Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2015-2016) Determination 2015

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Commonwealth

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legislative instrument

Plain English Summary

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This Determination replaces the numeric caps used to calculate maximum lump‑sum and pension benefits for the Public Sector Superannuation (PSS) Scheme and Australian Federal Police (AFP) arrangements for the 2015–16 year. It takes effect on 1 July 2015 and is made by a Commonwealth Superannuation Corporation delegate under the PSS Rules.

It affects PSS and AFP members, beneficiaries and the CSC as administrator by setting the dollar caps and salary‑multiple limits that cap entitlement amounts (see sections 2–5).

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Superannuation (PSS) Maximum Benefits (2015-2016) Determination 2015

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Superannuation (PSS)

Maximum Benefits (2015-2016)

Determination 2015

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I, STEPHEN PAUL WHITTON, Director, APS Technical Team, 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 22 May 2015

S WHITTON

Delegate of Commonwealth Superannuation Corporation

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1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2015-2016) Determination 2015.

2 Commencement

This determination takes effect on 1 July 2015.

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 2015, 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 $69,500.00 $695,000.00
$69,500.00 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 2015, 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 $69,500.00 $695,000.00
$69,500.00 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 2015, 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 $69,500.00 $973,000.00
$69,500.00 and over 14 times average salary

Source text

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