COMMONWEALTH OF AUSTRALIA

 SUPERANNUATION ACT 1990

 DETERMINATION

The PSS Board, pursuant to rule 15.1.9 of the Rules for the Administration of the Public Sector Superannuation Scheme and in accordance with advice received from an actuary, DETERMINES as follows:

Citation

1.      This determination may be cited as the "Superannuation (PSS) (Surcharge Commutation Amount - Conversion Factors) Determination No. 2".

Commencement

2.      This determination shall take effect from and including 1 July 2003. 

Purpose

3.      The purpose of this determination is to determine, in accordance with advice from an actuary, new conversion factors that are applicable for the purpose of working out, in relation to a person, the yearly amount that would have to be paid to discharge a liability equal to the person’s Surcharge Commutation Amount.

Principal Determination

4. In this determination “the Principal Determination” means the Superannuation (PSS) (Surcharge Commutation 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 have the same meaning in this determination.

Schedule

New conversion factors to be used in relation to pensions

6.  For the purposes of rule 15.1.9, the Table and the conversion factors in the Schedule to the Principal Determination are omitted and replaced by the Table and the conversion factors in the Schedule to this determination.

 [Superannuation (PSS) (Surcharge Commutation Amount - Conversion Factors)

           Determination No. 2 (continued)]

Helen Ayres                E. Grunhard  

......................................................... ......................................................

Helen Ayres                              Ephraim Grunhard

(Secretary)                                        (Portfolio Manager)

The Common Seal of the PSS Board was hereunto affixed by authority of the Board

Dated this                  Eighth                                day of                     July                          2003  

SCHEDULE

CONVERSION FACTORS REQUIRED UNDER PSS RULE 15.1.9