Commonwealth Consolidated Regulations

FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 52

  (1)   This regulation applies in relation to the superannuation interest if:

  (a)   benefits in respect of the interest are not payable as an allocated pension or a market linked pension; and

  (b)   the member spouse or other person may, under the governing rules of the relevant eligible superannuation plan, choose (by way of a commutation of a pension payable to him or her, or otherwise) to take a lump sum that is at least the amount of the adjusted base amount applicable to the non - member spouse at that time without losing the right to take the remaining part of the benefits in respect of the interest as a pension; and

  (c)   the non - member spouse has served a request, in accordance with Form 3 in Schedule   1, on the trustee of the plan requesting that the non - member spouse be paid, as a lump sum, the whole of the adjusted base amount applicable to the non - member spouse at the time the splittable payment becomes payable.

  (2)   The member spouse must choose to be paid, as a lump sum, an amount that is at least the amount calculated in accordance with the following formula:

where:

"ABA" is the amount of the adjusted base amount applicable to the non - member spouse at the date when the first splittable payment becomes payable in respect of the superannuation interest.

"Comm" has the same meaning as in subregulation   51(3).

"P" y+m has the same meaning as in subregulation   51(3).

  (3)   The amount that the non - member spouse is entitled to be paid in respect of the superannuation interest is the amount calculated in accordance with subregulation (2).

  (4)   The non - member spouse is not entitled to be paid any amount from any other splittable payment in respect of the superannuation interest.