Federal Register of Legislation - Australian Government

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Determinations/Superannuation as made
Amendment of PSS Surcharge Deduction Amount - Conversion Factors Determination.
Administered by: Finance
General Comments: Pursuant to PSS rule 12.2.10. (The Rules are a Schedule to the Trust Deed issued under section 4 of the Superannuation Act 1990. The Rules were renumbered with effect from 1 July 1995 by the Ninth Amending Trust Deed. Rule 12.2.10 was inserted into the Rules in 1998 by the Twelfth Amending Trust Deed.)
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Registered 29 May 2008
Date of repeal 19 Mar 2014
Repealed by Finance (Spent and Redundant Instruments) Repeal Regulation 2014

                                          COMMONWEALTH OF AUSTRALIA

 

                                                SUPERANNUATION ACT 1990

 

                                                          DETERMINATION

 

 

The PSS Board, pursuant to rule 12.2.10 and for the purposes of Part 9 of the Rules,  DETERMINES as follows:

 

Citation

 

1.    This determination may be cited as the "Superannuation (PSS) (Surcharge Deduction Amount - Conversion Factors) Determination No. 3".

 

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 to be used when calculating pension reductions in order to discharge Surcharge Deduction Amounts.

 

Principal Determination

 

4.    In this determination “the Principal Determination” means the Superannuation (PSS) (Surcharge Deduction Amount - Conversion Factors) Determination No. 1.

 

Interpretation

 

5.(1)    In this determination:

 

            "Act" means the Superannuation Act 1990; and

 

"Rules" means the Rules for the Administration of the Superannuation Scheme established by deed under section 4 of the Act, as amended from time to time.

 

(2)    Words and expressions defined in the Act and the Rules have the same meaning in this determination.

 

Amendment of the Principal Determination

 

[New conversion factors to be used when calculating amounts to be deducted from pensions]

 

6.         The conversion factors required to be determined under rule 12.2.10 set out in the Table in the Schedule to the Principal Determination are omitted and replaced by the conversion factors set out in the Table in the Schedule to this determination.


              [Superannuation (PSS) (Surcharge Deduction Amount - Conversion Factors)

             Determination No. 3 (continued)]

 

 

 

 

 

 

 

 

 

   S. P. Gibbs                                                                                                   Helen Ayres            

 

.........................................................                                        ......................................................

S.P. Gibbs                                                                                                                        H Ayres

(Chief Executive Officer)                                                                                               (Secretary)

 

 

 

The Common Seal of the PSS Board was hereunto affixed by authority of the Board

 

 

 

 

 

 

 

 

 

 

 

 

Dated this                 fourth                 day of           June                                     2003                                                                                                                                                                                           day of      2001  

 

 


 

SCHEDULE

 

 

CONVERSION FACTORS REQUIRED TO BE DETERMINED

UNDER PSS RULE 12.2.10

 

 

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

26.7

43

23.0

16

26.6

44

22.7

17

26.5

45

22.5

18

26.4

46

22.2

19

26.3

47

22.0

20

26.2

48

21.7

21

26.1

49

21.4

22

26.0

50

21.1

23

25.9

51

20.8

24

25.8

52

20.5

25

25.7

53

20.2

26

25.6

54

19.9

27

25.5

55

19.5

28

25.4

56

19.2

29

25.3

57

18.9

30

25.2

58

18.5

31

25.1

59

18.1

32

24.9

60

17.7

33

24.8

61

17.3

34

24.6

62

16.9

35

24.5

63

16.5

36

24.3

64

16.1

37

24.1

65

15.7

38

24.0

66

15.2

39

23.8

67

14.8

40

23.6

68

14.3

41

23.4

69

13.9

42

23.2

70

13.4