Superannuation (PSS) Maximum Benefits (2008-2009) Determination 2008

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Superannuation (PSS)
Maximum Benefits (20087-20098) Determination 20087
 
 
Select Legislative Instrument 2007 No.
 
I, JONATHON EDWARD HALE 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 of Section B of the PSS Rules, DETERMINE as follows:
 
 
Dated 30 June                                              20087
 
 
 
 
 
J HALE
Delegate of the PSS BoardAustralian Reward Investment Alliance  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1          Name of Determination
 
This Determination is the Superannuation (PSS) Maximum Benefits
(20087-20098) Determination 20087.
 
 
2          Commencement
 
          This determination shall take effect from and including 1 July 20087.     
 
 
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 B5.7.11 have has effect, for the financial year starting on 1 July 20087, as if the amounts specified in the following table were substituted for the amounts specified in those that tables:
 
 
                                                                       
Table
Maximum Benefits
 

Average Salary
Maximum Benefit

Less than $52,000
$520,000.00
 

$52,000 and over
10 times average salary
 

 
 
Table
Maximum Benefits
 

Average Salary
Maximum Benefit

    Less than $51,010
$408,080

    $51,010 or more
         but less than $81,610
8 times average salary

    $81,610 or more
         But less than $151,500
$163,220
plus 6 times average salary

    $151,500 or more
$617,720
plus 3 times average salary

 
 
 
 
4                    4    Maximum Benefits – PensionsAFP 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 2008, 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 $52,000
$520,000.00
 

$52,000 and over
10 times average salary
 

 
 
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:
 
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 2008, 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
but less than $81,610
11.25 times average salary

$81,610 or more
but less than $151,500
$244,830
plus 8.25 times average salary

$151,500 or more
 
$699,330
plus 5.25 times average salary

 
 
Table
AFP Preliminary Maximum Benefits
Pensions
 

Final Average Salary
Preliminary Maximum Benefit

Less than $52,000
$728,000.00
 

$52,000 and over
14 times average salary
 

 

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