Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2017-2018) Determination 2017

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Commonwealth

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legislative instrument

Plain English Summary

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This Determination sets the numerical caps on maximum superannuation benefits payable under the PSS and AFP arrangements for the 2017–2018 year: a $720,000 cap where average salary is under $72,000, and multiples of average (10×) or final average salary (14×) above that threshold. It affects PSS/AFP members, the Commonwealth Superannuation Corporation and employers because it fixes the upper limits administrators must use when calculating lump sums and pensions for that financial year.

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Superannuation (PSS) Maximum Benefits (2017-2018) Determination 2017

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Superannuation (PSS)

Maximum Benefits (2017-2018)

Determination 2017

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I, STEPHEN PAUL WHITTON, Senior Manager, Quality, Knowledge and Change, 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 25 May 2017

S WHITTON

Delegate of Commonwealth Superannuation Corporation

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1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2017-2018) Determination 2017.

2 Commencement

This determination takes effect on 1 July 2017.

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 2017, 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 $72,000.00 $720,000.00
$72,000.00 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 2017, 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 $72,000.00 $720,000.00
$72,000.00 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 2017, 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 $72,000.00 $1,008,000.00
$72,000.00 and over 14 times average salary

Source text

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