COMMONWEALTH OF AUSTRALIA
SUPERANNUATION ACT 1990
DETERMINATION
The PSS Board, pursuant to clause 4.3.3 of the Rules, DETERMINES as follows:
Citation
1. This determination may be cited as the "PSS Productivity Contribution Rates Determination No. 1".
Commencement
2. This determination shall take effect from and including 1 July 1996.
Purpose
3. The purpose of this determination is to amend productivity contribution rates to reflect changes in general salary levels of members.
Interpretation
4.(1) In this determination:
"Act" means the Superannuation Act 1990;
"Rules" mean 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 Rules have the same meaning in this determination.
Amendment of Rules
5. The Table entitled "Table - Productivity Contribution Rates" in Rule 4.3.2 is amended by replacing the dollar amounts it contains with the dollar amounts set out in the Table in the Schedule to this determination.
[PSS (Productivity Contribution Rates) Determination No. 1 (continued)]
R. L. Brown John. A. Flitcroft
............................................. ………………………….....
R.L. Brown J.A. Flitcroft
(Chairperson) (Trustee)
K. A. Searson D. C. Leaver
............................................. .............................................
K.A. Searson D.C. Leaver
(Trustee) (Trustee)
The Common Seal of the PSS Board was hereunto affixed by authority of the Board
Dated this sixth day of June 1996
SCHEDULE
REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 4.3.2
EFFECTIVE FROM 1 JULY 1996
Table - Productivity Contribution Rates |
Relevant Fortnightly Rates of Salary | Fortnightly Amounts |
Less than $1,014.67 | $30.44 |
$1,014.67 or more but less than $1,634.67 | The amount that is 3% of the member's salary per fortnight |
$1,634.67 or more but less than $2,452.00 | $49.04 |
$2,452.00 or more | The amount that is 2% of the member's salary per fortnight |
Overview
The Superannuation Act 1990, enacted by the Australian Parliament, was introduced to establish a legislative framework for the administration of superannuation schemes in Australia. The Act aims to ensure the financial security of individuals by providing a reliable and sustainable system of retirement savings. The "PSS Productivity Contribution Rates Determination No. 1," issued by the PSS Board under the authority of the Act, was introduced to address the need for adjustments in contribution rates to reflect changes in general salary levels of members. This determination, which took effect from 1 July 1996, amends the productivity contribution rates in line with salary increases, thereby maintaining the fairness and effectiveness of the superannuation scheme. The policy objective of this determination is to ensure that contribution rates remain aligned with the economic realities faced by superannuation members.
Scope and Application
The PSS Productivity Contribution Rates Determination No. 1, made under the Superannuation Act 1990, applies to members of the Public Sector Superannuation Scheme. This legislation amends the productivity contribution rates for superannuation, effective from 1 July 1996, to reflect changes in general salary levels of scheme members. The determination modifies the productivity contribution rates outlined in Rule 4.3.2 by replacing the dollar amounts with new rates specified in the schedule. These new rates are contingent upon the member's salary bracket, with different percentage contributions applied to various salary ranges. The Act is applicable nationally within the Commonwealth of Australia, and the new rates are to be applied uniformly across all jurisdictions governed by the Superannuation Act 1990. There are no specific exclusions or exemptions detailed in this determination, and it operates as a subordinate instrument to the broader legislative framework of the Superannuation Act 1990.
Key Provisions
The main operative sections of the PSS Productivity Contribution Rates Determination No. 1 include the amendment of the productivity contribution rates set out in the Table in Rule 4.3.2 (section 5). This amendment reflects changes in the general salary levels of members and is effective from 1 July 1996 (section 2). The determination modifies the dollar amounts in the table to ensure the contribution rates are appropriate for the salary levels of members. The determination is intended to align contribution rates with updated salary benchmarks (section 3).
The obligations imposed by this determination on the parties governed include adhering to the new productivity contribution rates as specified in the amended table. Specifically, the PSS Board is responsible for ensuring the updated rates are correctly applied to members' salaries. The Rules for the Administration of the Superannuation Scheme, as amended, will also govern the application of these rates. This includes ensuring that the new rates are properly reflected in the administration of the superannuation scheme and that members are charged the correct contribution amounts based on their salary levels.
Breaching the provisions of this determination may lead to civil consequences for non-compliance. The determination does not explicitly state penalties for non-compliance, but breaches of the Superannuation Act 1990 and related rules can result in significant penalties. Typically, such breaches could lead to financial penalties, corrective actions, or other enforcement measures to ensure compliance with the superannuation laws. The exact penalties would depend on the specific nature and severity of the breach, as well as any applicable regulations or administrative guidelines.