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Approvals as made
In this instrument the Attorney-General approves alternative 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 members of the Legislative Assembly of Queensland, with 8 years or more service, have in the Queensland Parliamentary Contributory Superannuation Fund.
Administered by: Attorney-General's
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Made 04 May 2005
Registered 09 May 2005
Tabled HR 12 May 2005
Tabled Senate 12 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Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013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 regulation 38 of the Family Law (Superannuation) Regulations 2001.

Dated 4 May 2005

PHILIP RUDDOCK

 


1              Name of instrument

                This instrument is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2005 (No. 3).

2              Commencement

                This instrument commences on 15 May 2005.

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        Amendments

(section 3)

  

[1]           Schedule 4, after Part 1

insert

Part 2          Parliamentary Contributory Superannuation Fund

1              Definitions

     (1)       In this Part:

Act means the Parliamentary Contributory Superannuation Act 1970 (Qld).

Family Law Act means the Family Law Act 1975.

Fund means the Parliamentary Contributory Superannuation Fund continued in existence and kept under the Act.

roll-in amount, in respect of a superannuation interest, means the total amount of moneys received by the trustees, in respect of the interest, under section 33B of the Act.

     (2)       An expression used in this Part and in the Act has the same meaning in this Part as it has in the Act.

Note   The following terms are defined in section 5 of the Act:

·         Assembly

·         basic salary

·         entitled former spouse

·         member

·         salary.

2              Methods and factors for interests of members in the Fund

                For an interest in the 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 who has received salary as a member for at least 96 months has in the Fund if the person is a member and has continuously been a member since the person was first elected.

where:

BS is the basic salary of a member at the relevant date.

 

 

ABM is the person’s accrued benefit multiple at the relevant date calculated as:

where:

M is:

   (a)  if the person has received salary as a member for at least 96 complete months but less than 97 complete months at the relevant date — zero; or

   (b)  in any other case — the lesser of:

         (i)   the number of complete months for which the person has received salary as a member, at the relevant date, that occurred after the person has received salary as a member for 96 complete months; and

        (ii)   144.

TOS is the total amount of salary that the person has received as a member up to the relevant date.

TBS is the total amount of basic salary that the person has received as a member up to the relevant date.

ABMR is:

   (a)  if 1 or more amounts have been paid under section 25H of the Act in respect of the entitlement of an entitled former spouse of the person — the ratio between:

         (i)   the amount of pension that would have been payable at the relevant date to the person, taking into account the reduction that would have been made under section 25J of the Act in respect of the amount or amounts paid under section 25H of that Act, if the person had ceased to be a member and had become eligible to be paid a pension at that date; and

        (ii)   the amount of pension that would have been payable at the relevant date to the person if the person had ceased to be a member and had become eligible to be paid a pension at that date and no reduction was made to the pension; or

   (b)  in any other case — 1.

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

where:

Fy is the valuation factor mentioned in Table 1 that applies at the person’s age in completed years for the person’s gender and period in completed years for which the person has received salary as a member.

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 that would apply for the person’s gender and the period of time in completed years for which the person has received salary as a member if the person’s age were 1 year more than it is at the relevant date.

ATV is the roll-in amount in respect of the interest last recorded before the relevant date in the member information statement issued in respect of the interest.

2

An interest that a person who has received salary as a member for at least 96 months has in the Fund if the person is a member, and:

   (a)  the person has ceased to be a member on 1 occasion only, as a result of which the person was entitled to be paid an amount under subsection 17 (2) of the Act; and

   (b)  no amount has been paid under section 25H of the Act in respect of the entitlement of an entitled former spouse of the person.

 

where:

BS is the basic salary of a member at the relevant date.

ABM is the person’s accrued benefit multiple at the relevant date calculated as:

where:

M is:

   (a)  if the person has received salary as a member for an aggregate period of at least 96 complete months but less than 97 complete months at the relevant date — zero; or

   (b)  in any other case — the lesser of:

         (i)   the number of complete months for which the person has received salary as a member, at the relevant date, that occurred after the person has received salary as a member for 96 complete months; and

        (ii)   144.

