Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 5)

Overview

The Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 5) was enacted to modify the Superannuation (PSSAP) Unit Pricing Determination 2005, addressing the need to update the unit pricing for investment options within the fund. This instrument was introduced by the PSS Board in accordance with the PSSAP Rules 5.2.1, 5.4.2, and 5.4.3, which allow for investment choice among members. The principal objective of this amendment is to reflect the accurate buy and sell prices for units across various investment options, ensuring transparency and fairness in the fund's operations. This amendment ensures that the pricing schedules are kept current, thereby facilitating informed decision-making for members when engaging with their investment strategies. The Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 5) was enacted by the PSS Board and is aimed at maintaining up-to-date and accurate unit pricing for the various investment options offered to members. This amendment ensures that the pricing information, which is crucial for determining the number of units allocated and the value of units withdrawn, is precise and current, thereby supporting the integrity and effectiveness of the fund's operations. The determination reflects the legislative intent to provide clear and reliable pricing details, enabling members to make informed choices regarding their investments.

Scope and Application

The Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 5) is an instrument under the Superannuation (Public Sector Superannuation Accumulation Plan) Act, specifically amending the Superannuation (PSSAP) Unit Pricing Determination 2005. This Determination applies to the pricing of units in the Public Sector Superannuation Accumulation Plan (PSSAP), which is a superannuation fund for members of the public sector. It governs the pricing of units for various investment options available within the fund, ensuring that the buy and sell prices are appropriately set and communicated to members. The amendment outlined in this Determination adjusts the unit prices for the specified date, impacting the calculation of units allocated to or redeemed from a member's account based on their investment choices. This instrument ensures compliance with the PSSAP Rules and maintains transparency in the pricing of units for superannuation members.

Key Provisions

The Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 5) amends the Superannuation (PSSAP) Unit Pricing Determination 2005, specifically affecting the unit prices for investment options available under the PSS Board's scheme. This amendment introduces updated buy and sell prices for the specified date, aligning with the investment choices available to members (Sections 2-5). Members have the opportunity to choose from 11 different investment options, each with distinct buy and sell prices that determine the number of units allocated or the value of units withdrawn from their investment strategy (Section 4). The Determination imposes specific obligations on the PSS Board to provide accurate and timely updates to the unit pricing information. This includes ensuring that the buy and sell prices are clearly set out and that any changes are communicated effectively to all members involved. The PSS Board must also ensure that the prices listed in Schedules 1 and 2 are applied correctly for the specified dates, reflecting the most current financial data (Section 4). Failure to comply with the provisions of this Determination could result in significant consequences for the PSS Board and its members. While specific penalties are not detailed in the explanatory statement, non-compliance could lead to financial discrepancies, affecting the value of members' investments. Given the regulatory nature of superannuation, any breaches may also attract scrutiny from relevant authorities, potentially leading to enforcement actions or further legislative amendments (Sections 2-5).