Superannuation (CSS) Assets Transfer Determination (No. 9) (Cth)

Superannuation (CSS) Assets Transfer Determination (No. 9) Superannuation Act 1976

THE CSS BOARD makes this Determination under subsection 248 (1) of the Superannuation Act 1976, and in accordance with a resolution of the CSS Board dated 8 March 2006.

THE COMMON SEAL of the CSS BOARD ) was affixed in the presence of, and the ) sealing is attested by: )

S. Doyle D. Connolly Chairman, CSS Board Member, CSS Board

Name of Determination

1. This Determination is the Superannuation (CSS) Assets Transfer Determination (No. 9).

Commencement

2. This Determination commences when it is made.

Definitions

3. In this Determination: Act means the Superannuation Act 1976. exit day, in relation to a transferee, means the day before the transferee became a member of the PSS. PSS means the superannuation scheme established under the Superannuation Act 1990 and known as the Public Sector Superannuation Scheme. relevant day means 30 June in the financial year immediately before the exercise of a transfer election. transfer day means 31 March 2006. transferee means a person referred to in section 245 of the Act who became a member of the PSS in the period starting on 1 July 2002 and ending on 30 June 2005.

Transfer of assets

4. For paragraph 248 (1) (a) of the Act, assets of the CSS Fund as at the end of the transfer day that fairly and equitably represent as nearly as is practicable the sum of the transfer amounts calculated in accordance with the formula in clause 5 are taken to have been transferred on the transfer day to the PSS Fund.

5. The formula for calculation of a transfer amount in respect of transferees is:

((A + B + C) x D) where: A is calculated by the formula

F x (1 + r)

in which: F is the share of CSS Fund assets as at the end of the relevant day that represented, after deduction of all known liabilities, the amounts specified in Column 5 of the Schedule, attributable to the number of transferees specified in Column 5 who became members of the PSS on the day after the exit day. r is the rate of return of the CSS Fund for the period beginning on the day after the relevant day and ending on the exit day. B is the amount specified in Column 6 of the Schedule C is the interest applicable to the amounts in Column 6 of the Schedule by applying the rate of return of the CSS Fund for the period beginning on the day after the relevant day and ending on the exit day.