Commonwealth legislation

Superannuation (PSS) (Surcharge Commutation Amount - Conversion Factors) Determination No. 1

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This determination provides an age-based table of "conversion factors" the PSS Board will use to calculate the annual payment needed to discharge a member’s Surcharge Commutation Amount under PSS rule 15.1.9. It applies to members of the Public Sector Superannuation Scheme who have a surcharge liability and is effective from 22 August 2001.

The factors were set by the Board on actuary advice; mechanically, the table converts a lump-sum surcharge liability into a yearly payment and thus determines what an affected member would pay.

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Superannuation (PSS) (Surcharge Commutation Amount - Conversion Factors) Determination No. 1

COMMONWEALTH OF AUSTRALIA

SUPERANNUATION ACT 1990

DETERMINATION

The PSS Board, pursuant to rule 15.1.9 of the Rules for the Administration of the Public Sector Superannuation Scheme and in accordance with advice received from an actuary, DETERMINES as follows:

Citation

This determination may be cited as the "Superannuation (PSS) (Surcharge Commutation Amount - Conversion Factors) Determination No. 1".

Commencement

Pursuant to clause 5 of the Fourteenth Amending Deed dated 20 August 2001, this determination shall be deemed to have taken effect on 22 August 2001.

Purpose

The purpose of this determination is to determine, in accordance with advice from an actuary, conversion factors that are applicable for the purpose of working out, in relation to a person, the yearly amount that would have to be paid to discharge a liability equal to the person’s Surcharge Commutation Amount.

Interpretation

4.(1) In this determination, “Act” means the Superannuation Act 1990.

(2) Words and expressions defined in the Act have the same meaning in this determination.

Schedule

Conversion factors to be used in relation to pensions

5. The conversion factors for the purposes of rule 15.1.9 are set out in the Table in the Schedule to this determination.

[Superannuation (PSS) (Surcharge Commutation Amount - Conversion Factors)

Determination No. 1 (continued)]

S. P. Gibbs Helen Ayres

......................................................... ......................................................

S.P. Gibbs H. Ayres

(Chief Executive Officer) (Secretary)

The Common Seal of the PSS Board was hereunto affixed by authority of the Board

Dated this sixteenth day of January 2002 day of 2001

SCHEDULE

CONVERSION FACTORS REQUIRED UNDER PSS RULE 15.1.9

AGE ATLAST BIRTHDAY	CONVERSIONFACTOR	AGE ATLAST BIRTHDAY	CONVERSIONFACTOR
15	24.1	43	21.2
16	24.0	44	21.0
17	24.0	45	20.8
18	23.9	46	20.6
19	23.8	47	20.4
20	23.8	48	20.2
21	23.7	49	20.0
22	23.6	50	19.7
23	23.6	51	19.5
24	23.5	52	19.3
25	23.4	53	19.0
26	23.3	54	18.8
27	23.2	55	18.5
28	23.1	56	18.2
29	23.0	57	17.9
30	22.9	58	17.7
31	22.8	59	17.4
32	22.7	60	17.0
33	22.6	61	16.7
34	22.5	62	16.4
35	22.4	63	16.1
36	22.2	64	15.7
37	22.1	65	15.3
38	22.0	66	15.0
39	21.8	67	14.6
40	21.7	68	14.2
41	21.5	69	13.8
42	21.3	70	13.4

Source text

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

1 Superannuation (PSS) (Surcharge Commutation Amount - Conversion Factors) Determination No. 1