Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2014-2015) Determination 2014

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Commonwealth

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legislative instrument

Plain English Summary

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This Determination updates the numerical maximum-benefit caps used by the PSS Rules for the 2014–15 financial year. It substitutes numeric entries: for average salary under $67,500 lump‑sum caps are $675,000 (AFP pension cap $945,000); for salaries $67,500+ caps are expressed as multiples of average salary (10× for lump sums, 14× for AFP pensions). It takes effect 1 July 2014 and must be applied by the scheme administrator when calculating member benefits.

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Superannuation (PSS) Maximum Benefits (2014-2015) Determination 2014

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Superannuation (PSS)

Maximum Benefits (2014-2015)

Determination 2014

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I, STEPHEN PAUL WHITTON, Director, Manual Calculations, 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 30 May 2014

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S WHITTON

Delegate of Commonwealth Superannuation Corporation

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1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2014-2015) Determination 2014.

2 Commencement

This determination shall take effect from and including 1 July 2014.

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 2014, 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 $67,500.00 $675,000.00
$67,500.00 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 2014, 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 $67,500.00 $675,000.00
$67,500.00 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 2014, 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 PreliminaryMaximum Benefit
Less than $67,500.00 $945,000.00
$67,500.00 and over 14 times average salary

Source text

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