PSS (Maximum Benefits) Determination No. 1 (Cth)

COMMONWEALTH OF AUSTRALIA

SUPERANNUATION ACT 1990

DETERMINATION

The PSS Board, pursuant to clauses 5.6.5 and 5.7.7 of the Rules, DETERMINES as follows:

Citation

1.    This determination may be cited as the "PSS (Maximum Benefits) Determination No. 1".

Commencement

2.    This determination shall take effect from and including 1 July 1996.     

Purpose

3.    The purpose of this determination is to amend the maximum benefit levels that apply to ordinary scheme members and scheme members employed by the Australian Federal Police.

Interpretation

4.(1)    In this determination:

"Act" means the Superannuation Act 1990;

"Rules" mean the Rules for the Administration of the Superannuation Scheme established by deed under section 4 of the Act, as amended from time to time.

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

Amendment of Rules

5.    The Table entitled "Table - Maximum Benefits" in Rule 5.6.1 is amended by replacing the dollar amounts it contains with the dollar amounts set out in the Table in Schedule 1 to this determination. 

6.    The Table entitled "Table - AFP Preliminary Maximum Benefits - Lump Sums" in Rule 5.7.1 is amended by replacing the dollar amounts it contains with the dollar amounts set out in the Table in Schedule 2 to this determination. 

7.    The Table entitled "Table - AFP Preliminary Maximum Benefits - Pensions" in Rule 5.7.2 is amended by replacing the dollar amounts it contains with the dollar amounts set out in the Table in Schedule 3 to this determination. 

[PSS (Maximum Benefits) Determination No. 1(continued)]

R. L. Brown       John. A. Flitcroft

.............................................    ………………………….....

R.L. Brown    J.A. Flitcroft

(Chairperson)            (Trustee)  

K. A. Searson   D. C. Leaver

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

K.A. Searson   D.C. Leaver

(Trustee)   (Trustee)

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

Dated this              sixth                     day of   June   1996

SCHEDULE 1

REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 5.6.1

EFFECTIVE FROM 1 JULY 1996

Table - Maximum Benefits

    Average Salary

Maximum Benefit

    Less than $31,723

$253,783

    $31,723 or more

         but less than $50,730

8 times average salary

    $50,730 or more

         but less than $94,190

$101,460

plus 6 times average salary

    $94,190 or more

$384,030

plus 3 times average salary

SCHEDULE 2

REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 5.7.1

EFFECTIVE FROM 1 JULY 1996

Table - AFP Preliminary Maximum Benefits - Lump Sums

Average Salary

Maximum Benefit

Less than $31,723

$253,783

$31,723 or more

but less than $50,730

8 times average salary

$50,730 or more

but less than $94,190

$101,460 plus

6 times average salary

$94,190 or more

$384,030 plus

3 times average salary

SCHEDULE 3

REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE

IN PSS RULE 5.7.2

EFFECTIVE FROM 1 JULY 1996

Table - AFP Preliminary Maximum Benefits - Pensions

Average Salary

Maximum Benefit

Less than $31,723

$356,884

$31,723 or more

but less than $50,730

11.25 times average salary

$50,730 or more

but less than $94,190

$152,190 plus

8.25 times average salary

$94,190 or more

$434,760 plus

5.25 times average salary