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 |