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. 7".
Commencement
2. This determination shall take effect from and including 1 July 2002.
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. 7 (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 C. Manolios
............................................. ..............................................
W. Hall C. Manolios
(Trustee) (Trustee)
Louise McBride S. O’Loughlin
............................................. .............................................
L. McBride S. O’Loughlin
(Trustee) (Trustee)
The Common Seal of the PSS Board was hereunto affixed by authority of the Board
Dated this fifth day of June 2002
SCHEDULE 1
REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 5.6.1
EFFECTIVE FROM 1 JULY 2002
Table - Maximum Benefits
| |
Average Salary | Maximum Benefit |
Less than $40,986 | $327,886 |
$40,986 or more but less than $65,560 | 8 times average salary |
$65,560 or more but less than $121,710 | $131,120 plus 6 times average salary |
$121,710 or more | $496,250 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 2002
Table - AFP Preliminary Maximum Benefits - Lump Sums
| |
Average Salary | Preliminary Maximum Benefit |
Less than $40,986 | $327,886 |
$40,986 or more but less than $65,560 | 8 times average salary |
$65,560 or more but less than $121,710 | $131,120 plus 6 times average salary |
$121,710 or more | $496,250 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 2002
Table - AFP Preliminary Maximum Benefits - Pensions
| |
Final Average Salary | Preliminary Maximum Benefit |
Less than $40,986 | $461,093 |
$40,986 or more but less than $65,560 | 11.25 times average salary |
$65,560 or more but less than $121,710 | $196,680 plus 8.25 times average salary |
$121,710 or more
| $561,810 plus 5.25 times average salary |