Federal Register of Legislation - Australian Government

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Approvals as made
In this Instrument, the Attorney-General approves, for the purpose of the provisions of the Family Law Act 1975 allowing superannuation to be split on marriage breakdown, methods for valuing particular interests in the Local Government Superannuation Scheme and the Energy Industries Superannuation Scheme.
Administered by: Attorney-General's
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Made 08 Sep 2005
Registered 12 Sep 2005
Tabled HR 12 Sep 2005
Tabled Senate 13 Sep 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Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013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 instrument under regulation 38 of the Family Law (Superannuation) Regulations 2001.

Dated 8 September 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. 5).

2              Commencement

                This instrument 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        Amendments

(section 3)

  

[1]           Schedule 2

substitute

Schedule 2        Public sector superannuation plans — New South Wales

(section 4)

Part 1          Local Government Superannuation Scheme

1              Definitions

                In this Part:

Early Retirement Age has the meaning given by rule 1.1 of the Rules.

LGSS means the Local Government Superannuation Scheme established by the Trust Deed.

Rules means the rules set out in Schedule 2 to the Trust Deed.

Trust Deed means the Trust Deed dated 30 June 1997, entered into by the Treasurer of New South Wales and LGSS Pty Limited, as amended and in force on the commencement of this Part.

2              Methods and factors for interests of members in the LGSS

                For an interest that:

                (a)    is in the growth phase in the LGSS; and

               (b)    is 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 in the LGSS if the person has elected to make provision for a benefit provided by rule 5.10 of the Rules.

CFB + EFB × Fy+m

where:

CFB is the amount of the contributor-financed benefit that would have been payable to the person under paragraph 5.10.8 (a) of the Rules if the person had been eligible to receive that benefit on the relevant date.

 

 

EFB is the amount of the employer-financed benefits that would have been payable to the person under paragraph 5.10.8 (b) of the Rules if the person had been eligible to receive that benefit on the relevant date.

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 to the period in completed years (y) commencing on the relevant date and ending on the date when the person will reach the person’s Early Retirement Age.

m is the number of complete months commencing on the relevant date and ending on the date when the person will reach the person’s Early Retirement Age that are not included in the completed years mentioned in the definition of the factor Fy.

Fy+1 is the valuation factor mentioned in Table 1 of this Part that applies to the period in completed years (y) commencing on the relevant date and ending 1 year after the date when the person will reach the person’s Early Retirement Age.

Table 1  Valuation factors


Number of completed years until Early Retirement Age

Factor

37

0.716

36

0.722

35

0.729

34

0.735

33

0.742

32

0.749

31

0.756

30

0.762

29

0.769

28

0.776

27

0.783

26

0.791

25

0.798

24

0.805

23

0.812

22

0.820

21

0.827

20

0.835

19

0.842

18

0.850

17

0.858

16

0.865

15

0.873

14

0.881

13

0.889

12

0.897

11

0.905

10

0.914

9

0.922

8

0.930

7

0.939

6

0.947

5

0.956

4

0.964

3

0.973

2

0.982

1

0.991

0

1.000


[2]           Schedule 10, before Part 30

insert

Part 22        Energy Industries Superannuation Scheme

1              Definitions

                In this Part:

Early Retirement Age has the meaning given by rule 1.1 of the Rules.

EISS means the Energy Industries Superannuation Scheme established by the Trust Deed.

Rules means the rules set out Schedule 2 to the Trust Deed.

Trust Deed means the Trust Deed dated 30 June 1997, entered into by the Treasurer of New South Wales and Energy Industries Superannuation Scheme Pty Limited, as amended and in force on the commencement of this Part.

2              Methods and factors for interests of members in the EISS

                For an interest that:

                (a)    is in the growth phase in the EISS; and

               (b)    is 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 in the EISS if the person has elected to make provision for a benefit provided by rule 5.10 of the Rules.

CFB + EFB × Fy+m

where:

CFB is the amount of the contributor-financed benefit that would have been payable to the person under paragraph 5.10.8 (a) of the Rules if the person had been eligible to receive that benefit on the relevant date.

 

 

EFB is the amount of the employer-financed benefits that would have been payable to the person under paragraph 5.10.8 (b) of the Rules if the person had been eligible to receive that benefit on the relevant date.

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 to the period in completed years (y) commencing on the relevant date and ending on the date when the person will reach the person’s Early Retirement Age.

m is the number of complete months commencing on the relevant date and ending on the date when the person will reach the person’s Early Retirement Age that are not included in the completed years mentioned in the definition of the factor Fy.

 

 

Fy+1 is the valuation factor mentioned in Table 1 of this Part that applies to the period in completed years (y) commencing on the relevant date and ending 1 year after the date when the person will reach the person’s Early Retirement Age.

Table 1  Valuation factors

 


Number of completed years until Early Retirement Age

Factor

37

0.716

36

0.722

35

0.729

34

0.735

33

0.742

32

0.749

31

0.756

30

0.762

29

0.769

28

0.776

27

0.783

26

0.791

25

0.798

24

0.805

23

0.812

22

0.820

21

0.827

20

0.835

19

0.842

18

0.850

17

0.858

16

0.865

15

0.873

14

0.881

13

0.889

12

0.897

11

0.905

10

0.914

9

0.922

8

0.930

7

0.939

6

0.947

5

0.956

4

0.964

3

0.973

2

0.982

1

0.991

0

1.000