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, an alternative method for valuing interests in the Woolworths Group Superannuation Scheme.
Administered by: Attorney-General's
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Registered 21 Sep 2005
Tabling HistoryDate
Tabled Senate05-Oct-2005
Tabled HR10-Oct-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Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013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 16 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. 6).

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        Amendment

(section 3)

  

[1]           Schedule 10, after Part 115

insert

Part 116      Woolworths Group Superannuation Scheme

1              Interpretation

         (1)   In this Part:

member has the meaning given by rule 1.1 of the Rules.

Rules means the Rules in the Schedule to the Trust Deed.

Scheme membership has the meaning given by rule 1.1 of the Rules.

service has the meaning given by rule 1.1 of the Rules.

Trust Deed means the Trust Deed dated 12 March 1970 establishing the Woolworths Group Superannuation Scheme, as amended and in force on the commencement of this Part.

         (2)   For the purpose of applying the formula in item 1 of the table in clause 2 of this Part in relation to an interest, the vesting factor (Fy,s) is:

                (a)    if:

                          (i)    the relevant date is 183 days after the person’s most recent birthday; and

                         (ii)    the date ‘29 February’ occurs within the period of 12 months beginning on that birthday;

                        the factor that applies to the person, having regard to the person’s age in completed years at his or her most recent birthday; and

               (b)    if:

                          (i)    the relevant date is 183 days after the day the person commenced service or 183 days after the most recent anniversary of the day the person commenced service (as the case requires); and

                         (ii)    the date ‘29 February’ occurs within the period of 12 months beginning on that commencement day or the most recent anniversary;

                        the factor that applies to the person having regard to the person’s Scheme membership at the day the person commenced service, or the date of the most recent anniversary of the day the person commenced service (as the case requires).

2              Methods and factors for interests of Members in the Woolworths Group Superannuation Scheme

                For an interest that:

                (a)    is in the growth phase in the Woolworths Group Superannuation Scheme; 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 as a member of the Woolworths Group Superannuation Scheme

V + (A – V) × Fy,s

where:

V is the value of the benefit, including any additional benefit payable under paragraph 8.1 (b) of the Rules, that would have been payable in respect of the person if the person had ceased to be in service for the purposes of rules 8.1 to 8.4 of the Rules on the relevant date.

 

 

A is the value of the benefit, including any additional benefit payable under paragraph 8.1 (b) of the Rules, that would have been payable in respect of the person if, on the relevant date:

   (a)  the person had ceased to be in service for the purposes of rules 8.1 to 8.4 of the Rules; and

   (b)  the person was aged 65 years; and

 

 

   (c)  the person’s Scheme membership was equal to the difference between:

         (i)   65 years; and

        (ii)   the person’s age on the person’s first birthday after he or she commenced service.

 

 

Fy,s is the vesting factor mentioned in Table 1 of this Part that applies to the person, having regard to:

   (a)  the person’s age in completed years at his or her birthday closest to the relevant date; and

   (b)  the person’s Scheme membership at:

         (i)   for a person who commenced service less than 6 months before the relevant date — the day the person commenced service; and

 

 

        (ii)   for any other person — the date of the anniversary of his or her commencement of service closest to the relevant date.

Note   See subclause 1 (2) of this Part in relation to the effect of a leap year.

 


Table 1  Vesting factors

 

