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Approvals as made
In the instrument, the Attorney-General approves methods for valuing, for the purposes of the family law and superannuation reforms in Part VIIIB of the Family Law Act 1975, superannuation interests that South Australian Judges and former Judges, and their surviving spouses, have in the judicial pension scheme established by Part 2 of the Judges' Pensions Act 1971 (S.A.)
Administered by: Attorney-General's
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Made 16 Mar 2005
Registered 29 Mar 2005
Tabled HR 10 May 2005
Tabled Senate 10 May 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Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013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 regulations 38 and 43A of the Family Law (Superannuation) Regulations 2001.

Dated 16 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. 2).

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 6, after Part 4

insert

Part 5          South Australian Judges’ Pension Scheme

Division 5.1    Definitions

1              Definitions

                In this Part:

age of retirement has the meaning given by subsection 4 (1) of the SA Judges’ Pensions Act.

Judge has the meaning given by subsection 4 (1) of the SA Judges’ Pensions Act.

judicial service has the meaning given by subsection 4 (1) of the SA Judges’ Pensions Act.

SA Judges’ Pensions Act means the Judges’ Pensions Act 1971 (SA).

SA Judges’ Pensions Scheme means the scheme established by Part 2 of the SA Judges’ Pensions Act.

Division 5.2    Interests in the growth phase

2              Methods and factors for interests in the SA Judges’ Pensions Scheme

                For an interest that is in the growth phase in the SA Judges’ Pensions Scheme 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 Judge in the SA Judges’ Pensions Scheme.

where:

S is the person’s annual salary at the relevant date.

A is the person’s accrued pension multiple at the relevant date calculated by reference to whichever of the following applies:

   (a)  if the person is aged 60 years or more and has 10 years or more judicial service — the lesser of:

         (i)   0.6; and

        (ii)   0.5 + 0.01 ´ csm;

         where:

         csm is the number of periods of 6 complete months of the person’s judicial service between the 10th anniversary of the day when the person commenced judicial service and the relevant date.

 

 

   (b)  if the person is aged less than 60 and will have 10 years or more judicial service when the person turns 60:

         where:

         psm is:

        (a)   the number of periods of 6 complete months of the person’s judicial service between the 5th anniversary of the day when the person commenced judicial service and the day when the person turns 60; or

        (b)   if the number under paragraph (a) is more than 20 — 20.

         djs is the number of days of the person’s judicial service commencing on the day when the person commenced judicial service and ending on the relevant date.

         pdjs is the number of days of the person’s judicial service commencing on the day when the person commenced judicial service and ending on the day when the person turns 60.

 

 

   (c)  if neither paragraph (a) nor (b) applies and the person commenced judicial service at least 10 years before the person’s age of retirement:

         where:

         djs is the number of days of the person’s judicial service commencing on the day when the person commenced judicial service and ending on the relevant date.

         pdjs is the number of days of the person’s judicial service commencing on the day when the person commenced judicial service and ending on the 10th anniversary of that day.

 

 

   (d)  if the person commenced judicial service less than 10 years before the person’s age of retirement:

         where:

         psm is the number of periods of 6 complete months of the person’s judicial service between the 5th anniversary of the day when the person commenced judicial service and ending on the day when the person reaches the person’s age of retirement.

         djs is the number of days of the person’s judicial service commencing on the day when the person commenced judicial service and ending on the relevant date.

         tdjs is the number of days of the person’s judicial service commencing on the day when the person commenced judicial service and ending on the day when the person reaches the person’s age of retirement.

Fy+m is the factor calculated in accordance with the following formula:

where:

Fy is the valuation factor mentioned in Table 1 of this Part that applies at the relevant date to the person’s gender, age in completed years (y) and age of retirement.

m is the number of complete months of the person’s age that are not included in the person’s completed years of age.

Fy+1 is the valuation factor mentioned in Table 1 of this Part that would apply to the person if the person’s age (y) were 1 year more than the person’s age in completed years at the relevant date.

