COMMONWEALTH OF AUSTRALIA
SUPERANNUATION ACT 1990
DETERMINATION
The PSS Board, pursuant to rule 12.2.10 and for the purposes of Part 9 of the Rules, DETERMINES as follows:
Citation
1. This determination may be cited as the "Superannuation (PSS) (Surcharge Deduction Amount - Conversion Factors) Determination No. 2".
Commencement
2. This determination shall take effect from and including 8 February 2001.
Purpose
3. The purpose of this determination is to determine, in accordance with advice from an actuary, new conversion factors to be used when calculating pension reductions in order to discharge Surcharge Deduction Amounts.
Principal Determination
4. In this determination “the Principal Determination” means the Superannuation (PSS) (Surcharge Deduction Amount - Conversion Factors) Determination No. 1.
Interpretation
5.(1) In this determination:
"Act" means the Superannuation Act 1990; and
"Rules" means the Rules for the Administration of the Superannuation Scheme established by deed under section 4 of the Act, as amended from time to time.
(2) Words and expressions defined in the Act and the Rules have the same meaning in this determination.
Amendment of the Principal Determination
[New conversion factors to be used when calculating amounts to be deducted from pensions]
6. The conversion factors required to be determined under rule 12.2.10 set out in the Table in the Schedule to the Principal Determination are omitted and replaced by the conversion factors set out in the Table in the Schedule to this determination.
[Superannuation (PSS) (Surcharge Deduction Amount - Conversion Factors)
Determination No. 2 (continued)]
S. P. Gibbs Helen Ayres
......................................................... ......................................................
S.P. Gibbs H. Ayres
(Chief Executive Officer) (Secretary)
The Common Seal of the PSS Board was hereunto affixed by authority of the Board
Dated this ninth day of April 2001
SCHEDULE
CONVERSION FACTORS REQUIRED TO BE DETERMINED
UNDER PSS RULE 12.2.10
Age in completed years at date of commencement of pension |
Conversion factor |
|
Age in completed years at date of commencement of pension |
Conversion factor |
15 |
24.1 |
|
43 |
21.2 |
16 |
24.0 |
|
44 |
21.0 |
17 |
24.0 |
|
45 |
20.8 |
18 |
23.9 |
|
46 |
20.6 |
19 |
23.8 |
|
47 |
20.4 |
20 |
23.8 |
|
48 |
20.2 |
21 |
23.7 |
|
49 |
20.0 |
22 |
23.6 |
|
50 |
19.7 |
23 |
23.6 |
|
51 |
19.5 |
24 |
23.5 |
|
52 |
19.3 |
25 |
23.4 |
|
53 |
19.0 |
26 |
23.3 |
|
54 |
18.8 |
27 |
23.2 |
|
55 |
18.5 |
28 |
23.1 |
|
56 |
18.2 |
29 |
23.0 |
|
57 |
17.9 |
30 |
22.9 |
|
58 |
17.7 |
31 |
22.8 |
|
59 |
17.4 |
32 |
22.7 |
|
60 |
17.0 |
33 |
22.6 |
|
61 |
16.7 |
34 |
22.5 |
|
62 |
16.4 |
35 |
22.4 |
|
63 |
16.1 |
36 |
22.2 |
|
64 |
15.7 |
37 |
22.1 |
|
65 |
15.3 |
38 |
22.0 |
|
66 |
15.0 |
39 |
21.8 |
|
67 |
14.6 |
40 |
21.7 |
|
68 |
14.2 |
41 |
21.5 |
|
69 |
13.8 |
42 |
21.3 |
|
70 |
13.4 |