Superannuation Act 1990 - PSS (Productivity Contribution Rates) Determination No. 7 (Cth)

COMMONWEALTH OF AUSTRALIA

SUPERANNUATION ACT 1990

DETERMINATION

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

Citation

1.          This determination may be cited as the "PSS (Productivity Contribution Rates) Determination No. 7".

Commencement

2.          This determination shall take effect from and including 1 July 2002.     

Purpose

3.          The purpose of this determination is to amend productivity contribution rates to reflect changes in general salary levels of members.   

Principal Determination

4.          In this determination, "the Principal Determination" means the PSS (Productivity Contribution Rates) Determination No. 1, as amended.

Interpretation

5.(1)     In this determination:

“Act” means the Superannuation Act 1990; and

“Rules” means 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 Act and the Rules have the same meaning in this determination.

Amendment to the Principal Determination

[Amendment of dollar amounts for the purposes of the Table entitled "Table - Productivity Contribution Rates" in Rule 4.3.2]

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

[PSS (Productivity Contribution Rates) Determination No. 7 (continued)]

Peter Reynolds

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

P. Reynolds

(Chairperson)

W. Hall   C. Manolios

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

W. Hall    C. Manolios 

(Trustee)   (Trustee) 

Louise McBride           S. O’Loughlin  

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

L. McBride   S. O’Loughlin

(Trustee)      (Trustee)

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

Dated this   fifth          day of   June   2002  

SCHEDULE

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

EFFECTIVE FROM 1 JULY 2002

Table - Productivity Contribution Rates

Amount of Applicable

Fortnightly Rate of Salary

Fortnightly Amount

Less than $1,278.00

$38.34

$1,278.00 or more but

less than $2,060.00

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

$2,060.00 or more but

less than $3,090.00

$61.80

$3,090.00 or more

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