Superannuation (PSSAP) (Division of Costs) Determination 20051
I, NICK MINCHIN, Minister for Finance and Administration, make the following Determination under section 34 (1) of the Superannuation Act 2005.
NICK MINCHIN
Minister for Finance and Administration
1 Name of Determination
This Determination is the Superannuation (PSSAP) (Division of Costs) Determination 2005.
2 Commencement
This Determination commences on 1 July 2005.
3 Definitions
In this Determination:
1990 Act | means the Superannuation Act 1990. |
2005 Act | means the Superannuation Act 2005. |
Board | has the same meaning as in the 2005 Act. |
Chairperson | has the same meaning as in the 1990 Act. |
non-member spouse | has the same meaning as in the 2005 Act. |
PSSAP | means the Public Sector Superannuation Accumulation Plan established by the Trust Deed. |
PSSAP member | has the same meaning as in the Trust Deed. |
PSSAP functions | has the same meaning as in the Trust Deed. |
PSSAP Fund | has the same meaning as in the 2005 Act. |
Trust Deed | means the Trust Deed made pursuant to section 10 of the 2005 Act, as amended from time to time. |
trustee | has the same meaning as in the 2005 Act. |
4 Schedule 1
(1) The costs described in Schedule 1 are to be paid by the Board from the PSSAP Fund and the costs that are described in Schedule 2 are to be paid by the Commonwealth.
(2) For clarity, nothing in this Determination limits the power of the Board under the Trust Deed to charge fees, costs or expenses to a PSSAP member or non-member spouse.
Schedule 1 Costs to be paid by the Board from the PSSAP Fund
(Section 4)
[1] Costs of and incidental to the management of the PSSAP Fund by the Board and the investment of its money which, to remove doubt, include:
(a) the remuneration and allowances of the Chairperson in relation to the Chairperson performing PSSAP functions in respect of the PSSAP Fund; and
(b) the remuneration and allowances of the trustees other than the Chairperson in relation to them performing PSSAP functions in respect of the PSSAP Fund; and
(c) the costs in relation to the administration of the PSSAP Fund which are attributable to or in respect of a PSSAP member or non-member spouse for arrangements connected with choosing particular investment strategies from time to time pursuant to Division 4 of Part 5 and Division 3 of Part 7 of the Trust Deed.
[2] Costs consisting of the remuneration and allowances of the Chairperson in relation to the Chairperson performing PSSAP functions in respect of the PSSAP other than those functions referred to in item 1 of this Schedule.
Schedule 2 Costs to be paid by the Commonwealth
[1] Costs of administration of the 2005 Act and of the Trust Deed (other than those costs referred to in Schedule 1) which, to remove doubt, includes the remuneration and allowances of the trustees other than the Chairperson in relation to them performing PSSAP functions in respect of the administration of the PSSAP.
Note
1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.