COMMONWEALTH OF AUSTRALIA
SUPERANNUATION ACT 1990
DETERMINATION
The PSS Board, pursuant to clauses 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. 2".
Commencement
2. This determination shall take effect from and including 1 July 1997.
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.
Amendments to Principal Determination
[Amendment of dollar amounts for the purposes of the Table entitled "Table - Maximum Benefits" in Rule 5.6.1]
5. Schedule 1 to the Principal Determination is amended by replacing the dollar amounts it contains with the dollar amounts set out in the Table in Schedule 1 to this determination.
[Amendment of dollar amounts for the purposes of the Table entitled "Table - AFP Preliminary Maximum Benefits - Lump Sums" in Rule 5.7.1]
6. Schedule 2 to the Principal Determination is amended by replacing the dollar amounts it contains 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]
7. Schedule 3 to the Principal Determination is amended by replacing the dollar amounts it contains with the dollar amounts set out in the Table in Schedule 3 to this determination.
[PSS (Maximum Benefits) Determination No. 2 (continued)]
R. Brown
.............................................
R.L. Brown
(Chairperson)
Peter Reynolds M. Hutchinson
............................................. .............................................
P. Reynolds M.J. Hutchinson
(Trustee) (Trustee)
W. Hall John. A. Flitcroft
............................................. .............................................
W. Hall J.A. Flitcroft
(Trustee) (Trustee)
The Common Seal of the PSS Board was hereunto affixed by authority of the Board
Dated this sixth day of June 1997
SCHEDULE 1
REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 5.6.1
EFFECTIVE FROM 1 JULY 1997
Table - Maximum Benefits
| |
Average Salary |
Maximum Benefit |
Less than $33,168 |
$265,338 |
$33,168 or more but less than $53,040 |
8 times average salary |
$53,040 or more but less than $98,480 |
$106,080 plus 6 times average salary |
$98,480 or more |
$401,520 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 1997
Table - AFP Preliminary Maximum Benefits - Lump Sums
| |
Average Salary |
Maximum Benefit |
Less than $33,168 |
$265,338 |
$33,168 or more but less than $53,040 |
8 times average salary |
$53,040 or more but less than $98,480 |
$106,080 plus 6 times average salary |
$98,480 or more |
$401,520 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 1997
Table - AFP Preliminary Maximum Benefits - Pensions
| |
Final Average Salary |
Maximum Benefit |
Less than $33,168 |
$373,140 |
$33,168 or more but less than $53,040 |
11.25 times average salary |
$53,040 or more but less than $98,480 |
$159,120 plus 8.25 times average salary |
$98,480 or more
|
$454,560 plus 5.25 times average salary |