COMMONWEALTH OF AUSTRALIA
SUPERANNUATION ACT 1990
DETERMINATION
The PSS Board, pursuant to rule 4.3.3 of the Rules, DETERMINES as follows:
Citation
1. This determination may be cited as the "PSS (Productivity Contribution Rates) Determination No. 4".
Commencement
2. This determination shall take effect from and including 1 July 1999.
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, 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.
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]
6. The Schedule to the Principal Determination is amended by replacing the dollar amounts set out therein with the dollar amounts set out in the Table in the Schedule to this determination.
[PSS (Productivity Contribution Rates) Determination No. 4 (continued)]
R. Brown
.............................................
R.L. Brown
(Chairperson)
Peter Reynolds G. Kelly
............................................. ...............................................
P. Reynolds G.J. Kelly
(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 third day of June 1999
SCHEDULE
REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 4.3.2
EFFECTIVE FROM 1 JULY 1999
Table - Productivity Contribution Rates |
Amount of Applicable Fortnightly Rate of Salary | Fortnightly Amount |
Less than $1,105.00 | $33.16 |
$1,105.00 or more but less than $1,782.00 | The amount that is 3% of the member's salary per fortnight |
$1,782.00 or more but less than $2,673.00 | $53.46 |
$2,673.00 or more | The amount that is 2% of the member's salary per fortnight |
Overview
The Superannuation Act 1990 was enacted by the Australian Parliament to establish a legislative framework for the administration of superannuation schemes, ensuring that employees have access to retirement savings and benefits. This Act was introduced to address the gap in providing a structured and regulated system for superannuation contributions, benefits, and entitlements. The PSS (Productivity Contribution Rates) Determination No. 4, made by the PSS Board in 1999, aims to amend the productivity contribution rates to reflect changes in general salary levels of members. This determination ensures that the contribution rates are updated to accurately mirror the current economic conditions and salary trends, thereby maintaining the relevance and effectiveness of the superannuation scheme. The policy objective behind this amendment is to ensure that the contribution rates remain fair and reflective of the prevailing salary levels, which in turn supports the sustainability and integrity of the superannuation system.
Scope and Application
The Superannuation Act 1990, as amended by the PSS (Productivity Contribution Rates) Determination No. 4, pertains to members of the Public Sector Superannuation Scheme (PSS), a scheme established under the Act. The determination applies to all individuals who are members of the PSS, which includes public sector employees. The determination is effective from 1 July 1999, and its purpose is to adjust productivity contribution rates to align with changes in the general salary levels of PSS members. This adjustment is intended to reflect the current economic conditions and ensure that contributions remain equitable and relevant. The amendment to the Principal Determination includes the replacement of dollar amounts in the Table of Productivity Contribution Rates, which specifies the contribution rates based on the members' fortnightly salaries. The Act applies nationally across Australia, encompassing the Commonwealth, states, and territories, given that the PSS operates on a federal level. There are no specific exclusions or exemptions mentioned in the determination, but the rates and application are subject to the terms of the Superannuation Act 1990 and the PSS Rules. The application of the Act can be further defined or restricted through subordinate instruments issued by the PSS Board under the authority of the Act.
Key Provisions
The main operative sections of the PSS (Productivity Contribution Rates) Determination No. 4 (sections 1 to 6) provide the framework for amending the productivity contribution rates within the Superannuation Act 1990. The determination cites itself as the "PSS (Productivity Contribution Rates) Determination No. 4" (section 1) and sets a commencement date of 1 July 1999 (section 2). Its purpose is to adjust these rates in response to changes in general salary levels of members (section 3). The determination references the PSS (Productivity Contribution Rates) Determination No. 1, as amended, as the "Principal Determination" (section 4). Additionally, it defines key terms such as "Act" and "Rules" (section 5). The principal amendment occurs in section 6, where the dollar amounts in the Schedule to the Principal Determination are replaced with new amounts set out in the Table in the Schedule to this determination.
The obligations imposed by this determination primarily concern the PSS Board and the Trustees responsible for administering the Superannuation Scheme. The Board, under the authority granted by the Rules, is tasked with making this determination to reflect updated salary levels (section 6). The Trustees, in turn, are required to implement these changes within the Superannuation Scheme, ensuring that the new productivity contribution rates are accurately applied to members' salaries from the effective date (1 July 1999). The determination ensures that the Trustees update the relevant schedules and documentation to reflect these new rates, maintaining compliance with the Superannuation Act 1990.
Breach of the provisions set out in this determination may not explicitly outline specific offences, penalties, or consequences within the text provided. However, under the Superannuation Act 1990, any failure to comply with the requirements to update productivity contribution rates could potentially lead to civil or criminal liability for Trustees or administrators. This might include penalties for non-compliance with legislative requirements, fines, or other legal repercussions as stipulated by the Act. The exact penalties would depend on the specific breaches and the discretion of the courts in applying the relevant sections of the Superannuation Act 1990. The determination ensures that the updated rates are applied correctly to avoid any legal ramifications for non-compliance.