Federal Register of Legislation - Australian Government

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Determinations/Superannuation as made
This determination modifies the Public Sector Superannuation Scheme Trust Deed to set new maximum benefits for the Public Sector Superannuation scheme to apply for the financial year beginning on 1 July 2022.
Administered by: Finance
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s11 item 06
Registered 17 Jun 2022

Superannuation (PSS)

Maximum Benefits (2022-2023)

Determination 2022

 

 

 


I, ABBEY BROWNE, Senior Manager, Knowledge and Technical Advice, and Delegate of Commonwealth Superannuation Corporation, pursuant to rules 5.6.5 and 5.7.7 of the PSS Rules, in the Schedule to the Deed in force under section 4 of the Superannuation Act 1990, DETERMINE as follows:

 

Dated                   7 June 2022

 

 

 

 

 

 

 

 

A BROWNE

Delegate of Commonwealth Superannuation Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


1          Name of Determination

 

This Determination is the Superannuation (PSS) Maximum Benefits

(2022-2023) Determination 2022.

 

 

2          Commencement

 

          This determination takes effect on 1 July 2022.     

 

 

3          Maximum Benefits – Lump Sums

 

For rule 5.6.5 of the PSS Rules, the table in rule 5.6.1 has effect, for the financial year starting on 1 July 2022, as if the amounts specified in the following table were substituted for the amounts specified in that table:

 

Table – Maximum Benefits

Average Salary

Maximum Benefit

 

Less than $82,500.00

 

$825,000.00

 

 

$82,500.00 and over

 

10 times average salary

 

 

 

4                    Maximum Benefits – AFP Lump Sums

 

For rule 5.7.7 of the PSS Rules, the table in rule 5.7.1 has effect, for the financial year starting on 1 July 2022, as if the amounts specified in the following table were substituted for the amounts specified in that table:

 


Table – AFP Preliminary Maximum Benefits –         Lump Sums

Average Salary

Preliminary Maximum Benefit

 

Less than $82,500.00

 

$825,000.00

 

 

$82,500.00 and over

 

10 times average salary

 

5                    Maximum Benefits – AFP Pensions

 

For rule 5.7.7 of the PSS Rules, the table in rule 5.7.2 has effect, for the financial year starting on 1 July 2022, as if the amounts specified in the following table were substituted for the amounts specified in that table:

 

 

Table – AFP Preliminary Maximum Benefits – Pensions

 

Final Average Salary

Preliminary

Maximum Benefit

 

Less than $82,500.00

 

$1,155,000.00

 

 

$82,500.00 and over

 

14 times average salary