Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2007-2008) Determination 2007

In ForceCTH

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

3/10 complexity

Updates the PSS maximum benefit caps for the 2007–08 financial year by substituting new dollar amounts and salary‑based formulas for lump‑sum and pension caps in the PSS Rules. It requires the PSS administrator (under the delegate’s determination) to apply these substituted maximums when calculating payments to members (secs 2–4).

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Superannuation (PSS) Maximum Benefits (2007-2008) Determination 2007

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Superannuation (PSS)

Maximum Benefits (2007-2008) Determination 2007

~~Select Legislative Instrument 200~~~~7~~~~No.~~

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

Dated==7 June== 2007

==M CASTLE==

Delegate of ~~the~~ ~~P~~~~SS Board~~==A====ustralian== ==R====eward== ==I====nvestment== ==A====lliance==

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1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2007-2008) Determination 2007.

2 Commencement

This determination shall take effect from and including 1 July 2007.

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 2007, 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 $51,010 $408,080
$51,010 or more but less than $81,610 8 times average salary
$81,610 or more But less than $151,500 $163,220plus 6 times average salary
$151,500 or more $617,720plus 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 2007, 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 $51,010 $573,863
$51,010 or morebut less than $81,610 11.25 times average salary
$81,610 or morebut less than $151,500 $244,830plus 8.25 times average salary
$151,500 or more $699,330plus 5.25 times average salary

Source text

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