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Judges’ Pensions (Item 48) Order 2013

Authoritative Version
Orders/Other as made
This instrument contains the calculation methods and factors in relation to new superannuation splitting arrangements for Federal Judges who have existing splitting agreements and orders.
Administered by: Finance
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s11 item 06
Registered 14 Mar 2013
Tabling HistoryDate
Tabled HR18-Mar-2013
Tabled Senate18-Mar-2013

Commonwealth Coat of Arms

 

 

Judges’ Pensions (Item 48) Order 2013

I, Penelope Ying Yen Wong, Minister for Finance and Deregulation, make the following order under the Judges and Governors‑General Legislation Amendment (Family Law) Act 2012.

Dated:  12 March 2013

Penelope Ying Yen Wong

Minister for Finance and Deregulation

 

  

  

  


Contents

Part 1—Preliminary                                                                                                                                        1

1............ Name of order............................................................................................................... 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Definitions..................................................................................................................... 1

Part 2—Scheme value and pension rates                                                                                           2

5............ Scheme value................................................................................................................. 2

6............ Immediate transitional pension for non‑member spouse................................................ 2

7............ Reduction of retirement pension.................................................................................... 3

Schedule 1—Methods and factors                                                                                          4

Part 1—Methods                                                                                                                                               4

1............ Method.......................................................................................................................... 4

Part 2—Factors                                                                                                                                                  5

 


Part 1Preliminary

  

1  Name of order

                   This order is the Judges’ Pensions (Item 48) Order 2013.

2  Commencement

                   This order commences on 15 March 2013.

3  Authority

                   This order is made under the Judges and Governors‑General Legislation Amendment (Family Law) Act 2012.

4  Definitions

                   In this order:

Act means the Judges’ Pensions Act 1968.

Federal Court Judge’s salary means the annual salary of a Judge of the Federal Court of Australia, other than the Chief Justice.

scheme value: see subsection 5(2).

Table 1 means Table 1 of Schedule 1.

Table 2 means Table 2 of Schedule 1.

transitional provisions means Part 2 of Schedule 1 to the Judges and Governors‑General Legislation Amendment (Family Law) Act 2012.

Note:          For the definitions of the following terms, see subsection 2A(2) of the Act:

(a)    commencement time;

(b)    member spouse;

(c)    retirement pension;

(d)    transfer amount.

Part 2Scheme value and pension rates

  

5  Scheme value

             (1)  This section is made for paragraph (b) of the definition of transfer amount in item 44 of the transitional provisions.

             (2)  The amount (the scheme value) is determined using the methods and factors set out in Schedule 1 as in force at the commencement time.

6  Immediate transitional pension for non‑member spouse

                   For subitem 47(2) of the transitional provisions, the rate is calculated as follows:

Method statement

Step 1.   Identify the transfer amount that was payable at the commencement time.

Step 2.   Calculate an amount using the formula:

             

              where:

              Fy is the number in Table 1 that applies to the non‑member spouse’s gender, and age in whole years, at the commencement time.

              Fy+1 is the number in Table 1 that would apply to the non‑member spouse if the non‑member spouse’s age in whole years was one year more than it was at the commencement time.

              m is the number of whole months of the non‑member spouse’s age that are not included in the non‑member spouse’s age in whole years at the commencement time.

Step 3.   Divide the transfer amount identified in step 1 by the amount calculated in step 2.

Step 4.   Divide the amount calculated in step 3 by the Federal Court Judge’s salary at the commencement time. Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 5.   Multiply the amount calculated in step 4 by the Federal Court Judge’s salary.

7  Reduction of retirement pension

                   For subitem 47(5) of the transitional provisions, the amount is calculated as follows:

Method statement

Step 1.   Identify the annual rate of the retirement pension that was payable at the commencement time.

Step 2.   Calculate an amount using the formula:

             

              where:

              Fy is the number in Table 2 that applies to the member spouse’s gender, and age in whole years, at the commencement time.

              Fy+1 is the number in Table 2 that would apply to the member spouse if the member spouse’s age in whole years was one year more than it was at the commencement time.

              m is the number of whole months of the member spouse’s age that are not included in the member spouse’s age in whole years at the commencement time.

Step 3.   Multiply the amount identified in step 1 by the amount calculated in step 2.

Step 4.   Subtract the transfer amount from the amount calculated in step 3.

Step 5.   Divide the amount calculated in step 4 by the amount calculated in step 2.

Step 6.   Divide the amount calculated in step 5 by the annual rate of the applicable judicial salary at the commencement time. Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).

