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. 5".
Commencement
2. This determination shall take effect from and including 1 July 2000.
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. 5 (continued)]
Peter Reynolds
.............................................
P. Reynolds
(Chairperson)
W. Hall
............................................. .............................................
J.A. Flitcroft W. Hall
(Trustee) (Trustee)
G. Kelly Louise McBride
............................................. .............................................
G.J. Kelly L. McBride
(Trustee) (Trustee)
The Common Seal of the PSS Board was hereunto affixed by authority of the Board
Dated this thirty-first day of May 2000
SCHEDULE
REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 4.3.2
EFFECTIVE FROM 1 JULY 2000
Table - Productivity Contribution Rates |
Amount of Applicable Fortnightly Rate of Salary | Fortnightly Amount |
Less than $1,151.33 | $34.54 |
$1,151.33 or more but less than $1,856.00 | The amount that is 3% of the member's salary per fortnight |
$1,856.00 or more but less than $2,784.00 | $55.68 |
$2,784.00 or more | The amount that is 2% of the member's salary per fortnight |
Overview
The PSS (Productivity Contribution Rates) Determination No. 5, 2000, was made by the PSS Board under the Superannuation Act 1990 to amend the productivity contribution rates in response to changes in general salary levels of members. The determination took effect from 1 July 2000 and amends the PSS (Productivity Contribution Rates) Determination No. 1 by adjusting the dollar amounts set out in the Table of Rule 4.3.2. The policy objective of this amendment is to ensure that the contribution rates appropriately reflect the salary changes of the members, thus maintaining the integrity and fairness of the superannuation scheme.
Scope and Application
The PSS (Productivity Contribution Rates) Determination No. 5, made under the Superannuation Act 1990, applies to the members of the Public Sector Superannuation Scheme (PSS) by amending the productivity contribution rates to reflect changes in general salary levels. This determination is a legislative instrument designed to ensure that the contribution rates for superannuation remain aligned with economic shifts and salary adjustments. It applies to all members of the PSS, including both current and future members, by adjusting the rates based on specific salary brackets. The determination is effective from 1 July 2000 and provides detailed rates that vary according to the members' fortnightly salaries, ensuring that the contributions are proportionate to their earnings. This amendment ensures that the superannuation contributions are reflective of the current economic conditions and the members' salary levels.
Key Provisions
The PSS (Productivity Contribution Rates) Determination No. 5 (sections 1-6) sets forth the amendment of productivity contribution rates for superannuation members to align with changes in general salary levels. Effective from 1 July 2000, this determination amends the Principal Determination, which refers to the PSS (Productivity Contribution Rates) Determination No. 1, as amended. The primary objective of this amendment is to adjust the dollar amounts in the Table of PSS Rule 4.3.2, which specifies the productivity contribution rates based on the member's salary. These adjustments ensure that the contribution rates remain relevant and reflective of the current economic conditions.
The obligations imposed by this determination primarily concern the PSS Board and the trustees involved in the administration of the Superannuation Scheme. The Board is responsible for ensuring that the amendment to the Principal Determination is implemented as per the schedule outlined in the determination. Trustees must adhere to these new rates when calculating and collecting productivity contributions from superannuation members. The amendment requires trustees to update their systems and processes to reflect the new dollar amounts specified in the Table, ensuring that the correct contribution rates are applied to members' salaries.
Failure to comply with the requirements of this determination could result in legal consequences. While the specific civil or criminal penalties are not detailed within the text of the determination, breaches of superannuation laws typically attract significant penalties under the Superannuation Act 1990. The maximum penalties can include fines and imprisonment for serious or repeated breaches. Trustees who fail to implement the new contribution rates accurately may also face civil liabilities, including compensation for any financial losses incurred by the members due to incorrect calculations. It is therefore crucial for trustees to ensure that they are fully compliant with the provisions of this determination to avoid any potential legal repercussions.