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Superannuation (CSS) Assets Transfer
Determination (No. 9)
Superannuation Act 1976
THE CSS BOARD makes this Determination under subsection 248 (1) of the
Superannuation Act 1976, and in accordance with a resolution of the CSS Board dated
8 March 2006.
THE COMMON SEAL of the CSS BOARD )
was affixed in the presence of, and the )
sealing is attested by: )
S. Doyle D. Connolly
Chairman, CSS Board Member, CSS Board
Name of Determination
1. This Determination is the Superannuation (CSS) Assets Transfer
Determination (No. 9).
Commencement
2. This Determination commences when it is made.
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Definitions
3. In this Determination:
Act means the Superannuation Act 1976.
exit day, in relation to a transferee, means the day before the transferee
became a member of the PSS.
PSS means the superannuation scheme established under the
Superannuation Act 1990 and known as the Public Sector Superannuation
Scheme.
relevant day means 30 June in the financial year immediately before the
exercise of a transfer election.
transfer day means 31 March 2006.
transferee means a person referred to in section 245 of the Act who became
a member of the PSS in the period starting on 1 July 2002 and ending on 30
June 2005.
Transfer of assets
4. For paragraph 248 (1) (a) of the Act, assets of the CSS Fund as at the end of
the transfer day that fairly and equitably represent as nearly as is practicable
the sum of the transfer amounts calculated in accordance with the formula
in clause 5 are taken to have been transferred on the transfer day to the PSS
Fund.
5. 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:
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 5 who became members of the PSS on
the day after the exit day.
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 exit 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 exit day.
2 Superannuation (CSS) Assets Transfer Determination (No. 9)
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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 after the exit day specified in Column 2 of the Schedule and ending
on the transfer day.
Superannuation (CSS) Assets Transfer Determination (No. 9) 3
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Schedule Relevant information for clause 5
(clause 5)
Item Column 2 Column 3 Column 4 Column 5 Column 6 Column 7
Exit day Number of Relevant Value of Value of Total value of
transferees date accumulated contributions contributions
contributions and
and employer employer ($)
contributions contributions
as at relevant from 1 July
date to exit day
($) ($)
1 23/7/2002 1 30/6/2002 66,184 628 66,812
2 12/8/2002 1 30/6/2002 121,324 743 122,067
3 20/10/2002 1 30/6/2002 18,143 1,085 19,228
4 21/10/2002 1 30/6/2002 60,828 767 61,595
5 14/11/2002 1 30/6/2002 58,894 2,345 61,239
6 4/12/2002 1 30/6/2002 93,978 1,918 95,896
7 12/12/2002 1 30/6/2002 73,525 1,800 75,325
8 18/12/2002 1 30/6/2002 194,307 2,709 197,016
9 3/1/2003 1 30/6/2002 112,473 856 113,329
10 11/3/2003 1 30/6/2002 120,683 3,972 124,655
11 10/6/2003 1 30/6/2002 150,635 4,917 155,552
12 20/3/2003 1 30/6/2002 101,862 2,653 104,515
13 18/11/2003 1 30/6/2003 116,180 0 116,180
14 4/11/2003 1 30/6/2003 72,112 1,629 73,741
15 12/01/2004 1 30/6/2003 55,563 926 56,489
16 13/11/2003 1 30/6/2003 52,668 0 52,668
17 17/08/2004 1 30/6/2004 94,071 0 94,071
18 20/12/2004 1 30/6/2004 94,722 1,317 96,039
19 7/03/2005 1 30/6/2004 96,772 3,728 100,500
4 Superannuation (CSS) Assets Transfer Determination (No. 9)
