COMMONWEALTH OF AUSTRALIA
SUPERANNUATION ACT 1990
DETERMINATION
The PSS Board, pursuant to rules 5.6.5 and 5.7.7 of the Rules, DETERMINES as follows:
Citation
1. This determination may be cited as the "PSS (Maximum Benefits) Determination No. 5".
Commencement
2. This determination shall take effect from and including 1 July 2000.
Purpose
3. The purpose of this determination is to amend the maximum benefit levels that apply to ordinary scheme members and scheme members employed by the Australian Federal Police.
Principal Determination
4. In this determination, "the Principal Determination" means the PSS (Maximum Benefits) Determination No. 1, as amended.
Interpretation
5.(1) In this determination:
“Act” means the Superannuation Act 1990; and
“Rules” means the Rules for the Administration of the Superannuation Scheme established by deed under section 4 of the Act, as amended from time to time.
(2) Words and expressions defined in the Act and the Rules have the same meaning in this determination.
Amendments to the Principal Determination
[Amendment of dollar amounts for the purposes of the Table entitled "Table - Maximum Benefits" in Rule 5.6.1]
6. Schedule 1 to the Principal Determination is amended by replacing the dollar amounts set out therein with the dollar amounts set out in the Table in Schedule 1 to this determination.
[PSS (Maximum Benefits) Determination No. 5 (continued)]
[Amendment of dollar amounts for the purposes of the Table entitled "Table - AFP Preliminary Maximum Benefits - Lump Sums" in Rule 5.7.1]
7. Schedule 2 to the Principal Determination is amended by replacing the dollar amounts set out therein with the dollar amounts set out in the Table in Schedule 2 to this determination.
[Amendment of dollar amounts for the purposes of the Table entitled "Table - AFP Preliminary Maximum Benefits - Pensions" in Rule 5.7.2]
8. Schedule 3 to the Principal Determination is amended by replacing the dollar amounts set out therein with the dollar amounts set out in the Table in Schedule 3 to this determination.
Peter Reynolds
.............................................
P. Reynolds
(Chairperson)
W. Hall
............................................. .............................................
J.A. Flitcroft W. Hall
(Trustee) (Trustee)
G. Kelly Louise McBride
............................................. .............................................
G.J. Kelly L. McBride
(Trustee) (Trustee)
The Common Seal of the PSS Board was hereunto affixed by authority of the Board
Dated this thirty-first day of May 2000
SCHEDULE 1
REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 5.6.1
EFFECTIVE FROM 1 JULY 2000
Table - Maximum Benefits |
Average Salary | Maximum Benefit |
Less than $36,919 | $295,349 |
$36,919 or more but less than $59,050 | 8 times average salary |
$59,050 or more but less than $109,630 | $118,100 plus 6 times average salary |
$109,630 or more | $446,990 plus 3 times average salary |
SCHEDULE 2
REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 5.7.1
EFFECTIVE FROM 1 JULY 2000
Table - AFP Preliminary Maximum Benefits - Lump Sums |
Average Salary | Maximum Benefit |
Less than $36,919 | $295,349 |
$36,919 or more but less than $59,050 | 8 times average salary |
$59,050 or more but less than $109,630 | $118,100 plus 6 times average salary |
$109,630 or more | $446,990 plus 3 times average salary |
SCHEDULE 3
REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE
IN PSS RULE 5.7.2
EFFECTIVE FROM 1 JULY 2000
Table - AFP Preliminary Maximum Benefits - Pensions |
Final Average Salary | Maximum Benefit |
Less than $36,919 | $415,339 |
$36,919 or more but less than $59,050 | 11.25 times average salary |
$59,050 or more but less than $109,630 | $177,150 plus 8.25 times average salary |
$109,630 or more | $506,040 plus 5.25 times average salary |
Overview
The Superannuation Act 1990 was enacted to provide for the establishment, administration, and management of superannuation schemes, as well as the payment of benefits to participants. This Act was introduced to address the need for a comprehensive legal framework governing superannuation in Australia, ensuring that retirement savings are managed effectively and benefits are distributed fairly. The Superannuation Act 1990 was enacted by the Parliament of Australia and its policy objective is to establish a secure and sustainable retirement income system for Australians. As part of this legislative framework, the PSS (Maximum Benefits) Determination No. 5 was introduced by the PSS Board to amend the maximum benefit levels applicable to ordinary scheme members and members employed by the Australian Federal Police, effective from 1 July 2000. This determination serves to update the financial thresholds for superannuation benefits, ensuring they remain aligned with economic conditions and the evolving needs of participants.
Scope and Application
The PSS (Maximum Benefits) Determination No. 5, made under the Superannuation Act 1990, serves to amend the maximum benefit levels applicable to ordinary scheme members and scheme members employed by the Australian Federal Police. This determination applies to the members of the Public Sector Superannuation Scheme and specifically targets those within the Australian Federal Police. Its purpose is to adjust the maximum benefit amounts set out in the Principal Determination, which refers to the PSS (Maximum Benefits) Determination No. 1, as amended. The determination is effective from and including 1 July 2000 and amends the dollar amounts outlined in various tables within the Rules for the Administration of the Superannuation Scheme, thereby impacting the maximum benefits that can be accrued by these members. This legislative instrument does not explicitly state any exclusions or exemptions, but its amendments are confined to the specified dollar amounts in the schedules, indicating a focused application within the parameters of the Superannuation Act 1990 and the associated rules.
Key Provisions
The PSS (Maximum Benefits) Determination No. 5, effective from 1 July 2000, serves to amend the maximum benefit levels applicable to ordinary scheme members and scheme members employed by the Australian Federal Police under the Superannuation Act 1990. The primary objective of this determination is to update the maximum benefits as set out in the Principal Determination, which refers to PSS (Maximum Benefits) Determination No. 1, as amended (section 4). This amendment is specifically focused on replacing the dollar amounts detailed in the schedules of the Principal Determination with new figures provided in the schedules of this determination.
The obligations and requirements imposed by this determination primarily involve the PSS Board, which is tasked with ensuring that the updated maximum benefits are correctly applied to the relevant members. The determination specifies that the new figures in Schedules 1, 2, and 3 replace the previous figures in the Principal Determination. This involves meticulous updating of the "Table - Maximum Benefits," "Table - AFP Preliminary Maximum Benefits - Lump Sums," and "Table - AFP Preliminary Maximum Benefits - Pensions" in Rules 5.6.1, 5.7.1, and 5.7.2 respectively.
In terms of penalties or consequences for breaches, the determination does not explicitly state any criminal or civil penalties for non-compliance. However, given its role in setting the parameters for superannuation benefits, any failure to adhere to the updated maximum benefit levels could potentially lead to disputes or legal challenges regarding benefit calculations. The onus would be on the PSS Board to ensure compliance with the updated figures to avoid any discrepancies or legal repercussions that might arise from incorrect application of benefit levels.