Step 7.   Multiply the amount calculated in step 6 by the annual rate of the applicable judicial salary.


Schedule 1Methods and factors

Note:       See section 5.

Part 1Methods

  

1  Method

                   The formula for calculating the scheme value is as follows:

where:

AP is the annual rate of pension payable to the member spouse at the commencement time.

Fy is the number in Table 2 that applies to the member spouse’s gender, and age in whole years, at the commencement time.

Fy+1 is the number in Table 2 that would apply to the member spouse if the member spouse’s age in whole years was one year more than it was at the commencement time.

m is the number of whole months of the member spouse’s age that are not included in the member spouse’s age in whole years at the commencement time.

Part 2Factors

  

Table 1 Factors

Age

Male

Female

30 or younger

33.2882

35.2430

31

32.9153

34.8969

32

32.5340

34.5436

33

32.1433

34.1835

34

31.7437

33.8162

35

31.3352

33.4410

36

30.9169

33.0586

37

30.4893

32.6683

38

30.0519

32.2701

39

29.6046

31.8636

40

29.1478

31.4491

41

28.6813

31.0265

42

28.2054

30.5955

43

27.7202

30.1563

44

27.2259

29.7090

45

26.7226

29.2540

46

26.2104

28.7906

47

25.6898

28.3195

48

25.1606

27.8407

49

24.6233

27.3540

50

24.0785

26.8602

51

23.5262

26.3590

52

22.9670

25.8512

53

22.4013

25.3363

54

21.8298

24.8143

55

21.2538

24.2857

56

20.6735

23.7500

57

20.0902

23.2075

58

19.5043

22.6580

59

18.9153

22.1017

60

18.3239

21.5383

61

17.7307

20.9681

62

17.1358

20.3913

63

16.5395

19.8080

64

15.9459

19.2187

65

15.3558

18.6243

66

14.7700

18.0249

67

14.1892

17.4213

68

13.6142

16.8133

69

13.0476

16.2036

70

12.4902

15.5925

71

11.9427

14.9802

72

11.4062

14.3676

73

10.8808

13.7552

74

10.3605

13.1432

75

9.8457

12.5326

76

9.3377

11.9249

77

8.8379

11.3213

78

8.3475

10.7240

79

7.8727

10.1364

80

7.4143

9.5606

81

6.9723

8.9993

82

6.5466

8.4536

83

6.1375

7.9252

84

5.7514

7.4177

85

5.3885

6.9320

86

5.0493

6.4695

87

4.7341

6.0314

88

4.4413

5.6184

89

4.1659

5.2237

90

3.9062

4.8463

91

3.6601

4.4844

92

3.4257

4.1362

93

3.2000

3.7986

94

2.9781

3.4821

95

2.7716

3.1851

96

2.5795

2.9056

97

2.4010

2.6407

98

2.2283

2.3863

99

2.0594

2.1451

100

1.8961

1.9162

101

1.7244

1.6967

102

1.5371

1.4798

103

1.3112

1.2515

104

1.0000

0.9596

105 or older

0.4928

0.4928

 

Table 2 Factors

Age

Male

Female

60

20.6553

22.0992

61

20.0494

21.5219

62

19.4383

20.9364

63

18.8222

20.3433

64

18.2031

19.7430

65

17.5819

19.1362

66

16.9592

18.5233

67

16.3356

17.9048

68

15.7121

17.2814

69

15.0907

16.6531

70

14.4723

16.0201

71

13.8504

15.3936

72

13.2320

14.7642

73

12.6175

14.1327

74

12.0080

13.4985

75

11.4045

12.8626

76

10.8094

12.2370

77

10.2254

11.6120

78

9.6547

10.9883

79

9.1002

10.3751

80

8.5633

9.7744

81

8.0448

9.1885

82

7.5458

8.6171

83

7.0669

8.0623

84

6.6140

7.5275

85

6.1881

7.0148

86

5.7715

6.5219

87

5.3849

6.0489

88

5.0283

5.5956

89

4.6985

5.1722

90

4.3956

4.7802

91

4.1201

4.4158

92

3.8591

4.0854

93

3.6098

3.7920

94

3.3716

3.5123

95

3.1418

3.2425

96

2.9164

2.9776

97

2.7000

2.7104

98

2.4825

2.4304

99

2.2571

2.1550

100

2.0173

1.8786

101

1.8378

1.6584

102

1.6442

1.4486

103

1.4140

1.2294

104

1.1014

0.9497

105 or older

0.6077

0.5002