Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2009-2010) Determination 2009

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legislative instrument

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This Determination replaces the numeric caps on PSS and AFP superannuation payments for the 2009–10 year, taking effect 1 July 2009. It fixes lump‑sum and pension maxima using a $550,000 flat cap for members with average salary under $55,000 and multiples of average salary for higher earners. The delegate named in the instrument issues the change; fund administrators and employers must apply the new caps when calculating member entitlements (preamble; ss.2–5).

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Superannuation (PSS) Maximum Benefits (2009-2010) Determination 2009

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Superannuation (PSS)

Maximum Benefits (2009-2010) Determination 2009

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I, JONATHON EDWARD HALE, Manager of the Australian Public Sector Defined Benefit Schemes, Commonwealth Superannuation Administration, Position No. 44, and Delegate of Australian Reward Investment Alliance, pursuant to rules 5.6.5 and 5.7.7 of the PSS Rules, in the schedule to the Deed in force under section 4 of the Superannuation Act 1990, DETERMINE as follows:

Dated 30 June 2009

J HALE

Delegate of Australian Reward Investment Alliance

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1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2009-2010) Determination 2009.

2 Commencement

This determination shall take effect from and including 1 July 2009.

3 Maximum Benefits – Lump Sums

For rule 5.6.5 of the PSS Rules, the table in rule 5.6.1 has effect, for the financial year starting on 1 July 2009, as if the amounts specified in the following table were substituted for the amounts specified in that table:

TableMaximum Benefits
Average Salary Maximum Benefit
Less than $55,000 $550,000.00
$55,000 and over 10 times average salary

4 Maximum Benefits – AFP Lump Sums

For rule 5.7.7 of the PSS Rules, the table in rule 5.7.1 has effect, for the financial year starting on 1 July 2008, as if the amounts specified in the following table were substituted for the amounts specified in that table:

TableMaximum Benefits
Average Salary Preliminary Maximum Benefit
Less than $55,000 $550,000.00
$55,000 and over 10 times average salary

5 Maximum Benefits – AFP 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 2009, 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 $55,000 $770,000.00
$55,000 and over 14 times average salary

Source text

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