Superannuation (PSS) Maximum Benefits (2007-2008) Determination 2007 (Cth)

Superannuation (PSS)

Maximum Benefits (2007-2008) Determination 2007

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

Dated 7 June 2007

M CASTLE  

Delegate of Australian Reward Investment Alliance  

1. Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits

(2007-2008) Determination 2007.

2          Commencement

This determination shall take effect from and including 1 July 2007.     

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 2007, 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 $51,010

$408,080

    $51,010 or more

         but less than $81,610

8 times average salary

    $81,610 or more

         But less than $151,500

$163,220

plus 6 times average salary

    $151,500 or more

$617,720

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 2007, 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 $51,010

$573,863

$51,010 or more

but less than $81,610

11.25 times average salary

$81,610 or more

but less than $151,500

$244,830

plus 8.25 times average salary

$151,500 or more

$699,330

plus 5.25 times average salary