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PSS (Maximum Benefits) Determination No. 8

Authoritative Version
  • - F2008B00747
  • No longer in force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Repealed by Superannuation (PSS) Maximum Benefits (2005-2006) Determination 2005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

 

 

I, MICHAEL JOHN SIMPSON, Acting General Manager, Member Services, Commonwealth Superannuation Administration, Position No. 2745, and Delegate of the PSS Board, pursuant to rules 5.6.5 and 5.7.7 of the Rules, DETERMINE as follows:

 

Citation

 

1.         This determination may be cited as the "PSS (Maximum Benefits) Determination No. 8".

 

Commencement

 

2.         This determination shall take effect from and including 1 July 2003.     

 

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. 8 (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. 

 

 

 

 

M. Simpson

 

…………………………………………………..

M.J. Simpson

Acting General Manager

Member Services

Commonwealth Superannuation Administration

and Delegate of the PSS Board

 

 

 

 

Dated this             Third                       day of                  June                                                     2003  


 

                                                                   SCHEDULE 1

 

 

REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES

OF THE TABLE IN PSS RULE 5.6.1

 

 

EFFECTIVE FROM 1 JULY 2003

 

 

 

 

 

 

Table - Maximum Benefits

 

    Average Salary

Maximum Benefit

    Less than $42,879

$343,029

    $42,879 or more

         but less than $68,590

8 times average salary

    $68,590 or more

         but less than $127,330

$137,180

plus 6 times average salary

    $127,330 or more

$519,170

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 2003

 

 

 

 

 

 

Table - AFP Preliminary Maximum Benefits - Lump Sums

 

Average Salary

Preliminary Maximum Benefit

Less than $42,879

$343,029

$42,879 or more

but less than $68,590

8 times average salary

$68,590 or more

but less than $127,330

$137,180

plus 6 times average salary

$127,330 or more

$519,170

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 2003

 

 

 

 

 

 

Table - AFP Preliminary Maximum Benefits - Pensions

 

Final Average Salary

Preliminary Maximum Benefit

Less than $42,879

$482,389

$42,879 or more

but less than $68,590

11.25 times average salary

$68,590 or more

but less than $127,330

$205,770

plus 8.25 times average salary

$127,330 or more

 

$587,760

plus 5.25 times average salary