Federal Register of Legislation - Australian Government

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Determinations/Superannuation as made
This instrument determines 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.
Administered by: Finance
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Registered 21 Aug 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Repealed by Finance (Spent and Redundant Instruments) Repeal Regulation 2014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 15.1.9 of the Rules for the Administration of the Public Sector Superannuation Scheme and in accordance with advice received from an actuary, DETERMINES as follows:

 

Citation

 

1.         This determination may be cited as the "Superannuation (PSS) (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 (PSS) (Surcharge Commutation 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 have the same meaning in this determination.

 

Schedule

 

New conversion factors to be used in relation to pensions

 

6.         For the purposes of rule 15.1.9, the Table and the conversion factors in the Schedule to the Principal Determination are omitted and replaced by the Table and the conversion factors in the Schedule to this determination.

 

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

           Determination No. 2 (continued)]

 

 

 

 

 

 

 

 

Helen Ayres                                                                                                            E. Grunhard  

 

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

Helen Ayres                                                                                                    Ephraim Grunhard

(Secretary)                                                                                                     (Portfolio Manager)

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Dated this                  Eighth                                day of                     July                          2003    

 

 

 

 

 

 

 


 

SCHEDULE

 

CONVERSION FACTORS REQUIRED UNDER PSS RULE 15.1.9

 

 

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