PSS (Maximum Benefits) Determination No. 2 (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. 2".

Commencement

2.    This determination shall take effect from and including 1 July 1997.     

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.

Principal Determination

4.    In this determination, "the Principal Determination" means the PSS (Maximum Benefits) Determination No. 1.

Amendments to Principal Determination

[Amendment of dollar amounts for the purposes of the Table entitled "Table - Maximum Benefits" in Rule 5.6.1]

5.    Schedule 1 to the Principal Determination is amended by replacing the dollar amounts it contains with the dollar amounts set out in the Table in Schedule 1 to this determination. 

[Amendment of dollar amounts for the purposes of the Table entitled "Table - AFP Preliminary Maximum Benefits - Lump Sums" in Rule 5.7.1]

6.    Schedule 2 to the Principal Determination is amended by replacing the dollar amounts it contains with the dollar amounts set out in the Table in Schedule 2 to this determination. 

[Amendment of dollar amounts for the purposes of the Table entitled "Table - AFP Preliminary Maximum Benefits - Pensions" in Rule 5.7.2]

7.    Schedule 3 to the Principal Determination 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. 2 (continued)]

R. Brown

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

R.L. Brown

(Chairperson)

Peter Reynolds   M. Hutchinson

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

P. Reynolds   M.J. Hutchinson

(Trustee)   (Trustee)

W. Hall                       John. A. Flitcroft  

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

W. Hall   J.A. Flitcroft

(Trustee)   (Trustee)

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

Dated this            sixth   day of   June   1997

SCHEDULE 1

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

EFFECTIVE FROM 1 JULY 1997

Table - Maximum Benefits

    Average Salary

Maximum Benefit

    Less than $33,168

$265,338

    $33,168 or more

         but less than $53,040

8 times average salary

    $53,040 or more

         but less than $98,480

$106,080

plus 6 times average salary

    $98,480 or more

$401,520

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 1997

Table - AFP Preliminary Maximum Benefits - Lump Sums

Average Salary

Maximum Benefit

Less than $33,168

$265,338

$33,168 or more

but less than $53,040

8 times average salary

$53,040 or more

but less than $98,480

$106,080

plus 6 times average salary

$98,480 or more

$401,520

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 1997

Table - AFP Preliminary Maximum Benefits - Pensions

Final Average Salary

Maximum Benefit

Less than $33,168

$373,140

$33,168 or more

but less than $53,040

11.25 times average salary

$53,040 or more

but less than $98,480

$159,120

plus 8.25 times average salary

$98,480 or more

$454,560

plus 5.25 times average salary