AF is:

   (a)  in the case of a person who was aged less than 50 on the date when the person commenced judicial service — 1; and

   (b)  in any other case:

         (i)   if the person commenced judicial service not more than 182 days after the person’s birthday — the adjustment factor mentioned in Table 2 of this Part that applies to the person’s age at that birthday; and

   (ii)  if the person commenced judicial service more than 182 days after the person’s birthday — the adjustment factor mentioned in Table 2 of this Part that applies to the person’s age at the person’s next birthday.

2

An interest that a person has in the SA Judges’ Pensions Scheme if the person:

   (a)  was a Judge; and

   (b)  resigned before turning 60; and

   (c)  had judicial service of 15 years or more.

where:

S is the annual salary payable to the person immediately before the date when the person resigned, adjusted in accordance with the Consumer Price Index (all groups index for Adelaide) for the period between the date the person resigned and the relevant date.

DFy+m is the factor calculated in accordance with the following formula:

where:

DFy is the valuation factor mentioned in Table 3 of this Part that applies at the relevant date to the person’s gender and age in completed years (y).

m has the meaning given by item 1.

DFy+1 is the valuation factor mentioned in Table 3 of this Part that would apply to the person if the person’s age (y) were one year more than the person’s age in completed years at the relevant date.

Division 5.3    Interests in the payment phase

3              Methods and factors for interests in the SA Judges’ Pensions Scheme

                For an interest that is in the payment phase in the SA Judges’ Pensions Scheme 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 payment phase

Method or factor

1

An interest that a person has in the SA Judges’ Pensions Scheme if the person is entitled to a pension under that Scheme.

where:

P is the annual pension payable to the person under the SA Judges’ Pensions Act.

PFy+m is the factor calculated in accordance with the following formula:

where:

PFy is the pension valuation factor mentioned in Table 4 of this Part that applies at the relevant date to the person’s gender, age in completed years (y) and the type of pension.

m is the number of complete months of the person’s age that are not included in the person’s completed years of age.

PFy+1 is the valuation factor mentioned in Table 4 of this Part that would apply to the person if the person’s age (y) were one year more than the person’s age in completed years at the relevant date.

Division 5.4    Factors

Table 1  Valuation factors — Serving Judges

 

 

Retirement Age of 65

 

Retirement Age of 70

Age

Males

Females

 

Males

Females

31

6.488

6.924

 

5.650

6.027

32

6.636

7.086

 

5.778

6.166

33

6.788

7.250

 

5.908

6.308

34

6.943

7.419

 

6.041

6.454

35

7.100

7.591

 

6.176

6.602

36

7.262

7.766

 

6.315

6.753

37

7.427

7.946

 

6.456

6.908

38

7.595

8.129

 

6.600

7.065

39

7.767

8.317

 

6.747

7.226

40

7.942

8.508

 

6.897

7.391

41

8.122

8.704

 

7.050

7.559

42

8.305

8.904

 

7.206

7.730

43

8.492

9.109

 

7.365

7.905

44

8.682

9.318

 

7.527

8.083

45

8.877

9.531

 

7.692

8.266

46

9.076

9.750

 

7.860

8.452

47

9.280

9.973

 

8.032

8.642

48

9.488

10.202

 

8.207

8.836

49

9.700

10.436

 

8.386

9.034

50

9.917

10.675

 

8.568

9.237

51

10.139

10.921

 

8.754

9.445

52

10.367

11.173

 

8.944

9.657

53

10.600

11.431

 

9.139

9.875

54

10.840

11.697

 

9.338

10.098

55

11.087

11.970

 

9.543

10.327

56

11.341

12.251

 

9.753

10.562

57

11.602

12.540

 

9.968

10.804

58

11.872

12.839

 

10.189

11.053

59

12.150

13.147

 

10.417

11.309

60

12.438

13.466

 

10.651

11.573

61

12.425

13.481

 

10.377

11.315

62

12.597

13.686

 

10.373

11.335

63

12.809

13.930

 

10.389

11.378

64

13.064

14.219

 

10.431

11.446

65

13.369

14.558

 

10.499

11.544

66

 

