Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 4)

Overview

The Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 4) was enacted to refine the unit pricing mechanisms within the Superannuation (PSSAP) Unit Pricing Determination 2005. This amendment was necessary to address the need for updated pricing information for certain dates, ensuring accurate and timely unit valuations for members. Enacted by the PSS Board in accordance with PSSAP Rules 5.2.1, 5.4.2, and 5.4.3, the primary objective of this Determination is to provide clarity and precision in the pricing of units for the specified dates, thereby ensuring that members have transparent and consistent pricing information for their investment choices. This amendment responds to the operational requirement to update the buy and sell prices for units as set out in Schedules 1 and 2 of the principal instrument, reflecting the dynamic nature of investment strategies and market conditions.

Scope and Application

The Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No 4) applies to the superannuation funds managed by the Public Sector Superannuation Scheme (PSS) Board, specifically targeting the unit pricing for various investment options available to members of the scheme. This Determination operates to amend the Superannuation (PSSAP) Unit Pricing Determination 2005, ensuring that the pricing of units within the specified investment options is updated. The amendment includes the insertion of new buy and sell prices for each investment option for particular dates as specified in Schedule 2. This legislative instrument is relevant to superannuation fund members, trustees, and the PSS Board, and it operates within the Commonwealth jurisdiction, impacting entities involved in the management and operation of PSS superannuation funds. There are no stated exclusions, exemptions, or thresholds within this Determination. The application of this Act may be extended or restricted through subordinate instruments, which would be detailed within the principal instrument or supplementary regulatory frameworks.

Key Provisions

The Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No 4) modifies the Superannuation (PSSAP) Unit Pricing Determination 2005, primarily by updating the unit prices for investment options under the Public Sector Superannuation Scheme (PSSP) (s 2). This amendment reflects changes in the economic environment and aims to ensure that the pricing of units remains accurate and reflective of market conditions. The changes are specifically aimed at updating the pricing information in Schedule 2, which covers the period from 2 August 2005 to 3 August 2005 (s 4). The determination outlines the process by which members can choose their investment options, allowing them to select from 11 available strategies (s 4). Each investment option has distinct buy and sell prices that determine the number of units allocated or the value of units redeemed when members contribute to or withdraw from the fund. The buy price affects the allocation of units upon contribution, while the sell price affects the value of units when withdrawn. These prices are detailed in Schedules 1 and 2 of the principal instrument, with Schedule 1 covering the period from 1 July 2005 to 22 July 2005, and Schedule 2 detailing prices for 2 August 2005 and 3 August 2005 (s 4). Under this determination, the PSS Board has the responsibility to ensure that the unit prices are correctly applied and updated as necessary (s 4). This involves setting the appropriate buy and sell prices for each investment option, which must be accurately reflected in the fund's operations. The Board must ensure that these prices are communicated to members and that they are applied correctly in all transactions involving the purchase or redemption of units (s 4). Failure to comply with the provisions of this determination may result in inaccurate pricing, which could adversely affect members' investments. While the determination does not explicitly outline specific penalties for non-compliance, breaches of the PSSAP Rules or any related provisions may lead to legal consequences, including potential civil or administrative actions. The exact nature and extent of these consequences would depend on the specific circumstances and the applicable laws governing the PSS Board's operations (s 5).