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SLI 2010 No. 98 Regulations as made
These Regulations amend the Family Law (Superannuation) Regulations 2001 to reflect the transfer of responsibility for the Judges' Pensions Act 1968 from the Attorney-General to the Minister for Finance and Deregulation, and to replace methods for valuing the non-member spouse's entitlement when superannuation payable under a percentage-only interest in a superannuation fund or an approved deposit fund has been divided.
Administered by: Attorney-General's
Registered 25 May 2010
Tabling HistoryDate
Tabled HR27-May-2010
Tabled Senate15-Jun-2010
Date of repeal 09 Apr 2013
Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013

Family Law (Superannuation) Amendment Regulations 2010 (No. 1)1

Select Legislative Instrument 2010 No. 98

I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Family Law Act 1975.

Dated 20 May 2010

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

ROBERT MCCLELLAND


1              Name of Regulations

                These Regulations are the Family Law (Superannuation) Amendment Regulations 2010 (No. 1).

2              Commencement

                These Regulations commence on the day after they are registered.

3              Amendment of Family Law (Superannuation) Regulations 2001

                Schedule 1 amends the Family Law (Superannuation) Regulations 2001.


Schedule 1        Amendments

(regulation 3)

 

[1]           Paragraph 10 (2) (b)

omit

Attorney‑General’s Department.

insert

Department of Finance and Deregulation.

[2]           Subregulation 14N (7)

substitute

         (7)   For this regulation, the value at a particular time of the non‑member spouse’s entitlement in relation to the superannuation interest is:

                (a)    the value at that time worked out in accordance with Part 2 of Schedule 1A, if:

                          (i)    the superannuation agreement or flag lifting agreement mentioned in subregulation (2) identified the percentage that was to apply for subparagraph 90MJ (1) (b) (i) of the Act; and

                         (ii)    the splitting order mentioned in subregulation (2) was made under paragraph 90MT (1) (c) of the Act; or

               (b)    the value at that time worked out in accordance with Part 3 of Schedule 1A, if:

                          (i)    the superannuation agreement or flag lifting agreement mentioned in subregulation (2) identified a percentage that was to apply for subparagraph 90MJ (1) (b) (ii) of the Act; and

                         (ii)    the splitting order mentioned in subregulation (2) was made under paragraph 90MT (1) (b) of the Act.

[3]           Schedule 1A, heading

substitute

Schedule 1A      Value of non‑member spouse’s entitlement for percentage‑only interest in superannuation fund or approved deposit fund in payment phase

(subregulation 14N (7))

  

[4]           Schedule 1A, clauses 1 and 2

substitute

Part 1                 Preliminary

  

1              Application of Schedule 1A

                This Schedule sets out the method for working out the value at a particular time of a non‑member spouse’s entitlement for a percentage‑only interest in a superannuation fund or an approved deposit fund in the payment phase.

2              Definitions

                In this Schedule:

accrued benefit multiple at payment means the member spouse’s accrued benefit multiple, as defined in the governing rules of the eligible superannuation plan in which the superannuation interest is held, at the date when the new interest is created, or the amount is transferred or rolled over or paid to the non‑member spouse, or a separate entitlement for the non‑member spouse arose.

accrued benefit multiple at separation means the member spouse’s accrued benefit multiple, as defined in the governing rules of the eligible superannuation plan in which the superannuation interest is held, at the date when the member spouse and non‑member spouse separated or, if there have been 2 or more separations, at the date of the most recent separation.

F means the amount of any fees payable by the non‑member spouse under regulation 59.

m means the number of completed months of the member spouse’s age that are not included in the completed years at the date mentioned in the definition of the factor Ry.

OB means the amount of the other benefit payable to the member spouse in relation to the interest multiplied by the relevant discount valuation factor that applies under clause 4 of Schedule 6.

