Commonwealth Super mulls platform changes

Commonwealth Superannuation Corporation is considering making changes to how it administers about 570,000 defined benefit member accounts as its existing systems age.

CSC has invited interested companies to submit proof-of-concepts for a core registry platform for its defined benefit schemes that will replace its ageing systems.

It currently uses a combination of off-the-shelf software and customised software including Bravura's Sonata, Capital 10, CapWeb and ComSAS in its core DB systems.

"This work is very preliminary and will assist in determining the costs and risks involved so as to enable the CSC board to decide at a future date whether or not to proceed with such a replacement," a spokesperson for CSC said.

If CSC chooses to proceed, it is looking at an execution over two weeks in March and February.

Submissions will close on January 24.

It is asking respondents to reply with conceptual architecture of their proposed solution, the cost of implementation, risks and benefits.

There are five defined benefit schemes under CSC's purview that have active contributors: Commonwealth Superannuation Scheme (CSS), Public Sector Superannuation Scheme, Military Superannuation and Benefits Scheme, and the Defence Force Retirement and Death Benefits (DFRDB).

It is also responsible for pension payments out of two DB schemes that are now closed to new members.

Together, members of CSC's defined benefit schemes made over $850 million in contributions and paid out close to $10 billion in benefits.

Read more: CSCCommonwealth SuperCommonwealth Superannuation CorporationCommonwealth Superannuation SchemeBravuraSonata
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