Damian Hill

In a financial year that saw Australians deal with higher living costs and global uncertainty, Commonwealth Superannuation Corporation (CSC) has delivered a strong 2023-24 investment performance for its 750,000 members.

In its 2023-24 Annual Report released today, CSC highlighted its strong investment performance for Financial Year 2024, which include:

• 10.6 percent return on its aggressive investment option, exceeding inflation by 6.7 per cent.
• 9.1 percent return on its Balanced MySuper investment option.
• 5.7 percent return on its income-focused option.

Damian Hill, Chief Executive Officer, said 2023-24 saw CSC deliver for its members across several strategic areas.

“Our focus over the past year has been on doing more to help our members, with a strong investment performance, new milestones in our five-year transformation program and the expansion of retirement solutions. This focus, in combination with an unwavering commitment to serve those who serve, means that our members can rest easy knowing their retirement savings are in safe hands.”

Alison Tarditi, Chief Investment Officer, said performance continues to reflect CSC’s philosophy of consistent delivery to purpose, focus on agile opportunity capture and risk management.

“CSC’s performance is the result of a disciplined process of agile opportunity capture and pro-active risk management. These strategic capabilities have enabled us to invest early into future-fit real assets, before their value was fully reflected in their prices, and to build strategic resilience into all our investment options.”

“Compared with other funds, our MySuper option generally suffers smaller losses when markets are falling, but still captures a significant proportion of the gains when markets are rising strongly. This option is specifically designed to balance the preservation of our members’ capital with sufficient and curated risk exposure to opportunities that can grow their savings above inflation, for more consistent and dependable outcomes at and beyond retirement.”

“Our choice options, designed for specific work-life stages, are very competitive over long periods of time.”

2023-24 also saw Commonwealth Superannuation Corporation (CSC) become one of the first funds to launch its Retirement Income Strategy (RIS), which provides its members with comprehensive retirement solutions and resources.

Key features include a new lifetime annuity option in partnership with Challenger to address the risk of some members outliving their retirement savings, a series of Trustee Default retirement options aligned to customer retirement profiles, and new online tools to guide members through retirement planning. 

In another move set to be of benefit to many members, CSC implemented changes to its fee structure on 1 March, reducing its flat dollar administration fee and introducing an asset-based administration fee of 0.05% per year.

Adam Nettheim, Chief Customer Officer, said CSC has evolved to play an important role as a retirement partner for its 750,000 members.

“While 2023-24 was another strong year from an investment performance viewpoint, we know that planning a comfortable retirement requires more than just a healthy savings balance. With our recently launched Retirement Income Strategy, CSC is proud to be evolving from pension administrator to a retirement partner that will help current and former employees of the Australian Public Service and Australian Defence Force achieve a comfortable retirement.

“With three-in-four contributing CSC members already on track for a comfortable retirement, we expect our Retirement Income Strategy and role as a retirement partner to improve these outcomes even further.”

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