{"id":"F2005L02074","name":"Superannuation (PSSAP) Unit Pricing Determination 2005","slug":"superannuation-pssap-unit-pricing-determination-2005","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":36274,"registerId":"commonwealth-F2005L02074-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (PSSAP) Unit Pricing Determination 2005","content":"![](image.001.png)\n\nSuperannuation (PSSAP) Unit Pricing Determination 2005\n\nI, Leonie McCracken, Head of Investment Operations, make this Determination under Rules 5.2.1, 5.4.2 and 5.4.3 of the Rules for the Administration of the Public Sector Superannuation Accumulation Plan set out in the Schedule to the Trust Deed made under section 10 of the Superannuation Act 2005.\n\nDated 27 July 2005\n\nLJMcCracken\n\nDelegate of the PSS Board\n\nPart 1 Preliminary\n\nDo not delete : Division Placeholder\n\n1 Name of Determination\n\nThis Determination is the Superannuation (PSSAP) Unit Pricing Determination 2005.\n\n2 Commencement\n\nThis Determination commences on 27 July 2005.\n\n3 Interpretation\n\n(1) In this Determination:\n\n> “actuarial report” means the report titled “Public Sector Superannuation Scheme — Accumulation Plan (Unitisation — 30 June 2005 Report)” prepared for the PSS/CSS Boards and dated 27 June 2005.\n\n> “PSSAP member” means a member of the Public Sector Superannuation Accumulation Plan.\n\n> “relevant unit” means each unit that makes up a PSSAP member’s interest in the Public Sector Superannuation Accumulation Plan.\n\n> Note An interest in the Public Sector Superannuation Accumulation Plan is valued in units. Contributions made to the Plan, and other amounts transferred in, are used to buy units in the investment option or options chosen by a PSSAP member.\n\n> Note: A record is kept of all units held by a PSSAP member: this is the member’s personal accumulation account.\n\n> “Rules” means the Rules for the Administration of the Public Sector Superannuation Accumulation Plan set out in the Schedule to the Trust Deed.\n\n> “Trust Deed” means the Trust Deed mentioned in section 10 of the Superannuation Act 2005.\n\n(2) Words and expressions defined in the Rules and this Determination have the meaning given by the Rules.\n\n> Note Words and expressions defined in the Act and this Determination have the meaning given by the Act.\n\nPart 2 Unit prices\n\nDo not delete : Division Placeholder\n\n4 Buy prices and sell prices of relevant units\n\n(1) For the purposes of ascertaining the value of a relevant unit, buy and sell prices are set out in Schedules 1 and 2.\n\n> Note 1 Under the system of creating units in the Public Sector Superannuation Accumulation Plan, the fund earnings or losses on a PSSAP member’s personal accumulation account are reflected in the value of each relevant unit in that account. This is expressed as a “buy price” and a “sell price” for the relevant unit. The unitisation system is explained in the actuarial report.\n\n> Note 2 Schedule 1 covers the initial period of the PSSAP Scheme, commencing on 1 July 2005. The last buy and sell prices in that Schedule will apply until the first buy and sell prices are specified in Schedule 2.\n\n> Note: A buy price and sell price are not necessarily determined for each day, so the Schedules do not refer to weekends and may not refer to other days such as bank holidays.\n\n(2) The buy prices and sell prices must be applied in relation to the relevant unit in accordance with the actuarial report.\n\n(3) The buy and sell prices for the last day specified in Schedule 1 apply to every subsequent day until the first buy or sell price is specified in Schedule 2.\n\n(4) A buy or sell price specified in Schedule 2 for a particular day applies to every subsequent day until another buy or sell price is specified in that Schedule.\n\nSchedule 1 Buy price and sell price\n\n(subsection 4 (1))\n\n| Item | Date        | Investment Option               | Buy price$ | Sell price$ |\n| ---- | ----------- | ------------------------------- | ---------- | ----------- |\n| 1    | 1 July 2005 | Conservative                    | 1.001318   | 0.998818    |\n|      |             | Balanced 50/50                  | 1.002619   | 0.998517    |\n|      |             | Trustee Choice                  | 1.003053   | 0.998549    |\n|      |             | Aggressive                      | 1.003633   | 0.998728    |\n|      |             | Cash                            | 1.000143   | 1.000143    |\n|      |             | Bonds / Fixed Interest          | 1.000461   | 0.998362    |\n|      |             | Australian shares               | 1.000167   | 0.996175    |\n|      |             | International shares (unhedged) | 1.015584   | 1.009913    |\n|      |             | International shares (hedged)   | 1.006779   | 1.001157    |\n|      |             | Property                        | 1.004152   | 0.996150    |\n|      |             | Sustainable                     | 1.002980   | 0.996980    |\n|      |             |                                 |            |             |\n| 2    | 4 July 2005 | Conservative                    | 1.001267   | 0.998767    |\n|      |             | Balanced 50/50                  | 1.002797   | 0.998694    |\n|      |             | Trustee Choice                  | 1.003845   | 0.999338    |\n|      |             | Aggressive                      | 1.004777   | 0.999866    |\n|      |             | Cash                            | 1.000511   | 1.000511    |\n|      |             | Bonds / Fixed Interest          | 0.999021   | 0.996925    |\n|      |             | Australian shares               | 1.001927   | 0.997928    |\n|      |             | International shares (unhedged) | 1.015630   | 1.009959    |\n|      |             | International shares (hedged)   | 1.007844   | 1.002216    |\n|      |             | Property                        | 1.004541   | 0.996537    |\n|      |             | Sustainable                     | 1.002920   | 0.996920    |\n\n  \n\n| Item | Date        | Investment Option               | Buy price$ | Sell price$ |\n| ---- | ----------- | ------------------------------- | ---------- | ----------- |\n| 3    | 5 July 2005 | Conservative                    | 1.001974   | 0.999472    |\n|      |             | Balanced 50/50                  | 1.004121   | 1.000012    |\n|      |             | Trustee Choice                  | 1.006089   | 1.001572    |\n|      |             | Aggressive                      | 1.007941   | 1.003015    |\n|      |             | Cash                            | 1.000640   | 1.000640    |\n|      |             | Bonds / Fixed Interest          | 0.998241   | 0.996147    |\n|      |             | Australian shares               | 1.005156   | 1.001144    |\n|      |             | International shares (unhedged) | 1.031308   | 1.025549    |\n|      |             | International shares (hedged)   | 1.011741   | 1.006091    |\n|      |             | Property                        | 1.004677   | 0.996672    |\n|      |             | Sustainable                     | 1.002900   | 0.996900    |\n|      |             |                                 |            |             |\n| 4    | 6 July 2005 | Conservative                    | 1.001237   | 0.998737    |\n|      |             | Balanced 50/50                  | 1.003055   | 0.998951    |\n|      |             | Trustee Choice                  | 1.004027   | 0.999519    |\n|      |             | Aggressive                      | 1.005038   | 1.000125    |\n|      |             | Cash                            | 1.000750   | 1.000750    |\n|      |             | Bonds / Fixed Interest          | 0.998867   | 0.996772    |\n|      |             | Australian shares               | 0.999272   | 0.995282    |\n|      |             | International shares (unhedged) | 1.027687   | 1.021948    |\n|      |             | International shares (hedged)   | 1.010065   | 1.004425    |\n|      |             | Property                        | 1.004794   | 0.996787    |\n|      |             | Sustainable                     | 1.002880   | 0.996880    |\n|      |             |                                 |            |             |\n\n  \n\n| Item | Date        | Investment Option               | Buy price$ | Sell price$ |\n| ---- | ----------- | ------------------------------- | ---------- | ----------- |\n| 5    | 7 July 2005 | Conservative                    | 0.999961   | 0.997464    |\n|      |             | Balanced 50/50                  | 1.001234   | 0.997137    |\n|      |             | Trustee Choice                  | 1.000890   | 0.996396    |\n|      |             | Aggressive                      | 1.000708   | 0.995817    |\n|      |             | Cash                            | 1.000879   | 1.000879    |\n|      |             | Bonds / Fixed Interest          | 0.999211   | 0.997115    |\n|      |             | Australian shares               | 0.990652   | 0.986697    |\n|      |             | International shares (unhedged) | 1.026569   | 1.020837    |\n|      |             | International shares (hedged)   | 1.007097   | 1.001473    |\n|      |             | Property                        | 1.004931   | 0.996923    |\n|      |             | Sustainable                     | 1.002860   | 0.996860    |\n|      |             |                                 |            |             |\n| 6    | 8 July 2005 | Conservative                    | 1.001007   | 0.998508    |\n|      |             | Balanced 50/50                  | 1.003076   | 0.998972    |\n|      |             | Trustee Choice                  | 1.003171   | 0.998667    |\n|      |             | Aggressive                      | 1.003793   | 0.998887    |\n|      |             | Cash                            | 1.000993   | 1.000993    |\n|      |             | Bonds / Fixed Interest          | 0.999557   | 0.997460    |\n|      |             | Australian shares               | 0.989793   | 0.985842    |\n|      |             | International shares (unhedged) | 1.032612   | 1.026845    |\n|      |             | International shares (hedged)   | 1.016111   | 1.010436    |\n|      |             | Property                        | 1.005052   | 0.997043    |\n|      |             | Sustainable                     | 1.002840   | 