Superannuation (CSS) Assets Transfer Determination (No. 9) (Cth)

Superannuation (CSS) Assets Transfer Determination (No. 9)

Superannuation Act 1976

THE CSS BOARD makes this Determination under subsection 248 (1) of the Superannuation Act 1976, and in accordance with a resolution of the CSS Board dated 8 March 2006.

THE COMMON SEAL of the CSS BOARD      )

was affixed in the presence of, and the                   )

sealing is attested by:   )

S. Doyle   D. Connolly

Chairman, CSS Board   Member, CSS Board

Name of Determination

1.             This Determination is the Superannuation (CSS) Assets Transfer Determination (No. 9).

Commencement

2.             This Determination commences when it is made.

Definitions

3.             In this Determination:

Act means the Superannuation Act 1976.

exit day, in relation to a transferee, means the day before the transferee became a member of the PSS.

PSS means the superannuation scheme established under the Superannuation Act 1990 and known as the Public Sector Superannuation Scheme.

relevant day means 30 June in the financial year immediately before the exercise of a transfer election.

transfer day means 31 March 2006.

transferee means a person referred to in section 245 of the Act who became a member of the PSS in the period starting on 1 July 2002 and ending on 30 June 2005.

Transfer of assets

4.             For paragraph 248 (1) (a) of the Act, assets of the CSS Fund as at the end of the transfer day that fairly and equitably represent as nearly as is practicable the sum of the transfer amounts calculated in accordance with the formula in clause 5 are taken to have been transferred on the transfer day to the PSS Fund.

5.             The formula for calculation of a transfer amount in respect of transferees is:

((A + B + C) x D)

where:

A is calculated by the formula

F x (1 + r)

in which:

F is the share of CSS Fund assets as at the end of the relevant day that represented, after deduction of all known liabilities, the amounts specified in Column 5 of the Schedule, attributable to the number of transferees specified in Column 5 who became members of the PSS on the day after the exit day.

r is the rate of return of the CSS Fund for the period beginning on the day after the relevant day and ending on the exit day.

B is the amount specified in Column 6 of the Schedule

C is the interest applicable to the amounts in Column 6 of the Schedule by applying the rate of return of the CSS Fund for the period beginning on the day after the relevant day and ending on the exit day.

D is calculated by the formula:

1 + r*

in which:

r* is the rate of return of the CSS Fund for the period beginning on the day after the exit day specified in Column 2 of the Schedule and ending on the transfer day.

Schedule           Relevant information for clause 5

(clause 5)

Item	Column 2 Exit day	Column 3 Number of transferees	Column 4 Relevant date	Column 5 Value of accumulated contributions and employer contributions as at relevant date ($)	Column 6 Value of contributions and employer contributions from 1 July to exit day ($)	Column 7 Total value of contributions ($)
1	23/7/2002	1	30/6/2002	66,184	628	66,812
2	12/8/2002	1	30/6/2002	121,324	743	122,067
3	20/10/2002	1	30/6/2002	18,143	1,085	19,228
4	21/10/2002	1	30/6/2002	60,828	767	61,595
5	14/11/2002	1	30/6/2002	58,894	2,345	61,239
6	4/12/2002	1	30/6/2002	93,978	1,918	95,896
7	12/12/2002	1	30/6/2002	73,525	1,800	75,325
8	18/12/2002	1	30/6/2002	194,307	2,709	197,016
9	3/1/2003	1	30/6/2002	112,473	856	113,329
10	11/3/2003	1	30/6/2002	120,683	3,972	124,655
11	10/6/2003	1	30/6/2002	150,635	4,917	155,552
12	20/3/2003	1	30/6/2002	101,862	2,653	104,515
13	18/11/2003	1	30/6/2003	116,180	0	116,180
14	4/11/2003	1	30/6/2003	72,112	1,629	73,741
15	12/01/2004	1	30/6/2003	55,563	926	56,489
16	13/11/2003	1	30/6/2003	52,668	0	52,668
17	17/08/2004	1	30/6/2004	94,071	0	94,071
18	20/12/2004	1	30/6/2004	94,722	1,317	96,039
19	7/03/2005	1	30/6/2004	96,772	3,728	100,500