Federal Register of Legislation - Australian Government

Primary content

Approvals as made
In the instrument the Attorney-General approves a method for valuing, for the purposes of the superannuation reforms in Part VIIIB of the Family Law Act 1975, a superannuation interest that an employee of Hanson Australia Pty Limited has in the Sunsuper superannuation trust fund.
Administered by: Attorney-General's
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Made 01 Mar 2005
Registered 03 Mar 2005
Tabled HR 07 Mar 2005
Tabled Senate 07 Mar 2005
Date of repeal 09 Apr 2013
Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013

I, PHILIP MAXWELL RUDDOCK, Attorney-General, make this Approval under regulation 38 of the Family Law (Superannuation) Regulations 2001.

Dated 1 March 2005

PHILIP RUDDOCK

 


1              Name of Approval

                This Approval is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2005 (No. 1).

2              Commencement

                This Approval commences on the day after it is registered.

3              Amendment of Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003

                Schedule 1 amends the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003.


Schedule 1        Amendment

(section 3)

  

[1]           Schedule 10, after Part 35

insert

Part 40        Hanson Australia Pty Limited as a participating employer in Sunsuper

1              Definitions

                In this Part:

Additional Retirement Credit Account has the same meaning as in the Secondary Deed.

Additional Voluntary Contribution Account has the same meaning as in the Secondary Deed.

Member has the meaning given by clause 1.2 of the Secondary Deed.

Principal Deed means the Trust Deed dated 1 October 1987, as amended and in force on the commencement of this Part.

Rollover Account has the same meaning as in the Secondary Deed.

Secondary Deed means the Deed dated 29 June 2004 between Sunsuper Pty Ltd and Hanson Australia Pty Limited.

Sunsuper fund means the superannuation trust fund known as Sunsuper established by the Principal Deed.

2              Methods and factors for interests of Members in the Sunsuper fund

                For an interest that is in the growth phase in the Sunsuper fund mentioned in an item in the following table, the method or factor mentioned in the item is approved for section 4 of this instrument.

 

Item

Interest in the growth phase

Method or factor

1

An interest that a person has as a Member of the Sunsuper fund if the person is entitled to a benefit under Part 4 of the Secondary Deed.

DB + VA + PVA

where:

DB is the value of the component of the interest that is a defined benefit interest within the meaning of the Regulations, determined in accordance with the method set out in Schedule 2 to the Regulations.

 

 

VA is the value of the person’s fully vested accumulation benefit, if any, being the sum of the balances of the person’s Additional Voluntary Contribution Account and the person’s Rollover Account at the relevant date.

PVA is the value of the person’s partially vested accumulation benefit, if any, determined in accordance with the method set out in Schedule 3 to the Regulations, with the following modifications:

   (a)  V is taken to be zero;

   (b)  A is the amount standing to the credit of the person’s Additional Retirement Credit Account at the relevant date;

   (c)  fy is the vesting factor mentioned in Table 1 of this Part that applies at the relevant date to the person’s age in completed years.

Table 1  Vesting factors

 

Age

Vesting Factor

 

Age

Vesting Factor

16

0.03

 

36

0.58

17

0.04

 

37

0.62

18

0.05

 

38

0.65

19

0.06

 

39

0.68

20

0.07

 

40

0.71

21

0.08

 

41

0.74

22

0.09

 

42

0.76

23

0.10

 

43

0.79

24

0.12

 

44

0.82

25

0.14

 

45

0.84

26

0.16

 

46

0.87

27

0.20

 

47

0.89

28

0.23

 

48

0.91

29

0.27

 

49

0.93

30

0.32

 

50

0.95

31

0.37

 

51

0.96

32

0.41

 

52

0.97

33

0.46

 

53

0.98

34

0.50

 

54

0.99

35

0.54

 

55

1.00