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. 6".
Commencement
2. This determination shall take effect from and including 1 July 2001.
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. 6 (continued)]
.............................................
P. Reynolds
(Chairperson)
John. A. Flitcroft W. Hall
............................................. .............................................
J.A. Flitcroft W. Hall
(Trustee) (Trustee)
C. Manolios Louise McBride
............................................. .............................................
C. Manolios L. McBride
(Trustee) (Trustee)
The Common Seal of the PSS Board was hereunto affixed by authority of the Board
Dated this fifth day of June 2001
SCHEDULE
REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 4.3.2
EFFECTIVE FROM 1 JULY 2001
Table - Productivity Contribution Rates |
Amount of Applicable Fortnightly Rate of Salary | Fortnightly Amount |
Less than $1,203.33 | $36.10 |
$1,203.33 or more but less than $1,939.33 | The amount that is 3% of the member's salary per fortnight |
$1,939.33 or more but less than $2,909.00 | $58.18 |
$2,909.00 or more | The amount that is 2% of the member's salary per fortnight |
Overview
The Superannuation Act 1990 was enacted by the Commonwealth Parliament to establish a framework for the administration of superannuation schemes in Australia. It aimed to fill the gap by providing a legal basis for the establishment, management, and regulation of superannuation funds, ensuring that employees receive retirement benefits. The PSS (Productivity Contribution Rates) Determination No. 6, issued by the PSS Board under the authority of the Rules, was introduced to amend the productivity contribution rates to reflect changes in general salary levels of members. The determination took effect from 1 July 2001 and serves to update the contribution rates specified in the PSS (Productivity Contribution Rates) Determination No. 1, as amended, by replacing the dollar amounts with new figures as detailed in the accompanying schedule. This adjustment aims to ensure that the contribution rates remain aligned with the evolving economic conditions and salary standards.
Scope and Application
The "PSS (Productivity Contribution Rates) Determination No. 6" operates within the framework of the Superannuation Act 1990 and is administered by the PSS Board under the Rules for the Administration of the Superannuation Scheme. This determination specifically amends the productivity contribution rates applicable to members of the scheme, reflecting adjustments in general salary levels. The determination applies to individuals who are members of the superannuation scheme governed by the Act, impacting their contribution rates based on their fortnightly salaries. The amendments to contribution rates are detailed in the Schedule, which replaces the previous dollar amounts in the Principal Determination. This legislative instrument is effective from 1 July 2001, and the new rates are applied based on the members' fortnightly salary brackets. The Act's jurisdiction spans the Commonwealth, applying nationally to all members within the defined scheme.
Key Provisions
The PSS (Productivity Contribution Rates) Determination No. 6, effective from 1 July 2001, amends the productivity contribution rates to reflect changes in general salary levels of members, as specified in the Superannuation Act 1990. The primary amendment involves altering the dollar amounts in the Table titled "Productivity Contribution Rates" in Rule 4.3.2. The determination references the Principal Determination, which is the PSS (Productivity Contribution Rates) Determination No. 1, as amended. It specifies that the terms "Act" and "Rules" have the meanings given in the Superannuation Act 1990 and the Rules for the Administration of the Superannuation Scheme, respectively, with any defined terms carrying the same meaning throughout this determination.
The determination imposes specific obligations on the PSS Board to ensure the productivity contribution rates are updated in line with salary changes. The Board must replace the existing dollar amounts in the Schedule to the Principal Determination with the new amounts specified in the Table in the Schedule to this determination. This ensures that the rates accurately reflect the current economic conditions and salary levels, maintaining fairness and relevance in the superannuation contributions.
Violation of the provisions outlined in this determination could lead to various consequences. While the document does not explicitly state the penalties for non-compliance, breaches of the Superannuation Act 1990 can typically result in both civil and criminal penalties. Civil penalties may include fines, while criminal penalties could involve imprisonment, depending on the severity of the breach. The exact penalties would be determined based on the specific nature and impact of the non-compliance, as per the broader legal framework provided by the Act and the Rules.