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Superannuation (PSS) Maximum Benefits (2011-2012) Determination 2011

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Superannuation (PSS)
Maximum Benefits (2011-2012) Determination 2011
 
 
 
I, STEVE WHITTON, Director, Australian Public Sector Payments and Entitlements, Position No. 44, and Delegate of Australian Reward Investment Alliance, pursuant to rules 5.6.5 and 5.7.7 of the PSS Rules, in the schedule to the Deed in force under section 4 of the Superannuation Act 1990, DETERMINE as follows:
 
Dated          29 June 2011
 
 
 
 
S WITTON
Delegate of Australian Reward Investment Alliance  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1          Name of Determination
 
This Determination is the Superannuation (PSS) Maximum Benefits
(2011-2012) Determination 2011.
 
 
2          Commencement
 
          This determination shall take effect from and including 1 July 2011.     
 
 
3          Maximum Benefits – Lump Sums
 
For rule 5.6.5 of the PSS Rules, the table in rule 5.6.1 has effect, for the financial year starting on 1 July 2011, as if the amounts specified in the following table were substituted for the amounts specified in that table:
 
                                                                       
Table
Maximum Benefits
 

Average Salary
Maximum Benefit

Less than $60,000.00
$600,000.00
 

$60,000.00 and over
10 times average salary
 

 
 
4             Maximum Benefits – AFP Lump Sums
 
For rule 5.7.7 of the PSS Rules, the table in rule 5.7.1 has effect, for the financial year starting on 1 July 2011, as if the amounts specified in the following table were substituted for the amounts specified in that table:
 
                                                                       
Table
Maximum Benefits
 

Average Salary
Preliminary Maximum Benefit

Less than $60,000.00
$600,000.00
 

$60,000.00 and over
10 times average salary
 

 
 
 
5             Maximum Benefits – AFP 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 2011, 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 $60,000.00
$840,000.00
 

$60,000.00 and over
14 times average salary