Superannuation (Sustaining the Superannuation Contribution Concession—PSS Pension Reduction Conversion Factors) Determination 2015

Link to law: https://www.comlaw.gov.au/Details/F2015L00874

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Superannuation (Sustaining the Superannuation Contribution Concession—PSS Pension Reduction Conversion Factors) Determination 2015
I, Bronwyn McNaughton, Acting Chief Executive Officer, Commonwealth Superannuation Corporation (CSC), delegate of CSC, make the following determination.
Dated   4 June 2015
Bronwyn McNaughton
Acting Chief Executive Officer
 
  
  
  
Contents
1............ Name............................................................................................................................. 1
2............ Commencement............................................................................................................. 1
3............ Authority....................................................................................................................... 1
4............ Definitions..................................................................................................................... 1
5............ Meaning of person’s pension reduction age................................................................. 1
6............ Conversion factors........................................................................................................ 3
 
1  Name
                   This is the Superannuation (Sustaining the Superannuation Contribution Concession—PSS Pension Reduction Conversion Factors) Determination 2015.
2  Commencement
             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
 
Commencement information

Column 1
Column 2
Column 3

Provisions
Commencement
Date/Details

1.  The whole of this instrument
The day after this instrument is registered.
 

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3  Authority
                   This instrument is made under rule 17.1.8 of the PSS Rules.
4  Definitions
                   In this instrument:
person’s pension reduction age: see section 5.
PSS Rules means the Schedule to the Public Sector Superannuation Scheme Trust Deed.
5  Meaning of person’s pension reduction age
             (1)  For the purposes of this instrument, a person’s pension reduction age is worked out in accordance with this section.
             (2)  If the pension to be reduced has started to be paid, the person’s pension reduction age is as follows:
                     (a)  if it is the person’s birthday on the pension reduction day—the age of the person on that day;
                     (b)  otherwise—the age of the person at the person’s last birthday before the pension reduction day.
Note:          Pension reduction day has the meaning given by rule 17.1.9 of the PSS Rules.
             (3)  If the pension to be reduced has not started to be paid, the person’s pension reduction age is as follows:
                     (a)  if it is the person’s birthday on the day the pension becomes payable to the person—the age of the person on that day;
                     (b)  otherwise—the age of the person at the person’s last birthday before the day the pension becomes payable to the person.
6  Conversion factors
                   The conversion factor that is applicable to a person is the factor set out in the following table for the person’s pension reduction age.
 
Conversion factors for PSS

Item
Person’s pension reduction age
Factor

1
15
26.7

2
16
26.6

3
17
26.5

4
18
26.4

5
19
26.3

6
20
26.2

7
21
26.1

8
22
26.0

9
23
25.9

10
24
25.8

11
25
25.7

12
26
25.6

13
27
25.5

14
28
25.4

15
29
25.3

16
30
25.2

17
31
25.1

18
32
24.9

19
33
24.8

20
34
24.6

21
35
24.5

22
36
24.3

23
37
24.1

24
38
24.0

25
39
23.8

26
40
23.6

27
41
23.4

28
42
23.2

29
43
23.0

30
44
22.7

31
45
22.5

32
46
22.2

33
47
22.0

34
48
21.7

35
49
21.4

36
50
21.1

37
51
20.8

38
52
20.5

39
53
20.2

40
54
19.9

41
55
19.5

42
56
19.2

43
57
18.9

44
58
18.5

45
59
18.1

46
60
17.7

47
61
17.3

48
62
16.9

49
63
16.5

50
64
16.1

51
65
15.7

52
66
15.2

53
67
14.8

54
68
14.3

55
69
13.9

56
70
13.4