0.996840    |\n|      |             |                                 |            |             |\n\n  \n\n| Item | Date         | Investment Option               | Buy price$ | Sell price$ |\n| ---- | ------------ | ------------------------------- | ---------- | ----------- |\n| 7    | 11 July 2005 | Conservative                    | 1.002592   | 1.000089    |\n|      |              | Balanced 50/50                  | 1.005386   | 1.001273    |\n|      |              | Trustee Choice                  | 1.007046   | 1.002524    |\n|      |              | Aggressive                      | 1.009062   | 1.004130    |\n|      |              | Cash                            | 1.001362   | 1.001362    |\n|      |              | Bonds / Fixed Interest          | 0.998801   | 0.996706    |\n|      |              | Australian shares               | 0.997859   | 0.993875    |\n|      |              | International shares (unhedged) | 1.036867   | 1.031077    |\n|      |              | International shares (hedged)   | 1.021782   | 1.016076    |\n|      |              | Property                        | 1.005442   | 0.997430    |\n|      |              | Sustainable                     | 1.002779   | 0.996781    |\n|      |              |                                 |            |             |\n| 8    | 12 July 2005 | Conservative                    | 1.002239   | 0.999737    |\n|      |              | Balanced 50/50                  | 1.005114   | 1.001001    |\n|      |              | Trustee Choice                  | 1.006820   | 1.002299    |\n|      |              | Aggressive                      | 1.008782   | 1.003851    |\n|      |              | Cash                            | 1.001490   | 1.001490    |\n|      |              | Bonds / Fixed Interest          | 0.998092   | 0.995999    |\n|      |              | Australian shares               | 0.997220   | 0.993239    |\n|      |              | International shares (unhedged) | 1.029716   | 1.023966    |\n|      |              | International shares (hedged)   | 1.022182   | 1.016474    |\n|      |              | Property                        | 1.005577   | 0.997565    |\n|      |              | Sustainable                     | 1.002759   | 0.996761    |\n|      |              |                                 |            |             |\n\n  \n\n| Item | Date         | Investment Option               | Buy price$ | Sell price$ |\n| ---- | ------------ | ------------------------------- | ---------- | ----------- |\n| 9    | 13 July 2005 | Conservative                    | 1.002889   | 1.000384    |\n|      |              | Balanced 50/50                  | 1.006162   | 1.002045    |\n|      |              | Trustee Choice                  | 1.008784   | 1.004255    |\n|      |              | Aggressive                      | 1.011538   | 1.006593    |\n|      |              | Cash                            | 1.001605   | 1.001605    |\n|      |              | Bonds / Fixed Interest          | 0.997302   | 0.995210    |\n|      |              | Australian shares               | 1.001593   | 0.997594    |\n|      |              | International shares (unhedged) | 1.038584   | 1.032784    |\n|      |              | International shares (hedged)   | 1.024485   | 1.018764    |\n|      |              | Property                        | 1.005700   | 0.997686    |\n|      |              | Sustainable                     | 1.002739   | 0.996741    |\n|      |              |                                 |            |             |\n| 10   | 14 July 2005 | Conservative                    | 1.003804   | 1.001297    |\n|      |              | Balanced 50/50                  | 1.007397   | 1.003275    |\n|      |              | Trustee Choice                  | 1.011905   | 1.007361    |\n|      |              | Aggressive                      | 1.014022   | 1.009065    |\n|      |              | Cash                            | 1.001733   | 1.001733    |\n|      |              | Bonds / Fixed Interest          | 0.997452   | 0.995359    |\n|      |              | Australian shares               | 1.005992   | 1.001976    |\n|      |              | International shares (unhedged) | 1.035163   | 1.029382    |\n|      |              | International shares (hedged)   | 1.027125   | 1.021389    |\n|      |              | Property                        | 1.005834   | 0.997820    |\n|      |              | Sustainable                     | 1.002719   | 0.996721    |\n|      |              |                                 |            |             |\n\n  \n\n| Item | Date         | Investment Option               | Buy price$ | Sell price$ |\n| ---- | ------------ | ------------------------------- | ---------- | ----------- |\n| 11   | 15 July 2005 | Conservative                    | 1.003920   | 1.001413    |\n|      |              | Balanced 50/50                  | 1.007470   | 1.003348    |\n|      |              | Trustee Choice                  | 1.013714   | 1.009162    |\n|      |              | Aggressive                      | 1.013779   | 1.008824    |\n|      |              | Cash                            | 