Superannuation (PSS) Maximum Benefits (2006-2007) Determination 2006 (Cth)

Superannuation (PSS)

Maximum Benefits (2006-2007) Determination 2006

Select Legislative Instrument 2006 No.

I,  MATTHEW ARTHUR CASTLE, Manager of the Australian Public Service Defined Benefit Schemes, Commonwealth Superannuation Administration, Position No. 44, and Delegate of the PSS Board, pursuant to rules B5.6.5 and B5.7.7 of Section B of the PSS Rules, DETERMINE as follows:

Dated               14 June 2006

Matthew Castle

Delegate of the PSS Board

1. 
   Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2006-2007) Determination 2006.

2          Commencement

This determination shall take effect from and including 1 July 2006.     

3          Maximum Benefits – Lump Sums

For rules B5.6.5 and B5.7.7 of the PSS Rules, the tables in rules B5.6.1 and B5.7.1 have effect, for the financial year starting on 1 July 2006, as if the amounts specified in the following table were substituted for the amounts specified in those tables:

Table
Maximum Benefits

Average Salary

Maximum Benefit

    Less than $49,366

$394,926

    $49,366 or more

         but less than $78,980

8 times average salary

    $78,980 or more

         But less than $146,610

$157,960

plus 6 times average salary

    $146,610 or more

$597,790

plus 3 times average salary

4          Maximum Benefits – Pensions

For rule B5.7.7 of the PSS Rules, the table in rule B5.7.2 have effect, for the financial year starting on 1 July 2006, as if the amounts specified in the following table were substituted for the amounts specified in that table:

Table
AFP Preliminary Maximum Benefits
Pensions

Final Average Salary

Preliminary Maximum Benefit

Less than $49,366

$555,368

$49,366 or more

but less than $78,980

11.25 times average salary

$78,980 or more

but less than $146,610

$236,940

plus 8.25 times average salary

$146,610 or more

$676,770

plus 5.25 times average salary