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. 7".
Commencement
2. This determination shall take effect from and including 1 July 2002.
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. 7 (continued)]
Peter Reynolds
.............................................
P. Reynolds
(Chairperson)
W. Hall C. Manolios
............................................. ..............................................
W. Hall C. Manolios
(Trustee) (Trustee)
Louise McBride S. O’Loughlin
............................................. .............................................
L. McBride S. O’Loughlin
(Trustee) (Trustee)
The Common Seal of the PSS Board was hereunto affixed by authority of the Board
Dated this fifth day of June 2002
SCHEDULE
REPLACEMENT DOLLAR AMOUNTS FOR THE PURPOSES OF THE TABLE IN PSS RULE 4.3.2
EFFECTIVE FROM 1 JULY 2002
Table - Productivity Contribution Rates |
Amount of Applicable Fortnightly Rate of Salary | Fortnightly Amount |
Less than $1,278.00 | $38.34 |
$1,278.00 or more but less than $2,060.00 | The amount that is 3% of the member's salary per fortnight |
$2,060.00 or more but less than $3,090.00 | $61.80 |
$3,090.00 or more | The amount that is 2% of the member's salary per fortnight |
Overview
The Superannuation Act 1990, enacted by the Commonwealth Parliament, was introduced to provide a legislative framework for the establishment and operation of superannuation schemes in Australia. The Act was designed to ensure that employees receive a retirement benefit based on their earnings, and to promote the efficient administration of these benefits. The PSS (Productivity Contribution Rates) Determination No. 7, made by the PSS Board under the authority of the Superannuation Act 1990 and the Rules for the Administration of the Superannuation Scheme, aims to amend productivity contribution rates to reflect changes in general salary levels of members. This determination, effective from 1 July 2002, amends the dollar amounts in the Table of Productivity Contribution Rates to align with updated salary brackets, ensuring that the contribution rates remain relevant and reflective of current economic conditions.
Scope and Application
The "PSS (Productivity Contribution Rates) Determination No. 7" amends the productivity contribution rates under the Superannuation Act 1990, specifically affecting the rates at which superannuation contributions are made in relation to members' salaries. This legislation applies to the members of the Public Sector Superannuation Scheme (PSS), which includes employees of the Commonwealth, state and territory governments, and certain other entities as defined under the Superannuation Act 1990 and associated Rules. The determination is applicable nationwide, covering all jurisdictions within Australia. The amendment reflects changes in general salary levels and updates the contribution rates based on different salary brackets. The application of this legislation is limited to the adjustment of specified dollar amounts in the productivity contribution rates as outlined in the amended table, and it does not extend to other areas of superannuation regulation or benefits.
Key Provisions
The main sections of this determination pertain to the amendment of productivity contribution rates within the Superannuation Act 1990. Section 1 allows the determination to be cited as "PSS (Productivity Contribution Rates) Determination No. 7". Section 2 states that the determination takes effect from 1 July 2002. Section 3 outlines the purpose, which is to amend productivity contribution rates to reflect changes in general salary levels of members. The core amendment is detailed in Section 6, where the dollar amounts in the Schedule to the Principal Determination are replaced with new figures, reflecting updated rates as set out in the accompanying table.
The obligations imposed by this determination on the relevant parties involve updating the productivity contribution rates as per the new dollar amounts specified in the schedule. These parties, likely the PSS Board and its Trustees, must ensure that the changes are implemented accurately and in accordance with the rules set out in the Superannuation Act 1990 and the Rules for the Administration of the Superannuation Scheme. Additionally, the Trustees are responsible for affixing the Common Seal to authenticate the determination, which signifies their official endorsement and approval of the amendments.
There are no specific offences, penalties, or consequences for breach mentioned within the text of this determination. However, non-compliance with the provisions of the Superannuation Act 1990 or the Rules could potentially lead to legal ramifications, including civil or criminal penalties as outlined in the primary Act. The maximum penalties would depend on the specific nature of the breach and the provisions of the Superannuation Act 1990.