The PSSap is a ‘profit for members' fund which means that, after fees and taxes, investment earnings are returned to members.
It is established under the Superannuation Act 2005 to provide superannuation services and products to employees of the Australian Government and participating employers.
The PSSap is managed by the Australian Reward Investment Alliance (ARIA) which is established under the Superannuation Act 1990 as amended by the Superannuation Amendment (Trustee Board and Other Measures) Act 2006 . ARIA is licensed under the Corporations Act 2001 and regulated by the Superannuation Industry (Supervision) Act 1993 (SIS Act).
ARIA also manages the Public Sector Superannuation Scheme defined benefit plan (PSS) generally closed to new members on 30 June 2005 and the Commonwealth Superannuation Scheme (CSS), closed to new members on 30 June1990.
The seven ARIA Trustees are appointed by the Minister for Finance and Deregulation to look after the best interests of members. Three are nominated by the Australian Council of Trade Unions (ACTU) and the Chairman is independent.
ARIA is responsible for all aspects of the PSSap including investment strategy, administration and member communications.
ARIA and its staff are supported by an administrator, a custodian and other specialist service providers, including leading Australian and international investment managers.