Scheme Membership in Completed Years

Age

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19+

15

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

16

0.03

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

0.04

17

0.04

0.04

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

0.05

18

0.04

0.05

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.06

0.06

19

0.05

0.06

0.06

0.07

0.08

0.08

0.08

0.08

0.08

0.08

0.08

0.08

0.08

0.08

0.08

0.08

0.08

0.08

0.08

0.08

20

0.06

0.06

0.07

0.08

0.08

0.09

0.09

0.09

0.09

0.09

0.09

0.09

0.09

0.09

0.09

0.09

0.09

0.09

0.09

0.09

21

0.06

0.07

0.08

0.08

0.09

0.10

0.10

0.11

0.11

0.11

0.11

0.11

0.11

0.11

0.11

0.11

0.11

0.11

0.11

0.11

22

0.07

0.08

0.08

0.09

0.10

0.11

0.12

0.12

0.12

0.12

0.12

0.12

0.12

0.12

0.12

0.12

0.12

0.12

0.12

0.12

23

0.08

0.09

0.10

0.11

0.12

0.13

0.14

0.14

0.14

0.14

0.14

0.14

0.14

0.14

0.14

0.14

0.14

0.14

0.14

0.14

24

0.09

0.10

0.11

0.13

0.14

0.15

0.15

0.16

0.16

0.16

0.16

0.16

0.16

0.16

0.16

0.16

0.16

0.16

0.16

0.16

25

0.11

0.12

0.13

0.14

0.15

0.16

0.17

0.17

0.18

0.18

0.18

0.18

0.18

0.18

0.18

0.18

0.18

0.18

0.18

0.18

26

0.12

0.13

0.14

0.16

0.17

0.18

0.19

0.19

0.20

0.20

0.20

0.20

0.20

0.20

0.20

0.20

0.20

0.20

0.20

0.20

27

0.14

0.15

0.16

0.18

0.19

0.20

0.21

0.21

0.22

0.22

0.22

0.22

0.22

0.22

0.22

0.22

0.22

0.22

0.22

0.22

28

0.16

0.18

0.19

0.20

0.22

0.23

0.23

0.24

0.24

0.24

0.25

0.25

0.25

0.25

0.25

0.25

0.25

0.25

0.25

0.25

29

0.19

0.20

0.21

0.23

0.24

0.25

0.26

0.26

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.27

0.27

30

0.22

0.23

0.24

0.26

0.27

0.28

0.29

0.29

0.29

0.29

0.30

0.30

0.30

0.30

0.30

0.30

0.30

0.30

0.30

0.30

31

0.24

0.25

0.27

0.28

0.29

0.30

0.31

0.31

0.32

0.32

0.32

0.32

0.32

0.32

0.32

0.32

0.32

0.32

0.32

0.32

32

0.26

0.28

0.29

0.30

0.31

0.32

0.33

0.33

0.34

0.34

0.34

0.34

0.34

0.34

0.34

0.34

0.34

0.34

0.34

0.34

33

0.28

0.29

0.31

0.32

0.33

0.34

0.35

0.35

0.36

0.36

0.36

0.36

0.36

0.36

0.36

0.36

0.36

0.36

0.36

0.36

34

0.30

0.31

0.33

0.34

0.35

0.36

0.37

0.37

0.38

0.38

0.38

0.38

0.38

0.38

0.38

0.38

0.38

0.38

0.38

0.38

35

0.32

0.33

0.34

0.36

0.37

0.38

0.39

0.39

0.39

0.40

0.40

0.40

0.40

0.40

0.40

0.40

0.40

0.40

0.40

0.40

36

0.33

0.35

0.36

0.38

0.39

0.40

0.41

0.41

0.41

0.42

0.42

0.42

0.42

0.42

0.42

0.42

0.42

0.42

0.42

0.42

37

0.35

0.37

0.38

0.40

0.41

0.42

0.43

0.43

0.43

0.44

0.44

0.44

0.44

0.44

0.44

0.44

0.44

0.44

0.44

0.44

38

0.37

0.39

0.40

0.42

0.43

0.44

0.45

0.45

0.45

0.46

0.46

0.46

0.46

0.46

0.46

0.46

0.46

0.46

0.46

0.46

39

0.39

0.41

0.42

0.44

0.45

0.46

0.47

0.47

0.47

0.48

0.48

0.48

0.48

0.48

0.48

0.48

0.48

0.48

0.48

0.48

40

0.41

0.43

0.44

0.46

0.47

0.48

0.49

0.49

0.49

