Superannuation (CSS) Assets Transfer (PSS Fund) Determination No. 10

Link to law: https://www.comlaw.gov.au/Details/F2010L00613

 
COMMONWEALTH OF AUSTRALIA
 
Superannuation Act 1976
 
Superannuation (CSS) Assets Transfer
(PSS Fund) Determination No. 10
 
I, Lochiel Crafter, Chief Executive Officer, delegate of the Australian Reward Investment Alliance, make this Determination under subsection 248(1) of the Superannuation Act 1976, in accordance with a resolution of Australian Reward Investment Alliance dated 19 February 2010.
 
Dated:  3 March 2010
 
 
 
 
 
 
Lochiel Crafter
Delegate of Australian Reward Investment Alliance
 
 
Citation
 
1.      This Determination may be cited as Superannuation (CSS) Assets Transfer (PSS Fund) Determination No. 10.
 
Interpretation
 
2.      In this Determination:
 
“exit day”, in relation to a transferee, means the day before the transferee became a member of the Public Sector Superannuation Scheme established under the Superannuation Act 1990;
 
“relevant date” means the last day of the financial year before the election was made;
 
“second relevant date” means the last day of the financial year after the election was made;
 
“the Act” means the Superannuation Act 1976;
 
“the PSS” means the superannuation scheme established under the Superannuation Act 1990 and known as the Public Sector Superannuation Scheme;
 
“the transfer day” means 31 January 2010; and
 
“the transferee” means a person referred to in section 245 of the Act who became a member of the PSS in the period from 1 July 2004 to 30 June 2007.
 
Transfer of assets
 
3.       For the purposes of paragraph 248(1)(a) of the Act, CSS Fund assets at the end of the transfer day fairly and equitably represent as nearly as is practicable the sum of the transfer amounts calculated in accordance with the formula in clause 4 that are to be transferred on the transfer day to the PSS Fund.

4.      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, for each Schedule:
 
“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 2 of the Schedule who became members of the PSS on the day following the exit day specified in Column 1 of the Schedule.
 
“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 second relevant 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 second relevant date;
 
“D” is calculated by the formula
 
            1 +r*
 
in which “r*” is the rate of return of the CSS Fund for the period beginning on the day following the second relevant day specified in Column 4 of the Schedule and ending on the transfer day.
 
 
_______________
Schedule 1
 
Column 1
Exit Day
Column 2
Number of transferees
Column 3 Relevant Date
Column 4
Second Relevant Date
Column 5
Value of accumulated contributions and employer contributions and earnings as at relevant date
$
Column 6
Value of contributions and employer contributions in the election year
$
Column 7
Total value of contributions

01/11/2004
1
30/6/2006
30/06/2007
130,989
723
134,712

09/05/2005
1
30/6/2006
30/06/2007
87,734
2,756
90,490

03/05/2006
1
30/6/2006
30/06/2007
66,777
647
67,424

 
 
 
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