Superannuation Act 1976 (Interest)
Determination No. 169 - Explanatory Statement
1 Name of Determination
This determination is the Superannuation Act 1976 (Interest)
Determination No.169
2 Purpose and operation of instrument
Section 154A of the Superannuation Act 1976 provides that where, under any provision of this Act, interest is payable in respect of an amount, the interest must be calculated, and is payable, in accordance with a determination made by the CSS Board.
3 Principal instrument
The principal instrument means the determination, as amended, in force by virtue of paragraph 154A(4)(b) of the Superannuation Act 1976. The principal instrument has been amended by consecutively numbered determinations.
4 Investment strategy choice
There are currently two different investment strategies available for the Commonwealth Superannuation Scheme (CSS): the Default Fund investment strategy or, since 1 December 2004, the Cash Option investment strategy for those people who switch to this investment strategy.
The current Default Fund daily compounding interest rate is set out in Schedule 2 to the principal instrument.
The current Cash Option daily compounding interest rate is set out in Schedule 3 to the principal instrument.
5 Interest rate determinations apply from the date specified
This determination amends Schedule 2 to the principal instrument by inserting a new Default Fund interest rate to apply from the date specified.
Schedule 3 is not being amended.