Superannuation (PSS) Productivity Contribution Rates (2005-2006) Determination 2005 - Explanatory Statement
1 Name of Determination
This determination is the Superannuation (PSS) Productivity Contribution Rates (2005-2006) Determination
2 Commencement
This determination takes effect on 1 July 2005.
3 Purpose
The purpose of this determination is to set new productivity contribution rates for the Public Sector Superannuation (PSS) scheme to apply for the financial year beginning on 1 July 2005.
4 Background
Establishment of the PSS Scheme
The PSS scheme is established by the Superannuation Act 1990, a Trust Deed and Rules.
The PSS Rules were renumbered with effect from 1 July 1995, as a result of amendments made by the Ninth Amending Trust Deed.
Productivity Contribution Rates
Rule 4.3.2 sets out a Table of Productivity Contributions Rates to apply from 1 July 1995 until amended.
Rule 4.3.3 provides for the productivity contribution rates set out in the Table in rule 4.3.2 to be amended by the PSS Board with effect from 1 July each year, to reflect changes in the general salary levels of members. The increase in the amounts in the Table of Productivity Contribution Rates maintains the real value of the productivity contributions in relation to the overall salaries of PSS members.
Delegation
The PSS Board has delegated its power under rule 4.3.3 to relevant officers in Commonwealth Superannuation Administration.
Productivity Contribution Rates in the Period 1 July 1996-30 July 2005
From 1 July 1996 onwards, the amounts set out in the table in rule 4.3.2 have been amended on 1 July each year, pursuant to the PSS (Productivity Contribution Rates) Determination No 1, which was amended each year in consecutively-numbered determinations.
New Productivity Contribution Rates
The new productivity contribution rates that apply with effect from 1 July 2005 are set out in the determination.
Revocation
With effect from 1 July 2005, the PSS (Productivity Contribution Rates) Determination No 1, as amended, is revoked.