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PSS (Maximum Benefits) Determination No. 5

Authoritative Version
  • - F2008B00744
  • No longer in force
Determinations/Superannuation as made
This Determination amends the PSS (Maximum Benefits) Determination No. 1.
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Repealed by Superannuation (PSS) Maximum Benefits (2005-2006) Determination 2005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 rules 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. 5".

 

Commencement

 

2.         This determination shall take effect from and including 1 July 2000.     

 

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.

 

Principal Determination

 

4.         In this determination, "the Principal Determination" means the PSS (Maximum Benefits) Determination No. 1, as amended.

 

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.

 

Amendments to the Principal Determination

 

[Amendment of dollar amounts for the purposes of the Table entitled "Table - Maximum Benefits" in Rule 5.6.1]

 

6.         Schedule 1 to the Principal Determination is amended by replacing the dollar amounts set out therein with the dollar amounts set out in the Table in Schedule 1 to this determination. 

 

 

 

 


                              [PSS (Maximum Benefits) Determination No. 5 (continued)]

 

 

[Amendment of dollar amounts for the purposes of the Table entitled "Table - AFP Preliminary Maximum Benefits - Lump Sums" in Rule 5.7.1]

 

7.         Schedule 2 to the Principal Determination is amended by replacing the dollar amounts set out therein with the dollar amounts set out in the Table in Schedule 2 to this determination. 

 

[Amendment of dollar amounts for the purposes of the Table entitled "Table - AFP Preliminary Maximum Benefits - Pensions" in Rule 5.7.2]

 

8.         Schedule 3 to the Principal Determination is amended by replacing the dollar amounts set out therein with the dollar amounts set out in the Table in Schedule 3 to this determination. 

 

 

 

Peter Reynolds

 

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

P. Reynolds

(Chairperson)

 

 

 

                                                                                                                                                W. Hall

 

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

J.A. Flitcroft                                                                                                                             W. Hall 

(Trustee)                                                                                                                                 (Trustee) 

                                                                                                                                                              

 

 

G. Kelly                                                                                                                     Louise McBride

 

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

G.J. Kelly                                                                                                                        L. McBride

(Trustee)                                                                                                                             (Trustee) 

 

 

 

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

 

 

 

 

 

Dated this             thirty-first             day of                       May                                                  2000


 

                                                                   SCHEDULE 1

 

 

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

 

 

EFFECTIVE FROM 1 JULY 2000

 

 

 

 

 

 

 

Table - Maximum Benefits

 

 

    Average Salary

 

Maximum Benefit

 

    Less than $36,919

 

$295,349

 

    $36,919 or more

         but less than $59,050

 

8 times average salary

 

    $59,050 or more

         but less than $109,630

 

$118,100

plus 6 times average salary

 

    $109,630 or more

 

$446,990

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 2000

 

 

 

 

 

 

 

Table - AFP Preliminary Maximum Benefits - Lump Sums

 

 

Average Salary

 

Maximum Benefit

 

Less than $36,919

 

$295,349

 

$36,919 or more

but less than $59,050

 

8 times average salary

 

$59,050 or more

but less than $109,630

 

$118,100

plus 6 times average salary

 

$109,630 or more

 

$446,990

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 2000

 

 

 

 

 

 

 

Table - AFP Preliminary Maximum Benefits - Pensions

 

 

Final Average Salary

 

Maximum Benefit

 

Less than $36,919

 

$415,339

 

$36,919 or more

but less than $59,050

 

11.25 times average salary

 

$59,050 or more

but less than $109,630

 

$177,150

plus 8.25 times average salary

 

$109,630 or more

 

 

$506,040

plus 5.25 times average salary