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Legislative Assembly for the ACT: 2003 Week 2 Hansard (6 March) . . Page.. 701 ..

The basis of benefit estimations for CSS, PSS and other funds differ markedly. The following estimates assume that the Executive commenced and remained at the same Executive level for the total period of their employment.

In relation to the CSS, calculations have not been provided as the scheme has been closed to new members for 13 years. In addition, the CSS is extremely complicated and is geared towards pension-based benefits.

Estimated Superannuation Accrual for Zone 2 Executives:

PSS

(a) Year 3

(b) Year 6

(c) Year 9

(d) Year 12

(e) Year 15

(a) Level 2.4

$81,951

$181,722

$302,217

$446,765

$619,170

(b) Level 2.5

$88,174

$195,521

$325,166

$480,690

$666,187

(c) Level 2.6

$102,921

$228,221

$379,549

$561,083

$777,604

Other Funds (16% employer contribution)

(a) Year 3

(b) Year 6

(c) Year 9

(d) Year 12

(e) Year 15

(a) Level 2.4

$76,299

$168,944

$280,560

$414,149

$573,138

(b) Level 2.5

$82,093

$181,772

$301,864

$445,597

$616,659

(c) Level 2.6

$95,823

$212,173

$352,349

$520,121

$719,792

(3) The equivalent superannuation estimates for a non-Executive Member of the

Assembly are as follows:

(a) Year 3

(b) Year 6

(c) Year 9

(d) Year 12

(e) Year 15

MLA

$76,188

$168,942

$280,964

$415,347

$575,628

Notes:

The calculations above are based on the following assumptions:

Executives and Members commencing at current salary levels and cashing out their benefits on leaving the Service or Assembly after 3, 6, 9, 12, or 15 years;

Executive or Member contribution of 5% for the total period.

annual salary increase of 3.5% and an investment earning rate of 6% per annum ; and

inclusion of assessed taxation payments on contributions and investments earnings.

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