Superannuation Act 1990 (Interest) Determination No. 166 - Explanatory Statement
1 Name of Determination
This determination is the Superannuation Act 1990 (Interest) Determination No. 166.
2 Purpose and operation of instrument
Clause 3.1 of the Trust Deed made under Part 2 of the Superannuation Act 1990 provides that the PSS Board is empowered to determine interest rates for the purposes of the Public Sector Superannuation (PSS) scheme.
3 Principal instrument
The principal instrument is the Superannuation Act 1990 (Interest) Determination No. 1. The principal instrument has been amended by consecutively numbered determinations.
4 Investment strategy choice
There are currently two different investment strategies available for the PSS scheme: the Default Fund investment strategy or, since 1 December 2004, the Cash Option investment strategy for preserved benefit members 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.