Commonwealth legislation

Superannuation (PSS) Maximum Benefits (2024-2025) Determination 2024

In ForceCTH

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

3/10 complexity

This Determination replaces the numeric caps used to calculate maximum PSS and AFP superannuation benefits, taking effect 1 July 2024. It sets new lump‑sum and pension ceilings (fixed dollar caps for lower salary bands and multiples of average salary for higher bands).

The change matters to PSS and AFP members, plan administrators and employers because administrators must apply the new caps when paying benefits and employers/the fund bear any fiscal effect when caps bind. The Commonwealth Superannuation Corporation delegate sets these amounts under the existing PSS Rules.

JSON API Tax / GST / superannuation

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Superannuation (PSS) Maximum Benefits (2024-2025) Determination 2024.

Superannuation (PSS) Maximum Benefits (2024-2025) Determination 2024

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8

?xml version="1.0" encoding="utf-8" standalone="no"?>

Superannuation (PSS)

Maximum Benefits (2024-2025)

Determination 2024

This object is just decorative and acts as a line break, there is no other content associated with this alternative text.

I, ADAM NETTHEIM, Chief Customer Officer, 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 4 June 2024

A NETTHEIM

Delegate of Commonwealth Superannuation Corporation

This object is just decorative and acts as a line break, there is no other content associated with this alternative text.

1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2024-2025) Determination 2024.

2 Commencement

This determination takes effect on 1 July 2024.

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 $89,000.00 $890,000.00
$89,000.00 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 $89,000.00 $890,000.00
$89,000.00 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 2024, 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 $89,000.00 $1,246,000.00
$89,000.00 and over 14 times average salary

Source text

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