Actuarial Services Tender Process

Finance requires actuarial services for the management of:

• the Australian Government’s civilian Defined Benefit superannuation schemes (PSS and CSS);
• Judicial superannuation schemes (for current and former Governors?General, Federal Judges and Federal Circuit Court Judges);
• Parliamentary superannuation schemes; and
• the Future Fund.

Similarly, the Department of Defence (Defence) requires actuarial services for the management of the Military superannuation scheme.

Finance plan to establish service contracts for the four items and also will establish an actuarial services panel. This will mimic current arrangements, with the exception that the actuarial services panel will not have a limit on the per task cost (currently $80,000). The limit was originally in place to control the use of the actuarial services panel which has unnecessarily inhibited the use of the panel.