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Approvals as made
This Approval amends the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003 to provide for the purpose of the provisions of the Family Law Act 1975 allowing superannuation to be split on marriage breakdown, alternative methods for valuing superannuation interests held in Victorian pension schemes by Victorian Judges and Masters, the Governor of Victoria, the Chief Magistrate of the Magistrates' Court of Victoria, the Solicitor-General for Victoria, the Director of Public Prosecutions for Victoria and the Chief Crown Prosecutor for Victoria.
Administered by: Attorney-General's
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Registered 01 May 2008
Tabling HistoryDate
Tabled HR13-May-2008
Tabled Senate13-May-2008
Date of repeal 09 Apr 2013
Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013

I, ROBERT McCLELLAND, Attorney‑General, make this Approval under regulation 38 of the Family Law (Superannuation) Regulations 2001.

Dated 28 April 2008

 

ROBERT McCLELLAND


  

  

1              Name of Approval

                This Approval is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2008 (No. 3).

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 3, after Part 6

insert

Part 7          Victorian pension schemes — Governor, Judges, Masters, Chief Magistrate, Solicitor‑General, Director of Public Prosecutions and Chief Crown Prosecutor

Division 7.1    Definitions

1              Definitions

         (1)   In this Part:

Chief Crown Prosecutor means a person appointed as Chief Crown Prosecutor under Part 3 of the Public Prosecutions Act 1994 (Vic).

Chief Judge means a person appointed as Chief Judge of the County Court under subsection 8 (1) of the County Court Act.

Chief Magistrate means a person appointed to be Chief Magistrate of the Magistrates’ Court of Victoria under subsection 7 (2) of the Magistrates’ Court Act 1989 (Vic).

Constitution Act means the Constitution Act 1975 (Vic).

County Court means the court established by section 4 of the County Court Act.

County Court Act means the County Court Act 1958 (Vic).

Director of Public Prosecutions means a person appointed as Director of Public Prosecutions under section 87AB of the Constitution Act.

eligible office means the office mentioned in column 3 of an item in the table in clause 2 that is held by a person.

Governor means a person appointed as Governor of the State of Victoria under section 6 of the Constitution Act.

judge of the County Court means a person appointed as a judge of the County Court under subsection 8 (1) of the County Court Act.

Judge of the Supreme Court means a person appointed as a Judge of the Supreme Court under subsection 75B (2) of the Constitution Act.

master of the County Court means a person who is appointed to be a master of the County Court under section 17A of the County Court Act.

Master of the Supreme Court means a Master of the Supreme Court referred to in section 75 of the Constitution Act.

retirement age, in relation to a person, means the age worked out under clause 6.

Solicitor‑General means a person appointed to the office of Solicitor‑General under subsection 4 (1) of the Attorney‑General and Solicitor‑General Act 1972 (Vic).

Supreme Court means the Supreme Court of the State of Victoria.

Supreme Court Act means the Supreme Court Act 1986 (Vic).

         (2)   A reference in this Part to the requirements of Division 2.2 of the Regulations being satisfied does not include a reference to the requirements of that Division being satisfied by making a payment of the kind mentioned in regulation 14H of the Regulations.

Division 7.2    Interests in the growth phase

2              Interests held in Victorian pension schemes by the Governor, Judges, Masters, Chief Magistrate, Solicitor‑General, Director of Public Prosecutions and Chief Crown Prosecutor

                For an interest:

                (a)    that is in the growth phase in a scheme mentioned in column 2 of an item in the following table; and

               (b)    that is held by a person who holds an office mentioned in column 3 of that item;

the method set out in clause 3 is approved for section 4 of this instrument.

Item

Scheme

Eligible office

1

Scheme constituted by sections 7A to 7J of the Constitution Act

Governor

2

Scheme constituted by sections 83 to 83AI of the Constitution Act

Judge of the Supreme Court

3

Scheme constituted by sections 14 to 14AI of the County Court Act

Chief Judge or
a judge of the County Court

4

Scheme constituted by sections 104A to 104J of the Supreme Court Act

Master of the Supreme Court

5

Scheme constituted by sections 17B to 17K of the County Court Act

master of the County Court

6

Scheme constituted by section 10A of the Magistrates’ Court Act 1989 (Vic)

Chief Magistrate

7

Scheme constituted by section 6 of the Attorney‑
General and Solicitor‑General Act 1972
(Vic)

Solicitor‑General

8

Scheme constituted by section 87AF of the Constitution Act

Director of Public Prosecutions

9

Scheme constituted by section 18 of the Public Prosecutions Act 1994 (Vic)

Chief Crown Prosecutor

3              Approved method

                For clause 2, the method is:

where:

VN is the lump sum value of the person’s accrued pension entitlement at the person’s retirement age calculated in accordance with the formula:

where:

B has the meaning given by clause 4.