 

 

10.599

11.674

67

 

 

 

10.734

11.841

68

 

 

 

10.908

12.051

69

 

 

 

11.128

12.308

70

 

 

 

11.246

12.459

Table 2  Adjustment factors

 

Age

Retirement age of 65

 

Retirement Age of 70

Age at Nearest Birthday to Date Judicial Service Commenced

50

51

52

53

54

55+

50

0.96

 

0.95

 

 

 

 

 

51

0.96

 

0.95

0.94

 

 

 

 

52

0.96

 

0.95

0.94

0.92

 

 

 

53

0.96

 

0.95

0.94

0.92

0.90

 

 

54

0.96

 

0.95

0.94

0.92

0.90

0.88

 

55

0.96

 

0.95

0.94

0.92

0.90

0.88

0.86

56

0.96

 

0.95

0.94

0.92

0.90

0.88

0.86

57

0.96

 

0.95

0.94

0.92

0.90

0.88

0.86

58

0.96

 

0.95

0.94

0.92

0.90

0.88

0.86

59

0.96

 

0.95

0.94

0.92

0.90

0.88

0.86

60

0.96

 

0.95

0.94

0.92

0.90

0.88

0.86

61

0.99

 

1.00

0.98

0.96

0.94

0.93

0.90

62

0.99

 

1.00

1.00

0.98

0.96

0.95

0.92

63

1.00

 

1.00

1.00

1.00

0.98

0.97

0.94

64

1.00

 

1.00

1.00

1.00

1.00

0.98

0.95

65

1.00

 

1.00

1.00

1.00

1.00

1.00

0.97

66

 

 

1.00

1.00

1.00

1.00

1.00

0.98

67

 

 

1.00

1.00

1.00

1.00

1.00

0.98

68

 

 

1.00

1.00

1.00

1.00

1.00

0.99

69

 

 

1.00

1.00

1.00

1.00

1.00

0.99

70

 

 

1.00

1.00

1.00

1.00

1.00

1.00

Table 3  Valuation factors — Judges who resigned before turning 60 with judicial service of 15 years or more

 

Age

Males

Females

45

8.745

9.299

46

9.072

9.651

47

9.411

10.016

48

9.764

10.396

49

10.130

10.791

50

10.510

11.202

51

10.906

11.629

52

11.318

12.075

53

11.747

12.539

54

12.195

13.022

55

12.663

13.527

56

13.152

14.055

57

13.663

14.606

58

14.199

15.184

59

14.761

15.788

60

15.351

16.423

Table 4  Valuation factors — interests in the payment phase

 

 

