delete Superannuation (PSS) Approved Authority Inclusion Declaration No. 5
Superannuation (PSS) Approved Authority Inclusion Declaration No. 5 (2009-07-14) is a federal legislative instrument that adds a specified authority to the list of approved employers permitted to participate in the Public Sector Superannuation scheme. The instrument operates by declaring an authority as an 'approved authority' for PSS purposes, enabling their employees to become scheme members and access associated superannuation benefits. The mechanism involves administrative inclusion on a government-maintained approved list, with compliance requirements flowing from this designation.
This instrument exemplifies government compulsion in retirement savings through mandatory superannuation enrolment. The PSS scheme removes individual choice from public servants about how to structure their retirement savings, forcing them into a government-managed scheme that typically underperforms private sector alternatives due to bureaucratic inefficiencies and lack of competitive pressure. The 'approved authority' mechanism represents unnecessary government control over which entities can participate in the scheme, creating artificial barriers and monopolistic structures in retirement savings. Such mandatory defined benefit schemes distort labour markets by tying retirement benefits to continued employment in the public sector, reducing workforce mobility and economic efficiency.