TOS has the meaning given by item 1.

TBS has the meaning given by item 1.

Fy+m has the meaning given by item 1.

PLSA is the previously paid lump sum adjustment in respect of the person’s entitlement under subsection 17 (2) of the Act, calculated using the following formula:

where:

B is the amount the person would have been entitled to under subsection 17 (2) of the Act if, at the time the person ceased to be a member, a superannuation agreement, flag lifting agreement or splitting order under the Family Law Act had not been made in respect of the interest.

PBS is the basic salary of a member at the time the person ceased to be a member.

ATV has the meaning given by item 1.

3

An interest that a person who has received salary as a member for at least 96 months has in the Fund if the person is a member, and:

   (a)  the person has ceased to be a member on 1 occasion only, as a result of which the person was entitled to be paid an amount under subsection 17 (2) of the Act; and

   (b)  one or more amounts have been paid under section 25H of the Act in respect of the entitlement of an entitled former spouse of the person.

where:

BS is the basic salary of a member of the Assembly at the relevant date.

ABMA is the person’s accrued benefit multiple, as adjusted for payments made under section 25H of the Act at the relevant date, calculated in accordance with Method 1, 2 or 3, as applicable.

 

Method 1

This method applies if 1 amount only has been paid under section 25H of the Act in respect of the entitlement of an entitled former spouse:

where:

ABM has the meaning given by item 2.

p is the factor calculated in accordance with the following formula:

where:

NMSB is the amount paid under section 25H of the Act.

PFLV is the value of the interest at the time immediately before the payment under section 25H of the Act was made, calculated in accordance with the method set out for an interest described in item 2.

ABM1 is the person’s accrued benefit multiple at the time the amount was paid under section 25H of the Act, calculated in accordance with the formula for the factor ABM, modified so that for the purposes of working out the value of M, TOS and TBS, a reference to ‘the relevant date’ is a reference to ‘the time at which the amount was paid’.

 

Method 2

This method applies if 2 amounts only have been paid under section 25H of the Act in respect of the entitlement of an entitled former spouse:

where:

ABM has the meaning given by item 2.

p2 is the factor calculated in accordance with the method for the factor p in Method 1 of this item, modified so that:

   (a)  for NMSB the amount paid is to be calculated by reference to the second amount paid under section 25H of the Act; and

   (b)  for PFLV the value of the interest is the value at the time immediately before the second payment under section 25H of the Act was made, calculated in accordance with Method 1 of this item.

ABM2 is the person’s accrued benefit multiple at the time the second amount was paid under section 25H of the Act, calculated in accordance with the formula for the factor ABM1, modified so that for the purposes of working out the value of M, TOS and TBS, a reference to ‘the time at which the amount was paid’ is a reference to ‘the time at which the second amount was paid’.

p1 is the factor calculated in accordance with the method for the factor p in Method 1 of this item.

ABM1 has the meaning given in Method 1 of this item.

 

Method 3

This method applies if 3 amounts only have been paid under section 25H of the Act in respect of the entitlement of an entitled former spouse:

where:

ABM has the meaning given by item 2.

p3 is the factor calculated in accordance with the method for the factor p in Method 1 of this item, modified so that:

   (a)  for NMSB, the amount paid is to be calculated by reference to the third amount paid under section 25H of the Act; and

   (b)  for PFLV, the value of the interest is the value at the time immediately before the third payment under section 25H of the Act was made, calculated in accordance with Method 2 of this item.

ABM3 is the person’s accrued benefit multiple at the time the third amount was paid under section 25H of the Act, calculated in accordance with the formula for the factor ABM1, modified so that for the purposes of working out the value of M, TOS and TBS, a reference to ‘the time at which the amount was paid’ is a reference to ‘the time at which the third amount was paid’.

p2 has the meaning given in Method 2 of this item.