Age Pensioner

Invalidity Pensioner

Spouse Pensioner

Age

Males

Females

Males

Females

Males

Females

18

24.247

24.340

22.739

21.930

23.906

24.178

19

24.186

24.279

22.681

21.873

23.825

24.107

20

24.121

24.213

22.620

21.811

23.740

24.033

21

24.052

24.144

22.554

21.745

23.651

23.954

22

23.978

24.069

22.483

21.675

23.558

23.870

23

23.899

23.990

22.409

21.602

23.460

23.782

24

23.816

23.906

22.330

21.525

23.357

23.689

25

23.728

23.816

22.246

21.443

23.250

23.591

26

23.636

23.723

22.158

21.357

23.137

23.489

27

23.538

23.625

22.065

21.268

23.020

23.381

28

23.436

23.523

21.968

21.174

22.897

23.270

29

23.329

23.417

21.866

21.077

22.769

23.154

30

23.217

23.306

21.759

20.975

22.635

23.034

31

23.099

23.192

21.647

20.869

22.496

22.909

32

22.977

23.072

21.530

20.758

22.351

22.779

33

22.850

22.948

21.408

20.643

22.199

22.643

34

22.717

22.819

21.280

20.522

22.042

22.503

35

22.578

22.685

21.147

20.396

21.877

22.357

36

22.434

22.545

21.008

20.265

21.706

22.205

37

22.284

22.399

20.862

20.128

21.528

22.047

38

22.128

22.248

20.710

19.985

21.343

21.882

39

21.965

22.091

20.552

19.836

21.150

21.712

40

21.782

21.916

20.359

19.644

20.949

21.535

41

21.576

21.722

20.130

19.410

20.741

21.351

42

21.361

21.519

19.891

19.168

20.524

21.160

43

21.136

21.307

19.642

18.918

20.298

20.962

44

20.901

21.087

19.383

18.659

20.064

20.756

45

20.656

20.858

19.112

18.392

19.821

20.544

46

20.400

20.619

18.830

18.115

19.569

20.323

47

20.133

20.370

18.535

17.828

19.308

20.095

48

19.855

20.112

18.227

17.530

19.037

19.859

49

19.566

19.844

17.904

17.221

18.758

19.615

50

19.224

19.566

17.501

16.900

18.469

19.362

51

18.826

19.277

17.011

16.566

18.171

19.101

52

18.410

18.978

16.506

16.227

17.863

18.832

53

17.976

18.668

15.988

15.883

17.546

18.554

54

17.524

18.348

15.456

15.536

17.220

18.267

55

17.126

18.035

15.022

15.223

16.884

17.971

56

16.789

17.732

14.692

14.945

16.540

17.666

57

16.442

17.419

14.358

14.664

16.186

17.352

58

16.087

17.097

14.021

14.380

15.823

17.028

59

15.723

16.765

13.681

14.094

15.452

16.694

60

15.351

16.423

13.338

13.805

15.072

16.350

61

14.970

16.070

12.993

13.514

14.683

15.996

62

14.581

15.708

12.647

13.221

14.287

15.632

63

14.184

15.335

12.299

12.925

13.883

15.257

64

13.780

14.951

11.950

12.627

13.472

14.872

65

13.369

14.558

11.601

12.327

13.054

14.476

66

12.950

14.154

11.252

12.026

12.629

14.071

67

12.528

13.741

10.903

11.722

12.200

13.657

68

12.102

13.321

10.554

11.416

11.770

13.235

69

11.675

12.893

10.207

11.108

11.338

12.806

70

11.246

12.459

9.861

10.798

10.905

12.371

71

10.816

12.018

9.517

10.487

10.472

11.929

72

10.386

11.572

9.176

10.173

10.039

11.482

73

9.955

11.121

8.839

9.857

9.606

11.030

74

9.525

10.665

8.504

9.538

9.174

10.574

75

9.095

10.207

8.174

9.216

8.745

10.115

76

8.669

9.748

7.848

8.891

8.319

9.656

77

8.247

9.291

7.527

8.562

7.898

9.198

78

7.833

8.837

7.211

8.229

7.487

8.744

79

7.429

8.390

6.901

7.890

7.085

8.297

80

7.036

7.950

6.597

7.544

6.696

7.858

81

6.656

7.520

6.300

7.190

6.321

7.428

82

6.290

7.098

6.011

6.827

5.962

7.007

83

5.939

6.687

5.729

6.451

5.618

6.596

84

5.605

6.286

5.456

6.086

5.292

6.197

85

5.289

5.899

5.191

5.734

4.985

5.811

86

4.992

5.528

4.937

5.395

4.697

5.441

87

4.715

5.177

4.693

5.075

4.430

5.091

88

4.459

4.848

4.461

4.775

4.185

4.763

89

4.228

4.545

4.243

4.498

3.965

4.462

90

4.023

4.269

4.042

4.243

3.771

4.187

91

3.848

4.021

3.859

4.011

3.608

3.941

92

3.701

3.799

3.701

3.799

3.472

3.722

93

3.575

3.604

3.575

3.604

3.356

3.530

94

3.450

3.421

3.450

3.421

3.242

3.351

95

3.325

3.248

3.325

3.248

3.125

3.181

96

3.197

3.081

3.197

3.081

3.007

3.019

97

3.065

2.917

3.065

2.917

2.882

2.861

98

2.922

2.754

2.922

2.754

2.748

2.704

99

2.766

2.584

2.766

2.584

2.599

2.542