Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2023-2024) Determination 2023

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Commonwealth

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legislative instrument

Plain English Summary

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This Determination, effective 1 July 2023, updates the numeric maximum benefit caps used under the PSS Rules for the 2023–24 financial year. It replaces the tables that set lump‑sum and AFP preliminary lump‑sum and pension caps with new fixed amounts or salary multiples (e.g. $850,000 where average salary is under $85,000; 10× or 14× where $85,000+). It affects PSS and AFP members and the Commonwealth Superannuation Corporation by fixing the ceiling on payable benefits and thus changing entitlement and employer‑liability calculations.

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Superannuation (PSS) Maximum Benefits (2023-2024) Determination 2023

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Superannuation (PSS)

Maximum Benefits (2023-2024)

Determination 2023

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I, JARRED BROWN, Senior Manager, Governance & External Providers, 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 14 June 2023

J BROWN

Delegate of Commonwealth Superannuation Corporation

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1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2023-2024) Determination 2023.

2 Commencement

This determination takes effect on 1 July 2023.

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 2023, 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 $85,000.00 $850,000.00
$85,000.00 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 2023, 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 $85,000.00 $850,000.00
$85,000.00 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 2023, 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 $85,000.00 $1,190,000.00
$85,000.00 and over 14 times average salary

Source text

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