1.001859   | 1.001859    |\n|      |              | Bonds / Fixed Interest          | 0.997918   | 0.995825    |\n|      |              | Australian shares               | 1.004990   | 1.000978    |\n|      |              | International shares (unhedged) | 1.038050   | 1.032253    |\n|      |              | International shares (hedged)   | 1.027125   | 1.021389    |\n|      |              | Property                        | 1.005968   | 0.997952    |\n|      |              | Sustainable                     | 1.002699   | 0.996701    |\n|      |              |                                 |            |             |\n| 12   | 18 July 2005 | Conservative                    | 1.003956   | 1.001450    |\n|      |              | Balanced 50/50                  | 1.007288   | 1.003166    |\n|      |              | Trustee Choice                  | 1.013639   | 1.009087    |\n|      |              | Aggressive                      | 1.013484   | 1.008530    |\n|      |              | Cash                            | 1.002228   | 1.002228    |\n|      |              | Bonds / Fixed Interest          | 0.997848   | 0.995755    |\n|      |              | Australian shares               | 1.007135   | 1.003115    |\n|      |              | International shares (unhedged) | 1.032033   | 1.026270    |\n|      |              | International shares (hedged)   | 1.024374   | 1.018654    |\n|      |              | Property                        | 1.006359   | 0.998340    |\n|      |              | Sustainable                     | 1.002639   | 0.996641    |\n|      |              |                                 |            |             |\n\n  \n\n| Item | Date         | Investment Option               | Buy price$ | Sell price$ |\n| ---- | ------------ | ------------------------------- | ---------- | ----------- |\n| 13   | 19 July 2005 | Conservative                    | 1.003858   | 1.001351    |\n|      |              | Balanced 50/50                  | 1.007560   | 1.003438    |\n|      |              | Trustee Choice                  | 1.014106   | 1.009553    |\n|      |              | Aggressive                      | 1.013686   | 1.008731    |\n|      |              | Cash                            | 1.002356   | 1.002356    |\n|      |              | Bonds / Fixed Interest          | 0.997590   | 0.995497    |\n|      |              | Australian shares               | 1.002293   | 0.998292    |\n|      |              | International shares (unhedged) | 1.037903   | 1.032107    |\n|      |              | International shares (hedged)   | 1.029500   | 1.023750    |\n|      |              | Property                        | 1.006495   | 0.998475    |\n|      |              | Sustainable                     | 1.002619   | 0.996621    |\n|      |              |                                 |            |             |\n| 14   | 20 July 2005 | Conservative                    | 1.005292   | 1.002782    |\n|      |              | Balanced 50/50                  | 1.009315   | 1.005185    |\n|      |              | Trustee Choice                  | 1.017338   | 1.012771    |\n|      |              | Aggressive                      | 1.017112   | 1.012141    |\n|      |              | Cash                            | 1.002479   | 1.002479    |\n|      |              | Bonds / Fixed Interest          | 0.998163   | 0.996069    |\n|      |              | Australian shares               | 1.008743   | 1.004716    |\n|      |              | International shares (unhedged) | 1.035815   | 1.030031    |\n|      |              | International shares (hedged)   | 1.032485   | 1.026720    |\n|      |              | Property                        | 1.006625   | 0.998604    |\n|      |              | Sustainable                     | 1.002599   | 0.996601    |\n|      |              |                                 |            |             |\n\n  \n\n| Item | Date         | Investment Option               | Buy price$ | Sell price$ |\n| ---- | ------------ | ------------------------------- | ---------- | ----------- |\n| 15   | 21 July 2005 | Conservative                    | 1.005875   | 1.003363    |\n|      |              | Balanced 50/50                  | 1.009932   | 1.005799    |\n|      |              | Trustee Choice                  | 1.019447   | 1.014870    |\n|      |              | Aggressive                      | 1.019312   | 1.014330    |\n|      |              | Cash                            | 1.002604   | 1.002604    |\n|      |              | Bonds / Fixed Interest          | 0.997477   | 0.995385    |\n|      |              | Australian shares               | 1.018307   | 1.014242    |\n|      |              | International shares (unhedged) | 1.025814   | 1.020085    |\n|      |              | International shares (hedged)   | 1.029326   | 1.023577    |\n|      |              | Property                        | 1.006757   | 0.998735    |\n|      |              | Sustainable                     | 1.002579   | 0.996581    |\n|      |              |                                 |            |             |\n| 16   | 22 July 2005 | Conservative                    | 1.007273   | 1.004758    |\n|      |              | Balanced 50/50                  | 1.011475   | 1.007337    |\n|      |              | Trustee Choice                  | 1.022042   | 1.017453    |\n|      |              | Aggressive                      | 1.022542   | 1.017544    |\n|      |              | Cash                            | 1.002717   | 1.002717    |\n|      |              | Bonds / Fixed Interest          | 0.997854   | 0.995760    |\n|      |              | Australian shares               | 1.024616   | 1.020526    |\n|      |              | International shares (unhedged) | 1.023561   | 1.017845    |\n|      |              | International shares (hedged)   | 1.031838   | 1.026076    |\n|      |              | Property                        | 1.006877   | 0.998854    |\n|      |              | Sustainable                     | 1.002559   | 0.996561    |\n|      |              |                                 |            |             |\n\nSchedule 2 Buy price and sell price\n\n(subsection 4 (1))\n\n| Item | Date | Investment Option | Buy price$ | Sell price$ |\n| ---- | ---- | ----------------- | ---------- | ----------- |\n\nNote Items in this Schedule will be inserted by future amendments of this Determination.","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This Determination stays within the original, narrow purpose of setting unit prices for the PSSAP’s initial valuation and transactional mechanics. It does not broaden the Plan’s policy scope or create new regulatory obligations beyond applying and maintaining specific buy/sell prices and referencing the actuarial report. The instrument is administrative in nature and does not change the Plan’s substantive rules or membership coverage."},"complexity_factors":["Short instrument: 4 substantive sections plus two Schedules (mostly numeric)","Few defined terms in the interpretation section (5 expressly defined: actuarial report, PSSAP member, relevant unit, Rules, Trust Deed)","Cross-references to external materials: the Rules, the Trust Deed, the Superannuation Act 2005 and an external actuarial report (increases dependency complexity)","Numeric density in Schedule 1: 16 date entries × 11 investment options = 176 rows with buy and sell prices (352 numeric values) — operationally numerous but legally straightforward","Simple conditional logic for continuity of prices (section 4(3)–(4)) rather than nested exceptions","Placeholder Schedule 2 for future amendments introduces ongoing amendment/administration complexity (future changes required by amendment rather than automated mechanism)","Delegated decision-making noted in preamble (authority derived from Rules and Trust Deed), so legal effect depends on correct exercise of delegated power"],"plain_english_summary":"**What this Determination does (mechanics)\n\n- This instrument fixes the unit \"buy\" and \"sell\" prices used to value members' interests in the Public Sector Superannuation Accumulation Plan (PSSAP). The buy/sell prices for a list of investment options are set out in Schedule 1 for a series of dates in July 2005 (see Schedule 1 and section 4).  \n- The Determination requires administrators to apply those prices in the manner explained in an external actuarial report (section 4(2) and the definition of \"actuarial report\" in section 3(1)).  \n- It also specifies that the last price appearing in Schedule 1 continues to apply until the first price is entered in Schedule 2, and that any price in Schedule 2 applies until it is replaced by a later entry (section 4(3)–(4)).  \n- The instrument was made by a delegated officer of the PSS Board under the Plan's administration Rules (preamble and section 3(1) referring to the Rules and Trust Deed).\n\n**Who this affects\n\n- PSSAP members: the Determination directly affects how a member's accumulation account is converted into or valued in units (definition of \"PSSAP member\" and \"relevant unit\" in section 3(1)).  \n- Plan administrators and the PSS Board delegate: they must apply the fixed prices and follow the actuarial report's unitisation method.  \n- Employers and payroll/admin systems that process contributions and transfers: they will rely on the specified buy prices to issue units and on sell prices where units are redeemed.\n\n**Why it matters (stated purpose and practical effect)\n\n- Stated purpose: to set the initial unit prices for the PSSAP's investment options so members' accounts can be unitised and valued from the Plan's start-up (see notes to section 4 and the actuarial report reference in section 3(1)).  \n- Practical effect: the listed buy prices determine how many units a contribution buys; the sell prices determine the value received on redemptions or transfers. The buy/sell spread (buy price higher than sell price in many options) is the immediate valuation gap members face when switching or transacting.\n\n**How the Determination operates in practice (behaviour, costs and who decides)\n\n- Who decides: a delegate of the PSS Board set these initial prices under the Plan Rules and Trust Deed authority (preamble and section 3(1)). Future prices are to be added by amendment (Schedule 2 placeholder).  \n- Who pays / bears costs: members bear the economic consequence of the prices because the number of units credited for contributions and the value on redemption depend on the fixed buy/sell rates. Transaction costs, rounding and any spread embedded in the prices reduce immediate purchasing power or realised value for members (see the buy vs sell columns in Schedule 1).  \n- Administrative burden: plan administrators must apply the specified prices and follow the actuarial report's methodology; they must also update systems when Schedule 2 entries are made. The Determination itself imposes low regulatory compliance complexity but a non-trivial operational task (accurately applying many numerical prices across investment options and dates).\n\n**Trade-offs, incentives and risks (implementation and economic effects)\n\n- Reliance on an external actuarial report: the Determination delegates the unitisation mechanics to that report (section 4(2) and section 3(1) definition). If the actuarial assumptions or calculations are incorrect, member valuations and the initial allocation of units could be affected.  \n- Fixed historical prices: fixing a detailed set of initial prices creates certainty for initial transactions, but requires care when updating or correcting prices later (Schedule 2 is left blank for future amendment).  \n- Concentrated benefits / diffuse costs: any correction to pricing (for example, to fix an error) could shift value between the fund and members; the effect would be concentrated on members with particular investment choices or timing of transactions.  \n- Market effects: the Determination does not set investment policy or fees; it only sets valuation points. However, buy/sell spreads embedded in the prices can affect members' incentives to switch options (they may delay switching to avoid the spread).  \n- Implementation risk: numerical volume (multiple options across 16 initial dates) increases the risk of administrative error when applying or later amending prices.\n\n**Key operational rules and pointers to the text\n\n- Definitions used: \"actuarial report\", \"PSSAP member\", \"relevant unit\", \"Rules\" and \"Trust Deed\" (section 3(1)).  \n- Primary operative clause: buy/sell prices are set in Schedules 1 and 2 and must be applied in accordance with the actuarial report (section 4(1)–(2)).  \n- Continuity of pricing: the last price in Schedule 1 applies until Schedule 2 provides replacement prices; prices in Schedule 2 continue until replaced (section 4(3)–(4)).  \n\n**Net practical assessment (concise)\n\n- Mechanically, the Determination provides the initial unit prices required to convert contributions and value members' accounts under the PSSAP. It is procedural and administrative rather than policy-setting. The principal risks are clerical/valuation errors and dependence on the actuarial report for correct unitisation. The economic cost of the measure falls on members through the buy/sell pricing; the administrative cost falls on plan administrators required to implement and maintain accurate prices (see section 4 and Schedule 1)."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This is a technical pricing instrument that performs exactly the function it was designed for — setting daily unit prices for a superannuation fund. It has not expanded beyond its original purpose of operationalising the unit pricing mechanism established by the PSSAP Trust Deed and Rules."},"complexity_factors":["Only 4 defined terms in the interpretation section, all straightforward","Simple two-part structure (Preliminary + Unit prices) with no nested divisions","Mechanical application — prices are simply looked up in schedules rather than calculated by formula","No conditional logic, exceptions, or cross-references to other legislation beyond basic definitions","Tabular data dominates the document (Schedule 1 contains 176 price data points across 16 dates and 11 investment options)","Single operative provision (section 4) with only 4 subsections, all dealing with straightforward timing and application rules"],"plain_english_summary":"This instrument sets the daily buy and sell unit prices for the Public Sector Superannuation Accumulation Plan (PSSAP), the retirement savings scheme for Australian public servants. Prices vary with market performance and determine how much members pay to acquire units and receive when cashing out.\n\nIt affects PSSAP members and the fund’s administrators, and the buy–sell spread covers transaction costs and protects existing members when others join or switch investments."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-pssap-unit-pricing-determination-2005","history":"/api/acts/superannuation-pssap-unit-pricing-determination-2005/history","analysis":"/api/acts/superannuation-pssap-unit-pricing-determination-2005/analysis","conflicts":"/api/acts/superannuation-pssap-unit-pricing-determination-2005/conflicts","importantCases":"/api/acts/superannuation-pssap-unit-pricing-determination-2005/important-cases","documents":"/api/acts/superannuation-pssap-unit-pricing-determination-2005/documents"}}