Superannuation (PSS) Maximum Benefits (2005-2006) Determination 2005 (Cth)

Superannuation (PSS) Maximum Benefits (2005-2006) Determination 2005

I, MICHAEL JOHN SIMPSON, Manager of the Civilian Defined Benefit Schemes Administration Section, Commonwealth Superannuation Administration, Position No. 44, and delegate of the PSS Board, pursuant to rules 5.6.5 and 5.7.7 of the PSS Rules, DETERMINE as follows:

Dated this twenty-ninth day of June 2005

M. Simpson

Delegate of the PSS Board

1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits (2005-2006) Determination 2005.

2 Commencement

This determination shall take effect from and including 1 July 2005.

3 Maximum Benefits – Lump Sums

For rules 5.6.5 and 5.7.7 of the PSS Rules, the tables in rules 5.6.1 and 5.7.1 have effect, for the financial year starting on 1 July 2005, as if the amounts specified in the following table were substituted for the amounts specified in those tables:

Table

Maximum Benefits

Average Salary Maximum Benefit

Less than $47,235 $377,875 $47,235 or more 8 times average salary but less than $75,570 $75,570 or more $151,140 but less than $140,280 plus 6 times average salary $140,280 or more $571,980 plus 3 times average salary

4 Maximum Benefits – Pensions

For rule 5.7.7 of the PSS Rules, the table in rule 5.7.2 has effect, for the financial year starting on 1 July 2005, as if the amounts specified in the following table were substituted for the amounts specified in that table:

Table

AFP Preliminary Maximum Benefits

Pensions

Average Salary Preliminary

Maximum Benefit

Less than $47,235 $531,394 $47,235 or more 11.25 times average salary but less than $75,570 $75,570 or more $226,710 but less than $140,280 plus 8.25 times average salary $140,280 or more $647,550 plus 5.25 times average salary