Superannuation Act 1990 - PSS (Productivity Contribution Rates) Determination No. 1 (Cth)

COMMONWEALTH OF AUSTRALIA

SUPERANNUATION ACT 1990

DETERMINATION

The PSS Board, pursuant to clause 4.3.3 of the Rules, DETERMINES as follows:

Citation

1.    This determination may be cited as the "PSS Productivity Contribution Rates 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 productivity contribution rates to reflect changes in general salary levels of members.   

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 - Productivity Contribution Rates" in Rule 4.3.2 is amended by replacing the dollar amounts it contains with the dollar amounts set out in the Table in the Schedule to this determination. 

[PSS (Productivity Contribution Rates) 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

REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 4.3.2

EFFECTIVE FROM 1 JULY 1996

Table - Productivity Contribution Rates

Relevant Fortnightly

Rates of Salary

Fortnightly Amounts

Less than $1,014.67

$30.44

$1,014.67 or more but

less than $1,634.67

The amount that is 3% of the member's salary per fortnight

$1,634.67 or more but

less than $2,452.00

$49.04

$2,452.00 or more

The amount that is 2% of the member's salary per fortnight