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. 2".
Commencement
2. This determination shall take effect from and including 1 July 1997.
Purpose
3. The purpose of this determination is to amend productivity contribution rates to reflect changes in general salary levels of members.
Principal Determination
4. In this determination, "the Principal Determination" means the PSS (Productivity Contribution Rates) Determination No. 1.
Amendment to the Principal Determination
[Amendment of dollar amounts for the purposes of the Table entitled "Table - Productivity Contribution Rates" in Rule 4.3.2]
5. The Schedule to the Principal Determination 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. 2 (continued)]
R. Brown
.............................................
R.L. Brown
(Chairperson)
Peter Reynolds M. Hutchinson
............................................. .............................................
P. Reynolds M.J. Hutchinson
(Trustee) (Trustee)
W. Hall John. A. Flitcroft
............................................. .............................................
W. Hall J.A. Flitcroft
(Trustee) (Trustee)
The Common Seal of the PSS Board was hereunto affixed by authority of the Board
Dated this sixth day of June 1997
SCHEDULE
REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 4.3.2
EFFECTIVE FROM 1 JULY 1997
Table - Productivity Contribution Rates |
Amount of Applicable Fortnightly Rate of Salary | Fortnightly Amount |
Less than $1,034.67 | $31.04 |
$1,034.67 or more but less than $1,667.33 | The amount that is 3% of the member's salary per fortnight |
$1,667.33 or more but less than $2,501.00 | $50.02 |
$2,501.00 or more | The amount that is 2% of the member's salary per fortnight |
Overview
The Superannuation Act 1990, enacted by the Commonwealth Parliament, aims to regulate and facilitate the establishment, administration, and winding up of approved superannuation funds. This Act seeks to ensure that retirement income is adequately provided for Australian workers. One of the legislative instruments under this Act is the PSS (Productivity Contribution Rates) Determination No. 2, issued by the PSS Board in 1997. The purpose of this determination is to revise the productivity contribution rates, ensuring they are reflective of the changes in general salary levels of the members. By amending the dollar amounts in the productivity contribution rates table, this determination seeks to maintain the relevance and effectiveness of the superannuation contributions in line with economic changes.
Scope and Application
The PSS (Productivity Contribution Rates) Determination No. 2, made under the Superannuation Act 1990, amends the productivity contribution rates for superannuation schemes to better reflect changes in general salary levels of members. This determination applies to entities and individuals involved in superannuation arrangements governed by the Superannuation Act 1990, particularly those under the Public Sector Superannuation Scheme (PSS). Its jurisdictional reach is nationwide, as it pertains to the Commonwealth of Australia. The amendment is effective from 1 July 1997, and it specifically replaces the dollar amounts in the Principal Determination to update the productivity contribution rates based on salary brackets, ensuring they remain relevant to current salary levels. The determination does not specify exclusions or exemptions, and its application is governed by the existing rules and provisions within the Superannuation Act 1990.
Key Provisions
The PSS (Productivity Contribution Rates) Determination No. 2, which amends the PSS (Productivity Contribution Rates) Determination No. 1, establishes new productivity contribution rates that align with updated salary levels of members, effective from 1 July 1997. This determination introduces new dollar amounts that replace those in the original Principal Determination, as outlined in the Table in the Schedule (sections 4-5). Essentially, the new rates are intended to reflect changes in general salary levels.
Under this legislation, the PSS Board is responsible for ensuring that the amendment to the Principal Determination is implemented correctly. The Board must ensure that the new dollar amounts set forth in the Schedule are applied to the productivity contribution rates as of 1 July 1997. This involves updating the table with the new rates for different salary brackets, as specified in the Table in the Schedule (section 5). The PSS Board must ensure that these new rates are communicated to all relevant parties and that they are implemented in a timely and accurate manner.
Failure to comply with the provisions of this determination could potentially lead to breaches of the terms set out in the PSS Rules and other relevant regulations. While the specific penalties or consequences for non-compliance are not detailed in the text provided, it can be inferred that there could be administrative or financial repercussions for entities that do not adhere to the new rates as required by the determination. The exact nature of these penalties would depend on the specific rules and regulations governing the PSS, and any subsequent amendments or interpretations of the law.
The new rates outlined in this determination are designed to more accurately reflect the changes in general salary levels of members, ensuring that the productivity contribution rates remain fair and relevant. By updating the rates, the legislation aims to maintain the integrity and effectiveness of the PSS system, ultimately benefiting both members and the broader superannuation industry in Australia.