Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2012-2013) Determination 2012

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Commonwealth

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legislative instrument

Plain English Summary

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Sets numeric caps on superannuation payouts under the Public Sector Superannuation (PSS) and AFP preliminary PSS arrangements for the 2012–13 year, effective 1 July 2012. Lump-sum caps are $625,000 for members with average salary below $62,500, or otherwise 10× average salary; AFP pension caps are $875,000 or 14× average salary for higher earners.

Affects PSS and AFP members and the Commonwealth Superannuation Corporation’s administrators by replacing specified table amounts; it changes only benefit limits (not who is covered) and requires administrators to apply these figures in entitlement calculations.

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Direct links to the current provisions in Superannuation (PSS) Maximum Benefits (2012-2013) Determination 2012.

Superannuation (PSS) Maximum Benefits (2012-2013) Determination 2012

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Superannuation (PSS)

Maximum Benefits (2012-2013) Determination 2012

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I, STEPHEN PAUL WHITTON, Director, Australian Public Sector Payments and Entitlements, Position No. 44, and Delegate of Commonwealth Superannuation Corporation, 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 20 June 2012

S WHITTON

Delegate of Commonwealth Superannuation Corporation

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1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2012-2013) Determination 2012.

2 Commencement

This determination shall take effect from and including 1 July 2012.

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 2012, as if the amounts specified in the following table were substituted for the amounts specified in that table:

Table - Maximum Benefits
Average Salary Maximum Benefit
Less than $62,500.00 $625,000.00
$62,500.00 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 2012, as if the amounts specified in the following table were substituted for the amounts specified in that table:

Table – AFP Preliminary Maximum Benefits – Lump Sums
Average Salary Preliminary Maximum Benefit
Less than $62,500.00 $625,000.00
$62,500.00 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 2012, as if the amounts specified in the following table were substituted for the amounts specified in that table:

Table – AFP Preliminary Maximum Benefits - Pensions
Final Average Salary Preliminary Maximum Benefit
Less than $62,500.00 $875,000.00
$62,500.00 and over 14 times average salary

Source text

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