Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2005-2006) Determination 2005

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legislative instrument

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This determination sets the maximum lump‑sum and pension benefits payable under the Public Sector Superannuation (PSS) for the year starting 1 July 2005 by substituting specified dollar caps and multiples of average salary into the PSS Rules. It applies to PSS members’ benefit payments and revokes the prior PSS (Maximum Benefits) Determination (see clauses 3–5).

It was made by a PSS Board delegate under rules 5.6.5 and 5.7.7 and thus legally caps what the scheme will pay; the scheme (and ultimately contributors) bear any fiscal effect (preamble).

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Superannuation (PSS) Maximum Benefits (2005-2006) Determination 2005

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Superannuation (PSS)

Maximum Benefits (2005-2006) Determination 2005

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I, MICHAEL JOHN SIMPSON, Manager of the Civilian Defined Benefit Schemes Administration Section, Commonwealth Superannuation Administration, Position No. 44, and delegate of the PSS Board, pursuant to rules 5.6.5 and 5.7.7 of the PSS Rules, DETERMINE as follows:

Dated this twenty-ninth day of June 2005

M. Simpson

Delegate of the PSS Board

View image in the official source 1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2005-2006) Determination 2005.

2 Commencement

This determination shall take effect from and including 1 July 2005.

3 Maximum Benefits – Lump Sums

For rules 5.6.5 and 5.7.7 of the PSS Rules, the tables in rules 5.6.1 and 5.7.1 have effect, for the financial year starting on 1 July 2005, as if the amounts specified in the following table were substituted for the amounts specified in those tables:

TableMaximum Benefits
Average Salary Maximum Benefit
Less than $47,235 $377,875
$47,235 or more but less than $75,570 8 times average salary
$75,570 or more but less than $140,280 $151,140plus 6 times average salary
$140,280 or more $571,980plus 3 times average salary

4 Maximum Benefits – 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 2005, as if the amounts specified in the following table were substituted for the amounts specified in that table:

TableAFP Preliminary Maximum BenefitsPensions
Average Salary PreliminaryMaximum Benefit
Less than $47,235 $531,394
$47,235 or morebut less than $75,570 11.25 times average salary
$75,570 or morebut less than $140,280 $226,710plus 8.25 times average salary
$140,280 or more $647,550plus 5.25 times average salary

5 Revocation

The PSS (Maximum Benefits) Determination No 1, as amended, is revoked.