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SR 2003 No. 77 Regulations as made
These Regulations amend the Family Law (Superannuation) Regulations 2001.
Administered by: Attorney-General's
General Comments: This instrument was backcaptured in accordance with Section 36 of the Legislative Instruments Act 2003
Registered 01 Jan 2005
Tabling HistoryDate
Tabled HR13-May-2003
Tabled Senate13-May-2003
Gazetted 02 May 2003
Date of repeal 09 Apr 2013
Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013

Family Law (Superannuation) Amendment Regulations 2003 (No. 1)1

Statutory Rules 2003 No. 772

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Family Law Act 1975.

Dated 1 May 2003

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

DARYL WILLIAMS


1              Name of Regulations

                These Regulations are the Family Law (Superannuation) Amendment Regulations 2003 (No. 1).

2              Commencement

                These Regulations commence on gazettal.

3              Amendment of Family Law (Superannuation) Regulations 2001

                Schedule 1 amends the Family Law (Superannuation) Regulations 2001.


Schedule 1        Amendments

(regulation 3)

  

[1]           Regulation 3, definition of relevant date

omit

Part 6

insert

Part 5

[2]           Regulation 9A

substitute

9A           Meaning of percentage-only interest (Act s 90MD)

         (1)   For the definition of percentage-only interest in section 90MD of the Act, each of the following superannuation interests is prescribed:

                (a)    a superannuation interest in the Judges’ Pensions Act Scheme;

               (b)    a superannuation interest in the scheme constituted by the Judges’ Pensions Act 1953 (NSW);

                (c)    a superannuation interest in the Parliamentary Contributory Superannuation Fund, being the Fund continued in existence by subsection 6 (1) of the Parliamentary Contributory Superannuation Act 1970 (Qld);

               (d)    a superannuation interest in the scheme constituted by the Judges’ Contributory Pensions Act 1968 (Tas);

                (e)    a superannuation interest in the Parliamentary Retiring Benefits Fund continued, under regulation 49 of the Retirement Benefits (Parliamentary Superannuation) Regulations 2002 (Tas), as a subfund of the Retirement Benefits Fund.

         (2)   A superannuation interest mentioned in paragraph (1) (d) or (e) does not include an interest if, immediately before the commencement of this subregulation:

                (a)    either:

                          (i)    the interest is covered by a superannuation agreement or a flag lifting agreement that is in force and provides for a payment split; or

                         (ii)    the interest is an interest to which subsection 90MJ (5) of the Act applies; or

               (b)    the interest is covered by a splitting order; or

                (c)    the non-member spouse has served a waiver notice on the trustee under section 90MZA of the Act in respect of the interest.

         (3)   Subregulation (2) applies only in relation to the agreement, order or notice.

[3]           Paragraph 12 (1) (ea)

omit

constituted by the Superannuation (State Public Sector) Act 1990

insert

established by the Superannuation (State Public Sector) Deed 1990

[4]           Subregulation 43 (3)

omit

of valuation

[5]           Paragraph 63 (2) (ea), note

omit

and paragraphs (4) (d), (e) and (f), or paragraphs (4A) (j), (k) and (l), as the case requires,

[6]           Paragraph 63 (6) (a)

omit

is required to provide only the information mentioned in that paragraph and paragraphs (4) (d), (e) and (f), or paragraphs (4A) (j), (k) and (l), as the case requires, to the applicant, and

[7]           Paragraph 64 (2) (ea), note

omit

and paragraphs (4) (k), (l) and (m)

[8]           Paragraph 64 (6) (a)

omit

is required to provide only the information mentioned in that paragraph and paragraphs (4) (k), (l) and (m) to the applicant, and

[9]           Paragraphs 68A (2) (e) and (f)

substitute

                (e)    the agreement has not been terminated or set aside.

[10]         Schedule 2, after clause 7

insert

7A           Valuation factors — no guarantee period — CPI indexed pension with 5% cap

                The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:

                (a)    has no guarantee period; and

               (b)    is indexed in accordance with the consumer price index with a cap of 5%.

