Document ID: chunk:federal_register_of_legislation:F2005L02074:body:0:p1
Version: federal_register_of_legislation:F2005L02074
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Superannuation (PSSAP) Unit Pricing Determination 2005

I, Leonie McCracken, Head of Investment Operations, make this Determination under Rules 5.2.1, 5.4.2 and 5.4.3 of the Rules for the Administration of the Public Sector Superannuation Accumulation Plan set out in the Schedule to the Trust Deed made under section 10 of the Superannuation Act 2005.

Dated  27 July  2005

LJMcCracken

Delegate of the PSS Board

Part 1 Preliminary

1 Name of Determination

  This Determination is the Superannuation (PSSAP) Unit Pricing Determination 2005.

2 Commencement

  This Determination commences on 27 July 2005.

3 Interpretation

 (1) In this Determination:
"actuarial report" means the report titled "Public Sector Superannuation Scheme — Accumulation Plan (Unitisation — 30 June 2005 Report)" prepared for the PSS/CSS Boards and dated 27 June 2005.
"PSSAP member" means a member of the Public Sector Superannuation Accumulation Plan.
"relevant unit" means each unit that makes up a PSSAP member's interest in the Public Sector Superannuation Accumulation Plan.

Note   An interest in the Public Sector Superannuation Accumulation Plan is valued in units. Contributions made to the Plan, and other amounts transferred in, are used to buy units in the investment option or options chosen by a PSSAP member.

A record is kept of all units held by a PSSAP member: this is the member's personal accumulation account.
"Rules" means the Rules for the Administration of the Public Sector Superannuation Accumulation Plan set out in the Schedule to the Trust Deed.
"Trust Deed" means the Trust Deed mentioned in section 10 of the Superannuation Act 2005.

 (2) Words and expressions defined in the Rules and this Determination have the meaning given by the Rules.

Note   Words and expressions defined in the Act and this Determination have the meaning given by the Act.

Part 2 Unit prices

4 Buy prices and sell prices of relevant units

 (1) For the purposes of ascertaining the value of a relevant unit, buy and sell prices are set out in Schedules 1 and 2.

Note 1   Under the system of creating units in the Public Sector Superannuation Accumulation Plan, the fund earnings or losses on a PSSAP member's personal accumulation account are reflected in the value of each relevant unit in that account. This is expressed as a "buy price" and a "sell price" for the relevant unit. The unitisation system is explained in the actuarial report.

Note 2   Schedule 1 covers the initial period of the PSSAP Scheme, commencing on 1 July 2005. The last buy and sell prices in that Schedule will apply until the first buy and sell prices are specified in Schedule 2.

A buy price and sell price are not necessarily determined for each day, so the Schedules do not refer to weekends and