Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2006-2007) Determination 2006

In ForceCTH

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

3/10 complexity

Updates the maximum payable PSS lump‑sum and pension benefits for the 2006–07 financial year by substituting new dollar amounts and salary‑based formulas into existing PSS tables. It affects PSS members who may receive capped benefits and scheme administrators who must apply the new caps; the PSS Board’s delegate sets the figures and they take effect from 1 July 2006.

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Superannuation (PSS) Maximum Benefits (2006-2007) Determination 2006

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Superannuation (PSS)

Maximum Benefits (2006-2007) Determination 2006

Select Legislative Instrument 2006 No.

View image in the official source

I, MATTHEW ARTHUR CASTLE, Manager of the Australian Public Service Defined Benefit Schemes, Commonwealth Superannuation Administration, Position No. 44, and Delegate of the PSS Board, pursuant to rules B5.6.5 and B5.7.7 of Section B of the PSS Rules, DETERMINE as follows:

Dated 14 June 2006

Matthew Castle

Delegate of the PSS Board

View image in the official source 1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2006-2007) Determination 2006.

2 Commencement

This determination shall take effect from and including 1 July 2006.

3 Maximum Benefits – Lump Sums

For rules B5.6.5 and B5.7.7 of the PSS Rules, the tables in rules B5.6.1 and B5.7.1 have effect, for the financial year starting on 1 July 2006, 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 $49,366 $394,926
$49,366 or more but less than $78,980 8 times average salary
$78,980 or more But less than $146,610 $157,960plus 6 times average salary
$146,610 or more $597,790plus 3 times average salary

4 Maximum Benefits – Pensions

For rule B5.7.7 of the PSS Rules, the table in rule B5.7.2 have effect, for the financial year starting on 1 July 2006, as if the amounts specified in the following table were substituted for the amounts specified in that table:

TableAFP Preliminary Maximum BenefitsPensions
Final Average Salary Preliminary Maximum Benefit
Less than $49,366 $555,368
$49,366 or morebut less than $78,980 11.25 times average salary
$78,980 or morebut less than $146,610 $236,940plus 8.25 times average salary
$146,610 or more $676,770plus 5.25 times average salary

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.