A DFWA letter
DFWA CALLS ON THE GOVERNMENT TO LEAD BY EXAMPLE ON THE ROYAL COMMISSION INTO BANKING AND SUPERANNUATION
The members of the military superannuation schemes, administered by the Commonwealth Superannuation Corporation (CSC), were looking forward to getting their voice heard at the Royal Commission into banking and superannuation. However, the draft Terms of Reference excludes examination of a Commonwealth financial service entity or company, letting CSC and the government off the hook.
CSC is failing to look after ADF members in many areas and there are instances where it consistently fails to comply with the Superannuation Industry Supervision Act. The most pressing at present is where injured and ill veterans are discharged for medical reasons and CSC mis-reports the nature of Invalidity Benefit payments. This mis-reporting to the ATO and Family Court, results in severe financial penalties and increased stress on already traumatised veterans. CSC reports the payments as “lifetime pensions” when clearly they are not. The medical status and payments get reviewed regularly and can and do go up and down, sometimes to nothing. Clearly not lifetime! The reviews and uncertainty are stressful in themselves without CSC then denying the payments get reviewed,
In the interests of fairness for ADF members, the Defence Force Welfare Association (Qld) calls on the government to put the Commonwealth Superannuation Corporation military superannuation funds management under the same scrutiny being applied to the industry superannuation funds. Remove the exclusion from the Terms of Reference.
In the ADF, it is called “Leading by Example” – it is time politicians showed they can!
Mob: 0439 1925 74