Superannuation (CSS) Assets Transfer (PSS Fund) Determination No. 10 (Cth)

COMMONWEALTH OF AUSTRALIA

Superannuation Act 1976

Superannuation (CSS) Assets Transfer

(PSS Fund) Determination No. 10

I, Lochiel Crafter, Chief Executive Officer, delegate of the Australian Reward Investment Alliance, make this Determination under subsection 248(1) of the Superannuation Act 1976, in accordance with a resolution of Australian Reward Investment Alliance dated 19 February 2010.

Dated:  3 March 2010

Lochiel Crafter

Delegate of Australian Reward Investment Alliance

Citation

1. This Determination may be cited as Superannuation (CSS) Assets Transfer (PSS Fund) Determination No. 10.

Interpretation

1. In this Determination:

“exit day”, in relation to a transferee, means the day before the transferee became a member of the Public Sector Superannuation Scheme established under the Superannuation Act 1990;

“relevant date” means the last day of the financial year before the election was made;

“second relevant date” means the last day of the financial year after the election was made;

“the Act” means the Superannuation Act 1976;

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

“the transfer day” means 31 January 2010; and

“the transferee” means a person referred to in section 245 of the Act who became a member of the PSS in the period from 1 July 2004 to 30 June 2007.

Transfer of assets

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

1. 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, for each Schedule:

“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 2 of the Schedule who became members of the PSS on the day following the exit day specified in Column 1 of the Schedule.

“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 second relevant 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 second relevant date;

“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 following the second relevant day specified in Column 4 of the Schedule and ending on the transfer day.

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Schedule 1

Column 1 Exit Day	Column 2 Number of transferees	Column 3 Relevant Date	Column 4 Second Relevant Date	Column 5 Value of accumulated contributions and employer contributions and earnings as at relevant date $	Column 6 Value of contributions and employer contributions in the election year $	Column 7 Total value of contributions
01/11/2004	1	30/6/2006	30/06/2007	130,989	723	134,712
09/05/2005	1	30/6/2006	30/06/2007	87,734	2,756	90,490
03/05/2006	1	30/6/2006	30/06/2007	66,777	647	67,424