A perpendicular synthetic antiferromagnetic (pSAF) structure and method of making such a structure is disclosed. The pSAF structure comprises a first high perpendicular Magnetic Anisotropy (PMA) multilayer and a second high PMA layer separated by a thin Ruthenium layer. Each PMA layer is comprised of a first cobalt layer and a second cobalt layer separated by a nickel/cobalt multilayer. After each of the first and second PMA layers and the Ruthenium exchange coupling layer are deposited, the resulting structure goes through a high temperature annealing step, which results in each of the first and second PMA layers having a perpendicular magnetic anisotropy.