COMMONWEALTH OF AUSTRALIA
SUPERANNUATION ACT 1976
DETERMINATION
The CSS Board, pursuant to subsections 146D(1) and (2) of the Superannuation Act 1976 and in accordance with advice received from an actuary, DETERMINES as follows:
Citation
1. This determination may be cited as the "Superannuation (CSS) (Surcharge Commutation Amount - Conversion Factors) Determination No. 2".
Commencement
2. This determination shall take effect from and including 1 July 2003.
Purpose
3. The purpose of this determination is to determine, in accordance with advice from an actuary, new conversion factors that are applicable for the purpose of working out, in relation to a person, the yearly amount that would have to be paid to discharge a liability equal to the person=s surcharge commutation amount.
Principal Determination
4. In this determination “the Principal Determination” means the Superannuation (CSS) (Surcharge Commutation Amount - Conversion Factors) Determination No. 1.
Interpretation
5.(1) In this determination, "Act" means the Superannuation Act 1976.
(2) Words and expressions defined in the Act have the same meaning in this determination.
Schedule
New conversion factors in relation to indexed pensions and deferred benefits payable as indexed pensions
6. For the purposes of subsection 146D(1) of the Act, Table 1 and the conversion factors in the Schedule to the Principal Determination are omitted and replaced by Table 1 and the conversion factors in the Schedule to this determination.
[Superannuation (CSS) (Surcharge Commutation Amount - Conversion Factors)
Determination No. 2 (continued)]
New conversion factors in relation to non-indexed pensions and deferred benefits payable as non-indexed pensions
7. For the purposes of subsection 146D(2) of the Act, Table 2 and the conversion factors in the Schedule to the Principal Determination are omitted and replaced by Table 2 and the conversion factors in the Schedule to this determination.
Helen Ayres E. Grunhard
......................................................... ......................................................
Helen Ayres Ephraim Grunhard
(Secretary) (Portfolio Manager)
The Common Seal of the CSS Board was hereunto affixed by authority of the Board
Dated this Eighth day of July 2003
SCHEDULE (cont.)
CONVERSION FACTORS REQUIRED UNDER
SUBSECTION 146D(2) OF THE ACT
TABLE 2: CONVERSION FACTORS FOR NON-INDEXED PENSIONS
AGE IN COMPLETED YEARS AT DATE OF COMMENCEMENT OF PENSION | CONVERSION FACTOR | AGE IN COMPLETED YEARS AT DATE OF COMMENCEMENT OF PENSION | CONVERSION FACTOR |
15 | 16.7 | 43 | 15.7 |
16 | 16.7 | 44 | 15.6 |
17 | 16.7 | 45 | 15.5 |
18 | 16.7 | 46 | 15.4 |
19 | 16.6 | 47 | 15.3 |
20 | 16.6 | 48 | 15.2 |
21 | 16.6 | 49 | 15.1 |
22 | 16.6 | 50 | 15.0 |
23 | 16.6 | 51 | 14.9 |
24 | 16.5 | 52 | 14.7 |
25 | 16.5 | 53 | 14.6 |
26 | 16.5 | 54 | 14.4 |
27 | 16.5 | 55 | 14.3 |
28 | 16.5 | 56 | 14.1 |
29 | 16.4 | 57 | 13.9 |
30 | 16.4 | 58 | 13.7 |
31 | 16.4 | 59 | 13.6 |
32 | 16.3 | 60 | 13.4 |
33 | 16.3 | 61 | 13.1 |
34 | 16.2 | 62 | 12.9 |
35 | 16.2 | 63 | 12.7 |
36 | 16.1 | 64 | 12.5 |
37 | 16.1 | 65 | 12.2 |
38 | 16.0 | 66 | 12.0 |
39 | 16.0 | 67 | 11.7 |
40 | 15.9 | 68 | 11.4 |
41 | 15.9 | 69 | 11.1 |
42 | 15.8 | 70 | 10.8 |