Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 6)

Overview

The Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 6) was enacted to amend the Superannuation (PSSAP) Unit Pricing Determination 2005, providing updated unit pricing for investment options within the PSSAP scheme. The purpose of this determination is to ensure that the buy and sell prices for units in the investment options are accurately reflected for the specified period. The amendment arises from the decision of the PSS Board, under PSSAP Rules 5.2.1, 5.4.2, and 5.4.3, to allow members investment choice, with 11 investment options available. This amendment to the principal instrument is necessary to reflect the daily buy and sell prices for the units from 5 August 2005 to 16 August 2005 inclusive, updating the pricing information previously set out in Schedule 2.

Scope and Application

The Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 6) amends the Superannuation (PSSAP) Unit Pricing Determination 2005, which governs the pricing of units in a public sector superannuation scheme. This Determination applies to the entities and members involved in the public sector superannuation scheme, including the Public Sector Superannuation Board (PSS Board), the fund managers, and the superannuation members who invest in the various available options. The scope of this Determination is limited to the unit pricing methodology for the specified dates, enhancing the transparency and accuracy of the unit pricing for members' investments. The amendments set out in this Determination have a national reach as they pertain to the Commonwealth's public sector superannuation arrangements. While the Determination itself does not explicitly mention any exclusions or exemptions, its application is confined to the specific dates outlined in the amended schedules, thereby not affecting other dates or investment options not covered by the amendment. This Determination supplements the principal instrument by providing updated unit pricing details, ensuring that the investment options remain accurately and fairly priced for the specified periods.

Key Provisions

The Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 6) amends the Superannuation (PSSAP) Unit Pricing Determination 2005 by altering the unit prices for the specified investment options. The amendment, detailed in Schedule 2, adjusts the buy and sell prices for each investment strategy, effective from 5 August 2005 to 16 August 2005 inclusive. This change is designed to reflect more accurately the current market conditions and to ensure that members are provided with the most recent pricing information for their investment choices. The PSS Board has exercised its discretion under PSSAP Rules 5.2.1, 5.4.2, and 5.4.3 to allow members to choose from eleven investment options, with the buy and sell prices determining the number of units allocated and the value of units redeemed, respectively. The obligations imposed by this Amendment Determination on the parties involved are primarily administrative. The PSS Board must ensure that the new unit prices specified in Schedule 2 are accurately communicated to all members and that the transactions involving unit purchases and sales are processed according to these amended prices. This includes updating the fund’s records to reflect the correct buy and sell prices for the specified period. Members, on the other hand, must be informed of these changes and understand how the new prices will affect their investments. This Determination does not impose any new compliance requirements beyond those already in place under the PSSAP Rules and the principal instrument. In terms of consequences for non-compliance, the legislation does not explicitly detail penalties or legal consequences for breaching the requirements set out in this Amendment Determination. However, any failure by the PSS Board to adhere to the amended unit prices could potentially lead to disputes with members regarding the accuracy of their transactions. Members, if they are incorrectly informed about the unit prices, might also face financial discrepancies in their account balances. Although the Determination does not specify penalties, any breaches of the PSSAP Rules or principal instrument might attract civil or criminal penalties as outlined in the broader superannuation legislation. These could include fines or imprisonment, depending on the severity of the breach.