Federal Register of Legislation - Australian Government

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PSS (Maximum Benefits) Determination No. 1

Authoritative Version
Determinations/Superannuation as made
This Determination amends the maximum benefit levels that apply to ordinary scheme members and scheme members employed by the Australian Federal Police.
Administered by: Finance
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Registered 07 Nov 2008
Date of repeal 01 Jul 2005
Repealed by Superannuation (PSS) Maximum Benefits (2005-2006) Determination 2005

                                             COMMONWEALTH OF AUSTRALIA

 

                                                   SUPERANNUATION ACT 1990

 

                                                             DETERMINATION

 

 

The PSS Board, pursuant to clauses 5.6.5 and 5.7.7 of the Rules, DETERMINES as follows:

 

Citation

 

1.    This determination may be cited as the "PSS (Maximum Benefits) Determination No. 1".

 

Commencement

 

2.    This determination shall take effect from and including 1 July 1996.     

 

Purpose

 

3.    The purpose of this determination is to amend the maximum benefit levels that apply to ordinary scheme members and scheme members employed by the Australian Federal Police.

 

Interpretation

 

4.(1)    In this determination:

 

"Act" means the Superannuation Act 1990;

 

"Rules" mean 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 Rules have the same meaning in this determination.

 

Amendment of Rules

 

5.    The Table entitled "Table - Maximum Benefits" in Rule 5.6.1 is amended by replacing the dollar amounts it contains with the dollar amounts set out in the Table in Schedule 1 to this determination. 

 

6.    The Table entitled "Table - AFP Preliminary Maximum Benefits - Lump Sums" in Rule 5.7.1 is amended by replacing the dollar amounts it contains with the dollar amounts set out in the Table in Schedule 2 to this determination. 

 

7.    The Table entitled "Table - AFP Preliminary Maximum Benefits - Pensions" in Rule 5.7.2 is amended by replacing the dollar amounts it contains with the dollar amounts set out in the Table in Schedule 3 to this determination. 

 

 

                                                                              


 

                               [PSS (Maximum Benefits) Determination No. 1(continued)]

 

 

 

 

 

 

 

 

 

R. L. Brown                                                                                                         John. A. Flitcroft

 

.............................................                                                               ………………………….....

R.L. Brown                                                                                                                      J.A. Flitcroft

(Chairperson)                                                                                                          (Trustee)  

 

 

 

K. A. Searson                                                                                                              D. C. Leaver

 

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

K.A. Searson                                                                                                                   D.C. Leaver

(Trustee)                                                                                                                               (Trustee)

                                                                                                                                                            

 

 

 

 

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

 

 

 

 

 

 

Dated this              sixth                     day of                      June                                                   1996


 

                                                                   SCHEDULE 1

 

 

REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 5.6.1

 

 

EFFECTIVE FROM 1 JULY 1996

 

 

 

 

 

 

 

Table - Maximum Benefits

 

 

    Average Salary

 

Maximum Benefit

 

    Less than $31,723

 

$253,783

 

    $31,723 or more

         but less than $50,730

 

8 times average salary

 

    $50,730 or more

         but less than $94,190

 

$101,460

plus 6 times average salary

 

    $94,190 or more

 

$384,030

plus 3 times average salary

 

 


 

SCHEDULE 2

 

 

REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 5.7.1

 

 

EFFECTIVE FROM 1 JULY 1996

 

 

 

 

 

 

 

Table - AFP Preliminary Maximum Benefits - Lump Sums

 

 

Average Salary

 

Maximum Benefit

 

Less than $31,723

 

$253,783

 

$31,723 or more

but less than $50,730

 

8 times average salary

 

$50,730 or more

but less than $94,190

 

$101,460 plus

6 times average salary

 

$94,190 or more

 

$384,030 plus

3 times average salary

 

 


 

SCHEDULE 3

 

 

REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE

IN PSS RULE 5.7.2

 

 

EFFECTIVE FROM 1 JULY 1996

 

 

 

 

 

 

 

Table - AFP Preliminary Maximum Benefits - Pensions

 

 

Average Salary

 

Maximum Benefit

 

Less than $31,723

 

$356,884

 

$31,723 or more

but less than $50,730

 

11.25 times average salary

 

$50,730 or more

but less than $94,190

 

$152,190 plus

8.25 times average salary

 

$94,190 or more

 

 

$434,760 plus

5.25 times average salary