Py+m means the pension valuation factor under Schedule 4 that applies to the particular pension payable to the member spouse at the member spouse’s age at the date when the new interest is created, or the amount is transferred or rolled over or paid to the non‑member spouse, or a separate entitlement for the non‑member spouse arose.

r means:

                (a)    if there is a surviving spouse of the member spouse — the reversionary percentage that would be payable to the surviving spouse if the member spouse had died on the day when the new interest is created, or the amount is transferred or rolled over or paid to the non‑member spouse, or a separate entitlement for the non‑member spouse arose; and

               (b)    in any other case — zero.

Ry means the reversion valuation factor mentioned in clause 5 of this Schedule that applies to the pension and the member spouse’s age in completed years at the date when the new interest is created, or the amount is transferred or rolled over or paid to the non‑member spouse, or a separate entitlement for the non‑member spouse arose.

Ry+1 means the reversion valuation factor mentioned in clause 5 of this Schedule that applies to the pension and the member spouse’s age at the completion of the next year after the year mentioned in the definition of the factor Ry.

X means the percentage specified in the relevant superannuation agreement, flag lifting agreement or splitting order.

YP means the amount of pension payable each year to the member spouse.

 

Part 2                 Method for subparagraph 90MJ (1) (b) (i) and paragraph 90MT (1) (c) of the Act

  

3              Method for subparagraph 90MJ (1) (b) (i) and paragraph 90MT (1) (c) of the Act

         (1)   If no benefit other than a pension is payable to the member spouse in relation to the interest, the value at a particular time of the non‑member spouse’s entitlement in relation to the interest is:

         (2)   If another benefit, in addition to a pension, is payable to the member spouse in relation to the interest, the value at a particular time of the non‑member spouse’s entitlement in relation to the interest is:

         (3)   For subclauses (1) and (2), the reversion valuation factor (Ry+m) at the particular time is:

         (4)   In applying the factor Py+m in the formula in subclauses (1) and (2), a reference in Schedule 4 to ‘the relevant date’ is to be read as if it were a reference to ‘the date when the new interest was created, or the amount was transferred or rolled over or paid to the non‑member spouse, or a separate entitlement for the non‑member spouse arose’.

         (5)   In applying the factor OB in the formula in subclause (2):

                (a)    a reference in clause 4 of Schedule 6 to ‘the lump sum’ or ‘a lump sum’ is to be read as if it were a reference to ‘the other benefit payable to the member spouse in relation to the superannuation interest’; and

               (b)    the minimum deferral period, in relation to the other benefit payable to the member spouse in relation to the superannuation interest, is the minimum period of time until the other benefit is payable.

Part 3                 Method for subparagraph 90MJ (1) (b) (ii) and paragraph 90MT (1) (b) of the Act

  

4              Method for subparagraph 90MJ (1) (b) (ii) and paragraph 90MT (1) (b) of the Act

         (1)   If no benefit other than a pension is payable to the member spouse in relation to the interest, the value at a particular time of the non‑member spouse’s entitlement in relation to the interest is:

         (2)   If another benefit, in addition to a pension, is payable to the member spouse in relation to the interest, the value at a particular time of the non‑member spouse’s entitlement in relation to the interest is:

         (3)   For subclauses (1) and (2), the reversion valuation factor (Ry+m) at the particular time is:

         (4)   In applying the factor Py+m in the formula in subclauses (1) and (2), a reference in Schedule 4 to ‘the relevant date’ is to be read as if it were a reference to ‘the date when the new interest was created, or the amount was transferred or rolled over or paid to the non‑member spouse, or a separate entitlement for the non‑member spouse arose’.

         (5)   In applying the factor OB in the formula in subclause (2):

                (a)    a reference in clause 4 of Schedule 6 to ‘the lump sum’ or ‘a lump sum’ is to be read as if it were a reference to ‘the other benefit payable to the member spouse in relation to the superannuation interest’; and

               (b)    the minimum deferral period, in relation to the other benefit payable to the member spouse in relation to the superannuation interest, is the minimum period of time until the other benefit is payable.

Part 4                 Reversion valuation factors

  

[5]           Schedule 1A, clause 3

renumber as clause 5


Note

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