ABM2 has the meaning given in Method 2 of this item.

p1 has the meaning given in Method 2 of this item.

ABM1 has the meaning given in Method 1 of this item.

Fy+m has the meaning given by item 1.

r is the reduction factor for the amount or amounts paid under section 25H of the Act, as follows:

   (a)  if 1 amount only has been paid — (1 – p1), where p1 has the meaning given in Method 2 of this item;

   (b)  if 2 amounts only have been paid — (1 – p1) × (1 – p2), where p1 and p2 have the meaning given in Method 2 of this item;

   (c)  if 3 amounts only have been paid — (1 – p1) × (1 – p2) × (1 – p3), where p1 and p2 have the meaning given in Method 2 of this item and p3 has the meaning given in Method 3 of this item.

PLSA has the meaning given by item 2.

ATV has the meaning given by item 1.

Table 1  Valuation factors

 

Person’s age last birthday

Aggregate period person received salary as member of Assembly (complete years)

Males

Females

8

9

10 or more

8

9

10 or more

28

19.820

19.759

 

20.196

20.137

 

29

19.665

19.796

20.056

20.046

20.178

20.443

30

19.475

19.717

19.928

19.862

20.106

20.318

31

19.279

19.522

19.765

19.673

19.917

20.161

32

19.077

19.320

19.564

19.479

19.723

19.967

33

18.868

19.112

19.356

19.278

19.523

19.767

34

18.651

18.896

19.141

19.073

19.318

19.563

35

18.428

18.674

18.920

18.861

19.106

19.352

36

18.194

18.441

18.689

18.640

18.886

19.132

37

17.950

18.199

18.449

18.412

18.660

18.907

38

17.698

17.949

18.199

18.178

18.426

18.673

39

17.435

17.685

17.936

17.934

18.182

18.429

40

17.160

17.410

17.661

17.684

17.930

18.177

41

16.880

17.130

17.380

17.430

17.675

17.920

42

16.596

16.845

17.094

17.173

17.416

17.660

43

16.301

16.550

16.799

16.912

17.154

17.396

44

16.002

16.250

16.498

16.647

16.888

17.128

45

15.698

15.945

16.193

16.381

16.619

16.858

46

15.379

15.626

15.874

16.111

16.347

16.583

47

15.054

15.301

15.549

15.838

16.072

16.306

48

14.729

14.974

15.219

15.566

15.796

16.027

49

14.391

14.630

14.869

15.291

15.519

15.746

50

14.053

14.284

14.514

15.017

15.241

15.465

51

13.735

13.955

14.176

14.747

14.967

15.186

52

13.425

13.634

13.843

14.477

14.692

14.907

53

13.127

13.327

13.526

14.209

14.420

14.630

54

12.859

13.052

13.245

13.951

14.158

14.364

55

12.606

12.794

12.982

13.695

13.898

14.101

56

12.356

12.539

12.722

13.442

13.641

13.839

57

12.117

12.294

12.471

13.198

13.391

13.585

58

11.881

12.052

12.222

12.956

13.144

13.331

59

11.655

11.818

11.982

12.721

12.903

13.084

60

11.449

11.604

11.759

12.509

12.682

12.855

61

11.252

11.398

11.544

12.304

12.468

12.632

62

11.074

11.209

11.344

12.118

12.271

12.424

63

10.936

11.058

11.179

11.978

12.117

12.255

64

10.819

10.925

11.032

11.860

11.982

12.105

65

10.760

10.847

10.934

11.808

11.909

12.010

66

10.803

10.864

10.925

11.877

11.947

12.018

67

10.899

10.930

10.961

12.006

12.042

12.078

68

11.059

11.067

11.074

12.211

12.220

12.229

69

11.336

11.336

11.336

12.555

12.555

12.555

70

11.505

11.505

11.505

12.764

12.764

12.764