Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2022-2023) Determination 2022

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Commonwealth

Collection

legislative instrument

Plain English Summary

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This Determination replaces the numeric caps used in the PSS and AFP benefit tables for the 2022–23 year. It sets lump‑sum and pension limits either as fixed dollar amounts (eg. $825,000; $1,155,000) or as multiples of a member's average salary (10× or 14×), and takes effect 1 July 2022. It affects members whose entitlements are calculated under the PSS/AFP tables and the Commonwealth Superannuation Corporation as the paying authority because it limits the maximum amounts payable.

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Superannuation (PSS) Maximum Benefits (2022-2023) Determination 2022

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Superannuation (PSS)

Maximum Benefits (2022-2023)

Determination 2022

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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 7 June 2022

A BROWNE

Delegate of Commonwealth Superannuation Corporation

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1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2022-2023) Determination 2022.

2 Commencement

This determination takes effect on 1 July 2022.

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 2022, 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 $82,500.00 $825,000.00
$82,500.00 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 2022, 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 $82,500.00 $825,000.00
$82,500.00 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 2022, 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 $82,500.00 $1,155,000.00
$82,500.00 and over 14 times average salary

Source text

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