COMMONWEALTH OF AUSTRALIA

                                                SUPERANNUATION ACT 1976

                                                          DETERMINATION

The CSS Board, pursuant to subsections 154AB(1) and (2) of the Superannuation Act 1976 and for the purposes of subsections 80D(1), (2) and 136(2) of that Act, in accordance with advice received from the Australian Government Actuary DETERMINES as follows:

Citation

1.         This determination may be cited as the "Superannuation (CSS) (Surcharge Deduction Amount - Conversion Factors) Determination No. 4".

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 the Australian Government 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 (CSS) (Surcharge Deduction 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.

Revocation of Determination

6.         Superannuation (CSS) (Surcharge Deduction Amount – Conversion Factors) Determination No. 3 is revoked.

Amendments to the Principal Determination

[New conversion factors to be used when calculating amounts to be deducted from indexed pensions and deferred benefits payable as indexed pensions]

7.         The conversion factors required to be determined under subsection 154AB(1) of the Act set out in Table 1 in the Schedule to the Principal Determination are omitted and replaced by the conversion factors set out in Table 1 in the Schedule to this determination.  

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

           Determination No. 4 (continued)]

[New conversion factors to be used when calculating amounts to be deducted from non-indexed pensions and deferred benefits payable as non-indexed pensions]

8.         The conversion factors required to be determined under subsection 154AB(2) of the Act set out in Table 2 in the Schedule to the Principal Determination are omitted and replaced by the conversion factors set out in Table 2 in the Schedule to this determination.  

Helen Ayres                                                                                                              E. Grunhard

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H. Ayres                                                                                                                      E. Grunhard                                                                                                                                                                                                                 H. Ayres

(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

                                                      TABLE 1

                     CONVERSION FACTORS REQUIRED TO BE DETERMINED

                            UNDER SUBSECTION 154AB(1) OF THE ACT

SCHEDULE (CONT.)

                                                      TABLE 2

                          CONVERSION FACTORS REQUIRED TO BE DETERMINED

                            UNDER SUBSECTION 154AB(2) OF THE ACT