Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 7)

Overview

The Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 7) was enacted to amend the principal instrument, the Superannuation (PSSAP) Unit Pricing Determination 2005. This amendment was introduced to address the need for updated unit pricing information for the period following the initial determination. The purpose of this Determination is to revise the buy and sell prices for the units in the investment options available under the PSSAP, ensuring that these prices are accurate and applicable for the specified dates. Enacted by the PSS Board in accordance with PSSAP Rules 5.2.1, 5.4.2, and 5.4.3, this amendment facilitates the continued investment choice for members by providing them with 11 different investment options, each with its respective buy and sell prices. The policy objective is to maintain transparency and fairness in the pricing of units within the superannuation fund, thereby supporting informed investment decisions by members.

Scope and Application

The Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 7) amends the Superannuation (PSSAP) Unit Pricing Determination 2005, which sets out the rules for calculating unit prices for the Public Service Superannuation Accumulation Plan (PSSAP). This Determination applies to the PSSAP, which is a superannuation fund for public sector employees. It regulates the unit pricing for the various investment options available within the fund, ensuring that the buy and sell prices are accurately determined for the purchase and redemption of units. The amendment is specific to the PSSAP and its members, and it operates to update the pricing schedules for a defined period. The new buy and sell prices are specified for each investment option and apply from the dates mentioned in the amendment. The amendment does not extend to other superannuation funds or investment products outside the PSSAP. The Determination is part of the broader regulatory framework for superannuation in Australia, aimed at ensuring that members receive fair and accurate unit pricing in their investments.

Key Provisions

The Superannuation (PSSAP) Unit Pricing Amendment Determination 2005 (No. 7) (the "Determination") primarily serves to amend the existing Superannuation (PSSAP) Unit Pricing Determination 2005 (the "Principal Instrument"). This legislative instrument allows for the adjustment of buy and sell prices for units in different investment options within the PSS fund, ensuring that these prices are accurately and timely reflected in the fund's operations. Section 4 of the Determination outlines the investment choices available to members, which currently total 11 options. These investment options are governed by PSSAP Rules 5.2.1, 5.4.2, and 5.4.3, facilitating the allocation and redemption of units based on the respective buy and sell prices. In terms of obligations, the Determination imposes specific responsibilities on the PSS Board, which includes the duty to accurately determine and publish the buy and sell prices for units in the investment options. The buy price affects the number of units allocated to members when they contribute to the fund, while the sell price determines the value of units redeemed when members withdraw funds. The PSS Board is also tasked with maintaining transparency and fairness in the pricing mechanisms, ensuring that all members have equal access to accurate pricing information. Additionally, the Determination requires the PSS Board to update the relevant schedules—Schedule 1 for the period from 1 July 2005 to 22 July 2005, and Schedule 2 for 17 August 2005—to reflect the amended buy and sell prices. Failure to comply with the requirements set out in the Determination could lead to various legal consequences. While the text does not explicitly outline specific penalties or offences, breaches of the PSSAP Rules and the Determination could potentially result in civil or criminal liability under the broader legislative framework governing superannuation funds in Australia. This could include fines, corrective actions, or other remedial measures to ensure compliance and protect the interests of fund members. The precise penalties would depend on the nature and severity of the breach, as well as any additional provisions within the overarching superannuation laws.