Pra is the pension valuation factor mentioned in Table 1 of Division 7.3 that applies, given:

(a)    the person’s gender; and

(b)    the person’s retirement age.

Rsa is the reversion valuation factor mentioned in Table 2 of Division 7.3 that applies, given:

(a)    the person’s gender; and

(b)    the person’s age in completed years at the relevant date.

Fy+m has the meaning given by clause 5.

4              Definition of B

         (1)   In clause 3:

B is calculated in accordance with the formula:

where:

ABM is the person’s accrued benefit multiple at the relevant date, being the lesser of the following amounts:

                (a)

               (b)

where:

FLMR is the reduction factor under clause 7.

S is the person’s period of service in the person’s eligible office in years, including any fraction of a year, at the relevant date.

QS is the person’s qualifying service under clause 8.

Sal. is:

                (a)    for a person whose eligible office is Governor — the annual salary payable to the Chief Justice of the Supreme Court under subsection 82 (1) of the Constitution Act at the relevant date; and

               (b)    for a person whose eligible office is Judge of the Supreme Court:

                          (i)    if the person is the Chief Justice of the Supreme Court — the annual salary payable to the person under subsection 82 (1) of the Constitution Act at the relevant date; or

                         (ii)    if the person is the President of the Court of Appeal — the annual salary payable to the person under subsection 82 (1A) of that Act at the relevant date; or

                         (iii)    if the person is a Judge of Appeal — the annual salary payable to the person under subsection 82 (1B) of that Act at the relevant date; or

                        (iv)    in any other case — the annual salary payable to a Judge of the Supreme Court under subsection 82 (2) of that Act at the relevant date; and

                (c)    for a person whose eligible office is Chief Judge of the County Court — the annual salary payable to the person under subsection 10 (1) of the County Court Act at the relevant date; and

               (d)    for a person whose eligible office is judge of the County Court, Chief Magistrate, or Chief Crown Prosecutor — the annual salary payable to a judge of the County Court under subsection 10 (2) of the County Court Act at the relevant date; and

                (e)    for a person whose eligible office is Master of the Supreme Court — the annual salary payable to the person under subsection 83A (1) of the Constitution Act at the relevant date; and

                (f)    for a person whose eligible office is master of the County Court — the annual salary payable to the person under subsection 17AA (1) of the County Court Act at the relevant date; and

                (g)    for a person whose eligible office is Solicitor‑General or Director of Public Prosecutions — the annual salary payable to a Judge of the Supreme Court under subsection 82 (2) of the Constitution Act at the relevant date.

         (2)   For the definition of S in paragraph (b) of the definition of ABM in subclause (1):

fraction of a year means the quotient of:

                (a)    the number of days, including the relevant date, that are not included in the number of complete years of service; and

               (b)    whichever of subparagraphs (i), (ii) or (iii) is applicable:

                          (i)    if the length of the person’s period of service at the relevant date is less than 1 complete year and the date ‘29 February’ occurs in the period of 12 months commencing on the date on which the person first commenced service — 366; or

                         (ii)    if the length of the person’s period of service at the relevant date is more than 1 complete year and the date ‘29 February’ occurs in the period of 12 months commencing on the person’s most recent anniversary date preceding the relevant date — 366; or

                         (iii)    in any other case — 365.

         (3)   For the definition of fraction of a year in subclause (2), if a person’s anniversary date is ‘29 February’, the person’s most recent anniversary date is taken to be ‘1 March’ in a year that is not a leap year.

         (4)   In this clause:

anniversary date means the anniversary of the date on which a person first commenced service.

5              Definition of Fy+m

                In clause 3:

Fy+m is the amount calculated in accordance with the formula:

where:

Fy is the lump sum valuation factor mentioned in Table 3 of Division 7.3 that is applicable given the number of complete years in the period commencing on the relevant date and ending on the date when the person will reach the person’s retirement age.

m is the number of complete months of the person’s age that are not included in the person’s age in completed years at the relevant date.

Fy+1 is the lump sum valuation factor mentioned in Table 3 of Division 7.3 that would be applicable to the person if the number of complete years in the period commencing on the relevant date and ending on the date when the person will reach the person’s retirement age were 1 year more than it is.

