COMMONWEALTH OF AUSTRALIA

 SUPERANNUATION ACT 1990

 DETERMINATION

The PSS Board, pursuant to rule 15.1.9 of the Rules for the Administration of the Public Sector Superannuation Scheme and in accordance with advice received from an actuary, DETERMINES as follows:

Citation

1.    This determination may be cited as the "Superannuation (PSS) (Surcharge Commutation Amount - Conversion Factors) Determination No. 1".

Commencement

2.      Pursuant to clause 5 of the Fourteenth Amending Deed dated 20 August 2001, this determination shall be deemed to have taken effect on 22 August 2001.

Purpose

3.     The purpose of this determination is to determine, in accordance with advice from an actuary, conversion factors that are applicable for the purpose of working out, in relation to a person, the yearly amount that would have to be paid to discharge a liability equal to the person’s Surcharge Commutation Amount.

Interpretation

4.(1)    In this determination, “Act” means the Superannuation Act 1990.

(2)  Words and expressions defined in the Act have the same meaning in this determination.

Schedule

Conversion factors to be used in relation to pensions

5.  The conversion factors for the purposes of rule 15.1.9 are set out in the Table in the Schedule to this determination.

 [Superannuation (PSS) (Surcharge Commutation Amount - Conversion Factors)

           Determination No. 1 (continued)]

S. P. Gibbs                  Helen Ayres

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

S.P. Gibbs                                              H. Ayres

(Chief Executive Officer)                              (Secretary)

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

Dated this                      sixteenth                day of                     January 2002                                                                        day of              2001  

SCHEDULE

CONVERSION FACTORS REQUIRED UNDER PSS RULE 15.1.9