COMMONWEALTH OF AUSTRALIA
SUPERANNUATION ACT 1990
DETERMINATION
I, MICHAEL JOHN SIMPSON, Acting General Manager, Member Services, Commonwealth Superannuation Administration, Position No. 2745, and Delegate of the PSS Board, pursuant to rules 5.6.5 and 5.7.7 of the Rules, DETERMINE as follows:
Citation
1. This determination may be cited as the "PSS (Maximum Benefits) Determination No. 8".
Commencement
2. This determination shall take effect from and including 1 July 2003.
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. 8 (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.
M. Simpson
…………………………………………………..
M.J. Simpson
Acting General Manager
Member Services
Commonwealth Superannuation Administration
and Delegate of the PSS Board
Dated this Third day of June 2003
SCHEDULE 1
REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES
OF THE TABLE IN PSS RULE 5.6.1
EFFECTIVE FROM 1 JULY 2003
Table - Maximum Benefits |
Average Salary | Maximum Benefit |
Less than $42,879 | $343,029 |
$42,879 or more but less than $68,590 | 8 times average salary |
$68,590 or more but less than $127,330 | $137,180 plus 6 times average salary |
$127,330 or more | $519,170 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 2003
Table - AFP Preliminary Maximum Benefits - Lump Sums |
Average Salary | Preliminary Maximum Benefit |
Less than $42,879 | $343,029 |
$42,879 or more but less than $68,590 | 8 times average salary |
$68,590 or more but less than $127,330 | $137,180 plus 6 times average salary |
$127,330 or more | $519,170 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 2003
Table - AFP Preliminary Maximum Benefits - Pensions |
Final Average Salary | Preliminary Maximum Benefit |
Less than $42,879 | $482,389 |
$42,879 or more but less than $68,590 | 11.25 times average salary |
$68,590 or more but less than $127,330 | $205,770 plus 8.25 times average salary |
$127,330 or more | $587,760 plus 5.25 times average salary |
Overview
The "Superannuation Act 1990" was enacted to provide for the establishment and administration of superannuation schemes for employees of the Commonwealth. The legislation was introduced to address the need for a structured and fair retirement savings system for federal public sector employees. The Superannuation Act 1990 was enacted by the Parliament of Australia to ensure that public sector employees have a reliable and equitable superannuation scheme. The PSS (Maximum Benefits) Determination No. 8, made under the authority of the Superannuation Act 1990, aims to amend the maximum benefit levels applicable to ordinary scheme members and those employed by the Australian Federal Police. This determination was made by Michael John Simpson, Acting General Manager, Member Services, Commonwealth Superannuation Administration, and Delegate of the PSS Board, and it came into effect on 1 July 2003. The policy objective of this determination is to update the maximum benefits to reflect changes in salary levels and to maintain the integrity and fairness of the superannuation scheme for affected members.
Scope and Application
The PSS (Maximum Benefits) Determination No. 8 is a legislative instrument under the Superannuation Act 1990, which amends the maximum benefit levels applicable to ordinary scheme members and scheme members employed by the Australian Federal Police. This determination is effective from 1 July 2003 and is made by the Acting General Manager, Member Services, Commonwealth Superannuation Administration, who is acting as a delegate of the PSS Board. The primary objective of this determination is to revise the dollar amounts specified in the schedules of the Principal Determination, which pertain to the maximum benefits for different salary brackets. The updated figures are provided in the tables within Schedules 1, 2, and 3 of this determination, which replace the corresponding figures in the Principal Determination. The Act applies to ordinary scheme members and scheme members employed by the Australian Federal Police, with specific amendments to the maximum benefit levels based on the average salary of the members. The jurisdictional reach of this determination is at the Commonwealth level, applying nationally across Australia. There are no stated exclusions or exemptions in this determination, and the application is extended through the amendment of the dollar amounts in the relevant schedules of the Principal Determination.
Key Provisions
The "PSS (Maximum Benefits) Determination No. 8" amends the maximum benefit levels applicable to ordinary scheme members and scheme members employed by the Australian Federal Police. The determination takes effect from 1 July 2003. It amends the dollar amounts in the schedules of the "PSS (Maximum Benefits) Determination No. 1" (the Principal Determination). This includes the maximum benefits for ordinary scheme members, the preliminary maximum benefits for lump sums for Australian Federal Police members, and the preliminary maximum benefits for pensions for Australian Federal Police members. The determination provides new tables with updated dollar amounts, replacing those in the Principal Determination.
The Act imposes specific obligations on the parties it governs. Scheme members and their employers must adhere to the updated maximum benefit levels specified in the determination. This includes ensuring that superannuation contributions and benefits are calculated in accordance with the new figures set out in the schedules. The determination also requires the Commonwealth Superannuation Administration to implement these changes and ensure compliance with the updated benefit levels.
Failure to comply with the provisions of this determination may lead to civil or criminal consequences. While the determination does not explicitly state the penalties for breach, under the Superannuation Act 1990, penalties for non-compliance can include fines and imprisonment. The specific penalties would depend on the nature and severity of the breach, and would be determined by the courts in the event of a prosecution. It is essential for all parties involved to understand and comply with the updated maximum benefit levels to avoid any legal repercussions.