6              Meaning of retirement age

                In this Part:

retirement age, in relation to a person, means:

                (a)    for a person whose eligible office is Governor:

                          (i)    if the relevant date is less than 5 years after the person first assumed office as Governor — the person’s age at the end of the period that the person has agreed to act as Governor; or

                         (ii)    in any other case — the person’s age at the relevant date; and

               (b)    for a person whose eligible office is Judge of the Supreme Court and to whom paragraph 77 (4) (a) or (d) of the Constitution Act applies — 72; and

                (c)    for a person whose eligible office is Chief Judge or judge of the County Court and to whom subsection 14 (1) (a) of the County Court Act applies — 72; and

               (d)    for a person whose eligible office is Master of the Supreme Court and who was appointed to that office before the commencement of subsection 6 (3) of the Courts Amendment Act 1986 (Vic) — 72; and

                (e)    for a person whose eligible office is master of the County Court and to whom subsection 17A (5A) of the County Court Act applies — 72; and

                (f)    for a person whose eligible office is the Solicitor‑General, the Director of Public Prosecutions or the Chief Crown Prosecutor — the later of the age of the person at the time of the expiry of his or her term of office as Solicitor‑General, Director of Public Prosecutions or Chief Crown Prosecutor and 65; and

                (g)    in any other case — 70.

7              Reduction factor

         (1)   Reduction factor is:

                (a)    if the requirements of Division 2.2 of the Regulations have been satisfied in respect of the entitlement of only 1 spouse of the person, being an entitlement arising under a particular superannuation agreement, flag lifting agreement or splitting order that applies to the interest — the amount calculated in accordance with the formula set out in subclause (2); or

               (b)    if the requirements of Division 2.2 of the Regulations have been satisfied in respect of the entitlements of 2 or more spouses of the person, being entitlements each arising under a superannuation agreement, flag lifting agreement or splitting order that applies to the interest — the sum of the amounts calculated in accordance with the formula set out in subclause (2) in respect of each entitlement; or

                (c)    in any other case — 0.

         (2)   For paragraphs (1) (a) and (b), each amount is calculated in accordance with the formula:

where:

NMProp is the quotient of:

                (a)    the value of the spouse’s entitlement under the agreement or order immediately before the time when the requirements of Division 2.2 of the Regulations were satisfied; and

               (b)    the gross value of the person’s interest, immediately before those requirements were satisfied, determined in accordance with the method set out in clause 3.

ABMs is the person’s accrued benefit multiple calculated in accordance with the definition of ABM in clause 4 as if the references to ‘at the relevant date’ in that definition are references to ‘immediately before the requirements of Division 2.2 of the Regulations were satisfied in respect of the entitlement of the spouse of the person under the superannuation agreement, flag lifting agreement or splitting order’.

8              Qualifying service

         (1)   Qualifying service, in relation to a person, is:

                (a)    for a person whose eligible office is Governor — 5; and

               (b)    for a person (other than a person to whom paragraph (a) applies) who first commenced service in the person’s eligible office more than 20 years before the age at which the person is entitled to be paid a pension in respect of that office under clause 9 — 20; and

                (c)    for a person (other than a person to whom paragraph (a) applies) who first commenced service in the person’s eligible office at least 10 years, but no more than 20 years, before the age at which the person is entitled to be paid a pension in respect of that office under clause 9 — the applicable age in years in clause 9 less the person’s age in years, including any fraction of a year, when the person first commenced service in that office; and

               (d)    in any other case — 10.

         (2)   For the definition of qualifying service in subclause (1), the date when a person first commenced service in the person’s eligible office is taken to be the date when the person first commenced service in a prior office if:

                (a)    for a person whose eligible office is Judge of the Supreme Court or Master of the Supreme Court — the person’s service in the prior office counts as service in the eligible office under subsection 83 (6) of the Constitution Act; or

               (b)    for a person whose eligible office is judge of the County Court or master of the County Court — the person’s service in the prior office counts as service in the eligible office under subsection 14 (5) of the County Court Act.

         (3)   For the definition of qualifying service in subclause (1):

fraction of a year means the quotient of:

                (a)    the number of days that were not included in the person’s age at the date the person first commenced service in the person’s eligible office; and

               (b)    whichever of (i) or (ii) is applicable:

                          (i)    if the date ‘29 February’ occurred in the period of 12 months commencing on the person’s most recent birthday before the person first commenced service in the person’s eligible office — 366; or

                         (ii)    in any other case — 365.

         (4)   For the definition of fraction of a year in subclause (3), if a person’s birthday is ‘29 February’, the person’s most recent birthday is taken to be ‘1 March’ in a year that is not a leap year.

9              Age at which person entitled to pension

         (1)   For the definition of qualifying service in clause 8, the age at which a person is entitled, on retirement, to be paid a pension in respect of an eligible office is:

                (a)    for a person whose eligible office is Governor — the age of the person 5 years after first assuming office as Governor; or

               (b)    for a person to whom subclause (2) applies — 60; or

                (c)    in any other case — 65.

