Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2018-2019) Determination 2018

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Commonwealth

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legislative instrument

Plain English Summary

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This Determination updates the monetary caps that limit PSS retirement benefits for the 2018–19 financial year, substituting new lump‑sum and AFP lump‑sum and pension limits (some expressed as multiples of average salary). It takes effect 1 July 2018.

It is made by a delegate of the Commonwealth Superannuation Corporation under rules 5.6.5 and 5.7.7. The caps constrain what members and AFP pensioners can receive and require administrators to apply these limits when calculating benefit payments (see rules cited, and sections 2–5).

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Superannuation (PSS) Maximum Benefits (2018-2019) Determination 2018

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Superannuation (PSS)

Maximum Benefits (2018-2019)

Determination 2018

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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 16 May 2018

S WHITTON

Delegate of Commonwealth Superannuation Corporation

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1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2018-2019) Determination 2018.

2 Commencement

This determination takes effect on 1 July 2018.

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 2018, 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 $73,500.00 $735,000.00
$73,500.00 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 2018, 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 $73,500.00 $735,000.00
$73,500.00 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 2018, 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 $73,500.00 $1,029,000.00
$73,500.00 and over 14 times average salary

Source text

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