Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2020-2021) Determination 2020

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Commonwealth

Collection

legislative instrument

Plain English Summary

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This Determination updates the Pension Scheme (PSS) maximum benefit caps for the 2020–21 financial year, commencing 1 July 2020. It substitutes numerical limits in existing PSS tables so lump‑sum caps are $780,000 where average salary is below $78,000 and otherwise set as multiples of average salary (10× for lump sums; 14× for AFP pensions).

It affects PSS members and AFP officers whose payouts are capped and alters the Corporation’s payout ceiling and liability calculations without changing eligibility rules.

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Superannuation (PSS) Maximum Benefits (2020-2021) Determination 2020

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Superannuation (PSS)

Maximum Benefits (2020-2021)

Determination 2020

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I, ADAM SCOTT NETTHEIM, Head of Customer Operations 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 5 June 2020

A NETTHEIM

Delegate of Commonwealth Superannuation Corporation

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1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2020-2021) Determination 2020.

2 Commencement

This determination commences on 1 July 2020.

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 2020, 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 $78,000.00 $780,000.00
$78,000.00 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 2020, 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 $78,000.00 $780,000.00
$78,000.00 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 2020, 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 $78,000.00 $1,092,000.00
$78,000.00 and over 14 times average salary

Source text

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