TWENTY-SECOND AMENDMENT

of the

PUBLIC SECTOR SUPERANNUATION SCHEME TRUST DEED

THIS DEED is made on 5 July 2004 by THE COMMONWEALTH OF AUSTRALIA.

WHEREAS section 4 of the Superannuation Act 1990 (the Act) provides for the Minister to establish an occupational superannuation scheme to be administered by the Board established under section 20 of the Act (the Board);

WHEREAS the Public Sector Superannuation Scheme (the Scheme) was established by Trust Deed dated 21 June 1990[1];

AND WHEREAS the Schedule to the Trust Deed contains Rules for the administration of the Scheme;

AND WHEREAS section 5 of the Act provides for the Minister, by instrument in writing, to amend the Trust Deed, and requires the consent of the Board to amendments in certain circumstances;

AND WHEREAS the consent of the Board is not required to the amendments provided for in this Deed.

NOW THIS DEED WITNESSES as follows:

1.                       The amendments to the Rules made by this Deed come into effect on 1 July 2004.

2.                       This Deed is to be read as if it formed part of the Trust Deed and, where the context requires or admits, a word or phrase in this Deed has the same meaning that it has in the Trust Deed.

3.                       The Rules are amended as follows:

3.1                   Delete the existing paragraphs (c) and (d) of Rule 12.2.9 and substitute the following new paragraphs (c) and (d)):

“(c)      12.5% of the employer-financed component of any part of the benefits payable to the person that accrued in the 2004-2005 financial year; and

(d)       10% of the employer-financed component of any part of the benefits payable to the person that accrued after 30 June 2005.”

IN WITNESS WHEREOF this Deed has been executed the day and year first hereinbefore written.

SIGNED, SEALED AND DELIVERED                        )

                                                                                      )

by the Honourable NICHOLAS HUGH MINCHIN       )           SIGNED

                                                                                      )

Minister for Finance and Administration               )

                                                                                      )

for and on behalf of                                                         )

                                                                                      )

THE COMMONWEALTH OF                         )

                                                                                      )

AUSTRALIA, in the presence of:                                    )

                                                                                      )

                                                                                      )

                          (name)                                                  )           Chris Keane

                                                                                      )

                                                                                      )

                          (address)                                              )           20 Clifton St

                                                                                      )           PROSPECT  SA  5082

                                                                                      )

                          (title)                                                    )           Adviser to Senator Minchin

                                                                                      )

Note to the Deed:

TABLE LISTING TRUST DEED AND AMENDING DEEDS

Section 45 of the Superannuation Act 1990 provides, in part, that instruments under section 5(1) amending the Trust Deed are disallowable instruments for the purposes of section 46A of the Acts Interpretation Act 1901.  The effect of these provisions is that amending instruments are required to be notified in the Gazette and take effect from the date of gazettal unless the instrument provides otherwise.