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 Name of order

2 Commencement

3 Authority

4 Definitions

Part 2—Scheme value and pension rates

5 Scheme value

6 Immediate transitional pension for non‑member spouse

7 Reduction of retirement pension

Schedule 1—Methods and factors

Part 1—Methods

1 Method

Part 2—Factors

Part 1—Preliminary

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 2—Scheme 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:

7  Reduction of retirement pension

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

Schedule 1—Methods and factors

Note: See section 5.

Part 1—Methods

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 2—Factors

Table 1 Factors

Table 2 Factors