I, PHILIP MAXWELL RUDDOCK, Attorney-General, make this Approval under regulation 38 of the Family Law (Superannuation) Regulations 2001.
Dated 1 March 2005
PHILIP RUDDOCK
1 Name of Approval
This Approval is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2005 (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 10, after Part 35
insert
Part 40 Hanson Australia Pty Limited as a participating employer in Sunsuper
1 Definitions
In this Part:
Additional Retirement Credit Account has the same meaning as in the Secondary Deed.
Additional Voluntary Contribution Account has the same meaning as in the Secondary Deed.
Member has the meaning given by clause 1.2 of the Secondary Deed.
Principal Deed means the Trust Deed dated 1 October 1987, as amended and in force on the commencement of this Part.
Rollover Account has the same meaning as in the Secondary Deed.
Secondary Deed means the Deed dated 29 June 2004 between Sunsuper Pty Ltd and Hanson Australia Pty Limited.
Sunsuper fund means the superannuation trust fund known as Sunsuper established by the Principal Deed.
2 Methods and factors for interests of Members in the Sunsuper fund
For an interest that is in the growth phase in the Sunsuper fund 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 as a Member of the Sunsuper fund if the person is entitled to a benefit under Part 4 of the Secondary Deed. | DB + VA + PVA where: DB is the value of the component of the interest that is a defined benefit interest within the meaning of the Regulations, determined in accordance with the method set out in Schedule 2 to the Regulations. |
|
| VA is the value of the person’s fully vested accumulation benefit, if any, being the sum of the balances of the person’s Additional Voluntary Contribution Account and the person’s Rollover Account at the relevant date. PVA is the value of the person’s partially vested accumulation benefit, if any, determined in accordance with the method set out in Schedule 3 to the Regulations, with the following modifications: (a) V is taken to be zero; (b) A is the amount standing to the credit of the person’s Additional Retirement Credit Account at the relevant date; (c) fy is the vesting factor mentioned in Table 1 of this Part that applies at the relevant date to the person’s age in completed years. |
Table 1 Vesting factors
Age | Vesting Factor |
| Age | Vesting Factor |
16 | 0.03 |
| 36 | 0.58 |
17 | 0.04 |
| 37 | 0.62 |
18 | 0.05 |
| 38 | 0.65 |
19 | 0.06 |
| 39 | 0.68 |
20 | 0.07 |
| 40 | 0.71 |
21 | 0.08 |
| 41 | 0.74 |
22 | 0.09 |
| 42 | 0.76 |
23 | 0.10 |
| 43 | 0.79 |
24 | 0.12 |
| 44 | 0.82 |
25 | 0.14 |
| 45 | 0.84 |
26 | 0.16 |
| 46 | 0.87 |
27 | 0.20 |
| 47 | 0.89 |
28 | 0.23 |
| 48 | 0.91 |
29 | 0.27 |
| 49 | 0.93 |
30 | 0.32 |
| 50 | 0.95 |
31 | 0.37 |
| 51 | 0.96 |
32 | 0.41 |
| 52 | 0.97 |
33 | 0.46 |
| 53 | 0.98 |
34 | 0.50 |
| 54 | 0.99 |
35 | 0.54 |
| 55 | 1.00 |