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, alternative methods for valuing interests held by defined benefit Members in the Queensland Local Government Superannuation Scheme.
Administered by: Attorney-General's
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Made 20 Mar 2006
Registered 23 Mar 2006
Tabled HR 27 Mar 2006
Tabled Senate 27 Mar 2006
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Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013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 20 March 2006

PHILIP RUDDOCK


1              Name of Approval

                This Approval is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2006 (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 4, after Part 2

insert

Part 3          Local Government Superannuation Scheme

 

1              Definitions

In this Part:

defined benefit Member has the same meaning as in the Trust Deed.

Scheme means the scheme continued in existence under subsection 1180 (1) of the Local Government Act 1993 (Qld) under the name Local Government Superannuation Scheme.

Trust Deed means the Trust Deed made on 23 June 1998 by the Queensland Local Government Superannuation Board, as amended and in force on the commencement of this Part.

2              Methods and factors for interests of members in the Scheme

                For an interest that:

                (a)    is in the growth phase in the 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 in the Scheme as a defined benefit Member

If the person is aged less than 55 at the relevant date — the value of the benefit that would have been payable to the person under clause 98 of the Trust Deed if the person had been eligible to receive that benefit on the relevant date.

 

 

If the person is aged at least 55 but less than 70 at the relevant date — the value of the benefit that would have been payable to the person under clause 92 of the Trust Deed if the person had been eligible to receive that benefit on the relevant date.

 

 

If the person is aged at least 70 at the relevant date — the value of the benefit that would have been payable to the person under clause 93 of the Trust Deed if the person had been eligible to receive that benefit on the relevant date.