         (2)   This subclause applies to the following persons:

                (a)    a person whose eligible office is Judge of the Supreme Court and to whom subparagraph 83 (1) (a) (ii) or (iii) of the Constitution Act applies;

               (b)    a person whose eligible office is Chief Judge or judge of the County Court, and to whom subparagraph 14 (2) (a) (ii) or (iii) of the County Court Act applies;

                (c)    a person whose eligible office is Master of the Supreme Court and to whom subparagraph 104A (1) (a) (ii) of the Supreme Court Act applies;

               (d)    a person whose eligible office is master of the County Court and to whom subparagraph 17B (1) (a) (ii) of the County Court Act applies;

                (e)    a person whose eligible office is Chief Magistrate and to whom subparagraph 14 (2) (a) (ii) or (iii) of the County Court Act applies;

                (f)    a person whose eligible office is Solicitor‑General and to whom subparagraph 83 (1) (a) (ii) or (iii) of the Constitution Act applies;

                (g)    a person whose eligible office is Director of Public Prosecutions and to whom subparagraph 83 (1) (a) (ii) or (iii) of the Constitution Act applies;

                (h)    a person whose eligible office is Chief Crown Prosecutor and to whom subparagraph 14 (2) (a) (ii) or (iii) of the County Court Act applies.

Division 7.3    Factors

Table 1      Pension valuation factors

Retirement age

Males

Females

30

28.4648

30.0138

31

28.1671

29.7352

32

27.8625

29.4505

33

27.5509

29.1598

34

27.2318

28.8627

35

26.9057

28.5590

36

26.5721

28.2486

37

26.2311

27.9314

38

25.8824

27.6073

39

25.5262

27.2764

40

25.1622

26.9383

41

24.7903

26.5933

42

24.4106

26.2411

43

24.0231

25.8820

44

23.6279

25.5159

45

23.2249

25.1430

46

22.8144

24.7632

47

22.3965

24.3764

48

21.9715

23.9830

49

21.5398

23.5828

50

21.1015

23.1761

51

20.6571

22.7628

52

20.2070

22.3430

53

19.7515

21.9170

54

19.2910

21.4847

55

18.8258

21.0463

56

18.3565

20.6017

57

17.8836

20.1513

58

17.4074

19.6949

59

16.9288

19.2325

60

16.4483

18.7641

61

15.9668

18.2900

62

15.4849

17.8104

63

15.0034

17.3256

64

14.5232

16.8361

65

14.0448

16.3424

66

13.5691

15.8449

67

13.0966

15.3442

68

12.6279

14.8409

69

12.1636

14.3356

70

11.7039

13.8288

71

11.2490

13.3211

72

10.7986

12.8129

73

10.3529

12.3046

74

9.9114

11.7973

75

9.4751

11.2925

76

9.0457

10.7919

77

8.6255

10.2979

78

8.2168

9.8127

79

7.8213

9.3386

80

7.4407

8.8770

81

7.0760

8.4279

82

6.7283

7.9910

83

6.3983

7.5664

84

6.0869

7.1553

85

5.7945

6.7594

Table 2      Reversion valuation factors

Person’s age at relevant date (in completed years)

Males

Females

0 to 40

2.437

1.053

41

2.356

0.990

42

2.275

0.927

43

2.194

0.863

44

2.112

0.800

45

2.031

0.737

46

1.950

0.674

47

1.869

0.611

48

1.787

0.548

49

1.706

0.484

50

1.625

0.421

51

1.381

0.358

52

1.137

0.295

53

0.894

0.232

54

0.650

0.168

55 or over

0.406

0.105

Table 3      Lump sum valuation factors

Period of time until retirement age
(in completed years)

Factor

44

0.3411

43

0.3497

42

0.3586

41

0.3677

40

0.3771

39

0.3869

38

0.3971

37

0.4077

36

0.4186

35

0.4301

34

0.4419

33

0.4542

32

0.4669

31

0.4800

30

0.4935

29

0.5065

28

0.5197

27

0.5333

26

0.5471

25

0.5612

24

0.5755

23

0.5903

22

0.6053

21

0.6207

20

0.6364

19

0.6525

18

0.6689

17

0.6857

16

0.7029

15

0.7204

14

0.7384

13

0.7567

12

0.7755

11

0.7947

10

0.8143

9

0.8345

8

0.8551

7

0.8763

6

0.8981

5

0.9206

4

0.9316

3

0.9446

2

0.9599

1

0.9782

0

1.0000