Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:55:p64
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 55 (pt 64/83)
Character Range: 565030–567901

the Rules.  Interest is taken to accumulate on the transfer amount at the rates applicable to transfer values under the CSS scheme for the period from payment until the member's first day of membership.  Benefits are determined under Part 11 of the Rules in accordance with the date of payment of the transfer value.

Division 3

Calculating maximum benefits for certain CSS transferees
14.3.1 The maximum benefit of a member entitled to a CSS Transfer Multiple is the amount calculated under Rule 14.3.2, if the member is excluded from the operation of Rule 5.6.1 because the benefit amount calculated in respect of the member by the formula:

(CSS Transfer Multiple + On‑going Multiple) × Average Salary

as at the day he/she elected to cease to be an eligible employee under the Superannuation Act 1976 exceeds the amount from the Table Maximum Benefits in Rule 5.6.1 applicable to the member's average salary on that day.

14.3.2 The maximum benefit in respect of a member entitled to a CSS Transfer Multiple who is referred to in paragraph 5.6.1(C) is the amount calculated by the formula:

Normal Maximum Benefit × Scaling Factor

where:

                  Normal Maximum Benefit is the amount shown opposite the member's average salary in the Table Maximum Benefits in Rule 5.6.1 (as amended by CSC under Rule 5.6.5 from time to time);
                  Initial Maximum Benefit is the amount shown opposite the member's average salary in the Table Maximum Benefits in Rule 5.6.1, assessed as at the day the member elected to cease to be an eligible employee under the Superannuation Act 1976; and

                  Scaling Factor is calculated by the formula:

                   where the member's:
                   (a) CSS Transfer Multiple; and
                   (b) On‑going Multiple; and
                   (c) average salary;
                   are assessed as at the day the member elected to cease to be an eligible employee under the Superannuation Act 1976.

Division 4

CSS contributions to count as member contributions
14.4.1 Member contributions include any contributions under the Superannuation Act 1976 paid in the period from the member's first day of membership to the date of his/her election to join the PSS scheme by a member who is entitled to a CSS Transfer Multiple under Division 2 of this Part.

Contribution days to count
14.4.2 A contribution day includes any contribution day for the purposes of the Superannuation Act 1976 on which contributions were payable that occurred since a member entitled to a CSS Transfer Multiple who is now a casual member but who was an eligible employee under that Act last became such an eligible employee.

Contribution due days to count
14.4.3 A contribution due day includes:
         (a) any contribution day for the purposes of the Superannuation Act 1976 which occurred in the period from