Superannuation (CSS) (Surcharge Commutation Amount Conversion Factors) Determination No. 1 (Cth)

COMMONWEALTH OF AUSTRALIA

SUPERANNUATION ACT 1976

DETERMINATION

The CSS Board, pursuant to subsections 146D(1) and (2) of the Superannuation Act 1976 and in accordance with advice received from an actuary, DETERMINES as follows:

Citation

1.    This determination may be cited as the "Superannuation (CSS) (Surcharge Commutation  Amount - Conversion Factors) Determination No. 1".

Commencement

2.     Pursuant to Item 9 of Schedule 2 to the Superannuation Legislation Amendment

(Post-retirement Commutations) Act 2001, this determination shall be deemed to have taken effect on 22 August 2001.

Purpose

3.     The purpose of this determination is to determine, in accordance with advice from an actuary, conversion factors that are applicable for the purpose of working out, in relation to a person, the yearly amount that would have to be paid to discharge a liability equal to the person’s surcharge commutation amount.

Interpretation

4.(1)    In this determination, "Act" means the Superannuation Act 1976.

(2)    Words and expressions defined in the Act have the same meaning in this determination.

Schedule

Conversion factors in relation to indexed pensions and deferred benefits payable as indexed pensions

5. The conversion factors for the purposes of subsection 146D(1) of the Act are set out in Table 1 in the Schedule to this determination.

Conversion factors in relation to non-indexed pensions and deferred benefits payable as

non-indexed pensions

6. The conversion factors for the purposes of subsection 146D(2) of the Act are set out in Table 2 in the Schedule to this determination.

[Superannuation (CSS) (Surcharge Commutation Amount - Conversion Factors)

Determination No. 1 (continued)]

S. P. Gibbs          Helen Ayres  

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

S.P. Gibbs      H. Ayres

(Chief Executive Officer)      (Secretary)

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

Dated this                    sixteenth        day of          January   2002  

SCHEDULE

CONVERSION FACTORS REQUIRED UNDER

SUBSECTION 146D(1) OF THE ACT

TABLE 1:  PENSION  CONVERSION  FACTORS  FOR INDEXED  PENSIONS

AGE AT LAST BIRTHDAY	CONVERSION  FACTOR	AGE AT LAST BIRTHDAY	CONVERSION FACTOR
15	24.1	43	21.2
16	24.0	44	21.0
17	24.0	45	20.8
18	23.9	46	20.6
19	23.8	47	20.4
20	23.8	48	20.2
21	23.7	49	20.0
22	23.6	50	19.7
23	23.6	51	19.5
24	23.5	52	19.3
25	23.4	53	19.0
26	23.3	54	18.8
27	23.2	55	18.5
28	23.1	56	18.2
29	23.0	57	17.9
30	22.9	58	17.7
31	22.8	59	17.4
32	22.7	60	17.0
33	22.6	61	16.7
34	22.5	62	16.4
35	22.4	63	16.1
36	22.2	64	15.7
37	22.1	65	15.3
38	22.0	66	15.0
39	21.8	67	14.6
40	21.7	68	14.2
41	21.5	69	13.8
42	21.3	70	13.4

SCHEDULE

CONVERSION FACTORS REQUIRED UNDER

SUBSECTION 146D(2) OF THE ACT

TABLE 2:  PENSION  CONVERSION  FACTORS  FOR  NON-INDEXED  PENSIONS

AGE AT LAST BIRTHDAY	CONVERSION  FACTOR	AGE AT LAST BIRTHDAY	CONVERSION FACTOR
15	14.6	43	14.0
16	14.6	44	13.9
17	14.6	45	13.8
18	14.6	46	13.8
19	14.6	47	13.7
20	14.6	48	13.6
21	14.6	49	13.6
22	14.6	50	13.5
23	14.5	51	13.4
24	14.5	52	13.3
25	14.5	53	13.2
26	14.5	54	13.1
27	14.5	55	13.0
28	14.5	56	12.9
29	14.4	57	12.7
30	14.4	58	12.6
31	14.4	59	12.5
32	14.4	60	12.3
33	14.4	61	12.2
34	14.3	62	12.0
35	14.3	63	11.9
36	14.3	64	11.7
37	14.2	65	11.5
38	14.2	66	11.3
39	14.1	67	11.1
40	14.1	68	10.9
41	14.1	69	10.7
42	14.0	70	10.4