Federal Register of Legislation - Australian Government

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SLI 2007 No. 348 Regulations as made
These Regulations amend the Defence Force Retirement and Death Benefits Regulations to provide a prescribed amount for the purpose of determining a small resulting pension, for a post retirement widow, can be converted into a lump sum and also provides the method of calculating the pension to a lump sum.
Registered 19 Oct 2007
Tabling HistoryDate
Tabled HR12-Feb-2008
Tabled Senate12-Feb-2008
Date of repeal 19 Mar 2014
Repealed by Defence (Spent and Redundant Instruments) Repeal Regulation 2014

Defence Force Retirement and Death Benefits Amendment Regulations 2007 (No. 1)1

Select Legislative Instrument 2007 No. 348

I, PHILIP MICHAEL JEFFERY, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Defence Force Retirement and Death Benefits Act 1973.

Dated 17 October 2007

P. M. JEFFERY

Governor‑General

By His Excellency’s Command

BRUCE BILLSON


1              Name of Regulations

                These Regulations are the Defence Force Retirement and Death Benefits Amendment Regulations 2007 (No. 1).

2              Commencement

                These Regulations commence on 1 January 2008 .

3              Amendment of Defence Force Retirement and Death Benefits Regulations

                Schedule 1 amends the Defence Force Retirement and Death Benefits Regulations.


Schedule 1        Amendments

(regulation 3)

  

[1]           Regulation 1

omit

Defence Force Retirement and Death Benefits Regulations.

insert

Defence Force Retirement and Death Benefits Regulations 1973.

[2]           After regulation 3

insert

3A           Prescribed rate

         (1)   For subsection 6BA (3) of the Act, the rate of $1 407.79 is prescribed.

Indexation of the prescribed rate

         (2)   On 1 July 2008, the amount mentioned in subregulation (1) is indexed in accordance with subregulation (3).

         (3)   If the all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the March quarter or September quarter of the half‑year immediately before the date of the indexation (A) exceeds the highest all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the March quarter or September quarter of any earlier half‑year, not being a half‑year earlier than the half‑year that commenced on 1 July 2007 (B), the amount is increased, at the rate calculated in accordance with subregulation (4).

         (4)   The rate is A – B expressed as a percentage of B.

         (5)   On 1 January and 1 July in each year following 2008, the indexed amount in force immediately before that date is indexed in accordance with subregulation (3).

3B           Calculating the lump sum payment

         (1)   For subsection 6BA (3) of the Act, if the annual rate of pension is less than the prescribed rate determined by regulation 3A the spouse is instead entitled to a lump sum payment worked out in accordance with this regulation.

         (2)   For the purposes of this regulation, a lump sum payment is worked out using the following formula:

where:

p means the annual rate of pension worked out in accordance with subsection 6BA (2) of the Act.

a means the spouse’s age factor.

         (3)   For subregulation (2), the spouse’s age factor is determined by:

                (a)    first — identifying the spouse’s age in the list of ages in column 1 of table 4A (for males) or table 4B (for females) in Part 4 of Schedule 1 to the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003; and

               (b)    second — adopting the figure in column 6 of table 4A (for males) or table 4B (for females) in Part 4 of Schedule 1 to the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003, which is in the same row as the spouse’s age identified using paragraph (a), as the spouse’s age factor.


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.