Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2010-2011) Determination 2010

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Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This Determination updates the numerical caps on superannuation payments under the PSS rules by substituting new maximum lump‑sum and pension amounts into existing benefit tables. It takes effect from 1 July 2010 (with specified tables applying to the 2008 and 2009 financial years where noted). It affects members of the Public Sector Superannuation scheme and AFP members covered by those PSS rules, and matters because those caps directly limit the maximum payouts the scheme can make and therefore shape the plan’s liabilities and member entitlements.

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Superannuation (PSS) Maximum Benefits (2010-2011) Determination 2010

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Superannuation (PSS)

Maximum Benefits (2010-2011) Determination 2010

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I, SANDRA BAILEY, A/G 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 25 June 2010

S BAILEY

Delegate of Australian Reward Investment Alliance

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1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2010-2011) Determination 2010.

2 Commencement

This determination shall take effect from and including 1 July 2010.

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 2010, 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 $58,000 $580,000.00
$58,000 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 $58,000 $580,000.00
$58,000 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 $58,000 $812,000.00
$58,000 and over 14 times average salary

Source text

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