 



Member’s retirement age

Pension valuation factors
No guarantee period
CPI indexed pension with 5% cap

Male

Female

55

15.5689

17.0704

56

15.2477

16.7844

57

14.9204

16.4912

58

14.5872

16.1904

59

14.2486

15.8821

60

13.9052

15.5660

61

13.5575

15.2421

62

13.2060

14.9106

63

12.8512

14.5715

64

12.4939

14.2252

65

12.1346

13.8719

 

Member’s age at relevant date
(in completed years)

Reversion valuation factors
No guarantee period
CPI indexed pension with 5% cap

Male

Female

Up to 40

2.700

1.162

41

2.610

1.093

42

2.520

1.023

43

2.430

0.953

44

2.340

0.883

45

2.250

0.814

46

2.160

0.744

47

2.070

0.674

48

1.980

0.604

49

1.890

0.535

50

1.800

0.465

51

1.530

0.395

52

1.260

0.325

53

0.990

0.256

54

0.720

0.186

55 and over

0.450

0.116

[11]         Schedule 2, after clause 14

insert

14A         Valuation factors — 5-year guarantee period — CPI indexed pension with 5% cap

                The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:

                (a)    has a 5-year guarantee period; and

               (b)    is indexed in accordance with the consumer price index with a cap of 5%.

 



Member’s retirement age

Pension valuation factors
5-year guarantee period
CPI indexed pension with 5% cap

Male

Female

55

15.6284

17.1062

56

15.3140

16.8237

57

14.9942

16.5342

58

14.6694

16.2376

59

14.3403

15.9337

60

14.0073

15.6225

61

13.6712

15.3042

62

13.3325

14.9789

63

12.9919

14.6468

64

12.6500

14.3083

65

12.3077

13.9636

 

Member’s age at relevant date
(in completed years)

Reversion valuation factors
5-year guarantee period
CPI indexed pension with 5% cap

Male

Female

Up to 40

2.624

1.133

41

2.536

1.065

42

2.449

0.997

43

2.361

0.929

44

2.274

0.861

45

2.186

0.793

46

2.099

0.725

47

2.011

0.657

48

1.924

0.589

49

1.836

0.521

50

1.749

0.453

51

1.487

0.385

52

1.224

0.317

53

0.962

0.249

54

0.700

0.181

55 and over

0.437

0.113

[12]         Schedule 2, after clause 21

insert

21A         Valuation factors — 10-year guarantee period — CPI indexed pension with 5% cap

                The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:

                (a)    has a 10-year guarantee period; and

               (b)    is indexed in accordance with the consumer price index with a cap of 5%.

 



Member’s retirement age

Pension valuation factors
10-year guarantee period
CPI indexed pension with 5% cap

Male

Female

55

15.8202

17.2175

56

15.5271

16.9456

57

15.2310

16.6678

58

14.9325

16.3841

59

14.6322

16.0946

60

14.3309

15.7994

61

14.0294

15.4989

62

13.7282

15.1935

63

13.4281

14.8835

64

13.1299

14.5696

65

12.8342

14.2522

 

Member’s age at relevant date
(in completed years)

Reversion valuation factors
10-year guarantee period
CPI indexed pension with 5% cap

Male

Female

Up to 40

2.422

1.057

41

2.342

0.993

42

2.261

0.930

43

2.180

0.866

44

2.099

0.803

45

2.019

0.740

46

1.938

0.676

47

1.857

0.613

48

1.776

0.549

49

1.696

0.486

50

1.615

0.423

51

1.373

0.359

52

1.130

0.296

53

0.888

0.232

54

0.646

0.169

55 and over

0.404

0.106

Notes

1.       These Regulations amend Statutory Rules 2001 No. 303, as amended by 2002 Nos. 176 and 333.

2.       Notified in the Commonwealth of Australia Gazette on 2 May 2003.