Superannuation (PSS) Maximum Benefits (2007-2008) Determination 2007 (Cth)

Superannuation (PSS) Maximum Benefits (2007-2008) Determination 2007

Select Legislative Instrument 2007 No.

I, MATTHEW ARTHUR CASTLE, Manager of the Australian Public Service Sector Defined Benefit Schemes, Commonwealth Superannuation Administration, Position No. 44, and Delegate of the PSS BoardAustralian Reward Investment Alliance, , pursuant to rules B5.6.5 and B5.7.7 of Section B of the PSS Rules, DETERMINE as follows:

Dated 7 June 2007

M CASTLE Delegate of the PSS BoardAustralian Reward Investment Alliance

1 Name of Determination

This Determination is the Superannuation (PSS) Maximum Benefits (2007-2008) Determination 2007.

2 Commencement

This determination shall take effect from and including 1 July 2007.

3 Maximum Benefits – Lump Sums

For rules B5.6.5 and B5.7.7 of the PSS Rules, the tables in rules B5.6.1 and B5.7.1 have effect, for the financial year starting on 1 July 2007, 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 $51,010 $408,080 $51,010 or more 8 times average salary but less than $81,610 $81,610 or more $163,220 But less than $151,500 plus 6 times average salary $151,500 or more $617,720 plus 3 times average salary

4 Maximum Benefits – Pensions

For rule B5.7.7 of the PSS Rules, the table in rule B5.7.2 have effect, for the financial year starting on 1 July 2007, as if the amounts specified in the following table were substituted for the amounts specified in that table:

Table

AFP Preliminary Maximum Benefits

Pensions

Final Average Salary Preliminary Maximum Benefit Less than $51,010 $573,863 $51,010 or more 11.25 times average salary but less than $81,610 $81,610 or more $244,830 but less than $151,500 plus 8.25 times average salary $151,500 or more $699,330 plus 5.25 times average salary