0.50

0.50

0.50

0.50

0.50

0.50

0.50

0.50

0.50

0.50

0.50

41

0.39

0.45

0.46

0.48

0.49

0.50

0.51

0.51

0.51

0.52

0.52

0.52

0.52

0.52

0.52

0.52

0.52

0.52

0.52

0.52

42

0.38

0.43

0.48

0.50

0.51

0.52

0.53

0.53

0.53

0.54

0.54

0.54

0.54

0.54

0.54

0.54

0.54

0.54

0.54

0.54

43

0.36

0.41

0.46

0.52

0.53

0.54

0.55

0.55

0.56

0.56

0.56

0.56

0.56

0.56

0.56

0.56

0.56

0.56

0.56

0.56

44

0.33

0.38

0.44

0.49

0.55

0.56

0.57

0.57

0.58

0.58

0.58

0.58

0.58

0.58

0.58

0.58

0.58

0.58

0.58

0.58

45

0.29

0.35

0.41

0.47

0.52

0.58

0.59

0.59

0.60

0.60

0.60

0.60

0.60

0.60

0.60

0.60

0.60

0.60

0.60

0.60

46

0.23

0.31

0.37

0.43

0.49

0.55

0.61

0.61

0.61

0.62

0.62

0.62

0.62

0.62

0.62

0.62

0.62

0.62

0.62

0.62

47

0.21

0.25

0.32

0.39

0.45

0.51

0.57

0.63

0.63

0.63

0.64

0.64

0.64

0.64

0.64

0.64

0.64

0.64

0.64

0.64

48

0.19

0.22

0.26

0.34

0.41

0.47

0.53

0.59

0.65

0.65

0.65

0.65

0.65

0.65

0.65

0.65

0.65

0.65

0.65

0.65

49

0.16

0.20

0.23

0.27

0.36

0.43

0.49

0.55

0.60

0.67

0.67

0.67

0.67

0.67

0.67

0.67

0.67

0.67

0.67

0.67

50

0.11

0.17

0.21

0.24

0.28

0.37

0.44

0.50

0.56

0.62

0.69

0.69

0.69

0.69

0.69

0.69

0.69

0.69

0.69

0.69

51

0.00

0.11

0.17

0.21

0.25

0.29

0.38

0.45

0.52

0.58

0.63

0.70

0.70

0.70

0.70

0.70

0.70

0.70

0.70

0.70

52

0.00

0.00

0.11

0.18

0.22

0.26

0.30

0.39

0.46

0.53

0.59

0.65

0.71

0.71

0.71

0.71

0.71

0.71

0.71

0.71

53

0.00

0.00

0.00

0.12

0.18

0.23

0.27

0.30

0.40

0.47

0.54

0.60

0.66

0.73

0.73

0.73

0.73

0.73

0.73

0.73

54

0.00

0.00

0.00

0.00

0.12

0.19

0.23

0.27

0.31

0.40

0.48

0.55

0.61

0.67

0.74

0.74

0.74

0.74

0.74

0.74

55

0.00

0.00

0.00

0.00

0.00

0.12

0.19

0.24

0.28

0.32

0.41

0.49

0.56

0.62

0.68

0.70

0.70

0.70

0.70

0.70

56

0.00

0.00

0.00

0.00

0.00

0.00

0.16

0.24

0.30

0.35

0.40

0.52

0.61

0.70

0.78

0.83

0.85

0.85

0.85

0.85

57

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.17

0.26

0.32

0.37

0.42

0.55

0.65

0.75

0.80

0.86

0.88

0.88

0.88

58

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.18

0.27

0.34

0.39

0.45

0.59

0.69

0.75

0.81

0.88

0.91

0.91

59

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.19

0.29

0.36

0.42

0.48

0.62

0.68

0.74

0.81

0.91

1.00

60

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.20

0.31

0.38

0.45

0.51

0.59

0.65

0.70

0.76

1.00

61

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.25

0.39

0.49

0.57

0.57

0.68

0.75

0.81

1.00

62

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.31

0.47

0.59

0.59

0.59

0.73

0.82

1.00

63

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.37

0.57

0.57

0.57

0.57

0.77

1.00

64

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.47

0.47

0.47

0.47

0.48

1.00

65

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

1.00

1.00

1.00

1.00

1.00