Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2021-2022) Determination 2021

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Commonwealth

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legislative instrument

Plain English Summary

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This Determination updates the PSS scheme’s maximum benefit caps for the 2021–22 year. It substitutes new tables so certain lump‑sum and AFP pension limits are fixed as dollar amounts or as multiples of average salary, effective 1 July 2021.

The Commonwealth Superannuation Corporation, acting under the PSS Rules and the Superannuation Act 1990, sets these numeric caps. The change affects PSS members, AFP pension arrangements, and administrators who must apply the revised limits when calculating and paying benefits.

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Superannuation (PSS) Maximum Benefits (2021-2022) Determination 2021

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Superannuation (PSS)

Maximum Benefits (2021-2022)

Determination 2021

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I, ABBEY BROWNE, Senior Manager, Knowledge and Technical Advice, 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 8 June 2021

A BROWNE

Delegate of Commonwealth Superannuation Corporation

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1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2021-2022) Determination 2021.

2 Commencement

This determination commences on 1 July 2021.

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 2021, 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 $80,500.00 $805,000.00
$80,500.00 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 2021, 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 $80,500.00 $805,000.00
$80,500.00 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 2021, 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 $80,500.00 $1,127,000.00
$80,500.00 and over 14 times average salary

Source text

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