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

CONVERSION FACTORS REQUIRED UNDER

SUBSECTION 146D(1) OF THE ACT

             TABLE 1: CONVERSION FACTORS FOR INDEXED PENSIONS

                                                         SCHEDULE  (cont.)

                                CONVERSION FACTORS REQUIRED UNDER

                                          SUBSECTION 146D(2) OF THE ACT

            TABLE 2: CONVERSION FACTORS FOR NON-INDEXED PENSIONS