSS benefit application form, making sure you elect the part of your benefit if any you wish to rollover to start your CSCri account (you can use other monies or a combination of other monies and part of your CSS or PSS benefit)
- Complete the Apply for a CSC retirement income account form.
You can start a transition to retirement income stream in CSCri using other super savings such as a rollover from another superannuation fund. You can also salary sacrifice into PSSap if you join as an Ancillary member (your CSS or PSS membership and benefit won’t change in any way).
See CSS and PSS join on the PSSap website for more on a PSSap Ancillary membership.
PSSap members (including Ancillary members)
- Consolidate all monies in PSSap
- Complete the Apply for a CSC retirement income account form
See rollover money on the PSSap website for more on consolidating monies in PSSap.
Before you apply
Generally speaking, if you are a member of PSSap, CSS or PSS who has reached preservation age, then you are eligible to join CSCri.
If you are a CSS or PSS contributing member who’ll start their CSCri balance with super monies from various sources, you can consolidate your monies first in a PSSap Ancillary account, rolling in one lump sum as the starting balance of your CSCri account.
See CSS and PSS join to learn about the PSSap Ancillary membership option.
Collect personal details
Make sure you have your bank account, AGS number (CSS or PSS members), membership number (PSSap members), tax file number, names of beneficiaries (if you elect a beneficiary) and certified documents for a 100-point ID check (required by law).
Details we ask you to provide
Using the application form, you’ll be asked to:
- provide your personal details including AGS number (for CSS or PSS members) or membership number (for PSSap members)
- confirm your eligibility (eg your age and current scheme membership)
- select your investment strategy (if you don’t make a selection, your balance will be invested in the Income Focused option)
- confirm your payment amount and frequency
- nominate your reversionary beneficiary (optional)
- provide your tax file number if under age 60 (optional)
- provide proof of identity.
After you apply
Once we receive your completed application form to open a CSCri account and your starting balance, we send you a welcome letter.
This letter will confirm your:
- CSCri member number
- regular income payment amount
- frequency of payment
- payment order method
- beneficiaries (if nominated)
- Centrelink schedule.
We encourage you to first speak with a financial planner to ensure CSCri is appropriate for your needs, circumstances and retirement planning goals.
See financial advice to learn about the personal financial advice service offered to Australian Government super scheme members by Industry Fund Services.
Nominate a beneficiary:
Use the nominate a beneficiary form to change, reconfirm or revoke who you wish to receive your CSCri benefit in the event of your death.More