Commonwealth Consolidated Regulations

FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 58

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

  (a)   the non - member spouse is entitled to be paid the amount of the first splittable payment in respect of the interest after the operative time under paragraph   57(2)(a); and

  (b)   the member spouse 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 the whole, or a part, of the remaining benefits in respect of the interest as a lump sum; and

  (c)   the non - member spouse has served a request, in accordance with Form 4 in Schedule   1, on the trustee of the plan requesting that the non - member spouse be paid, as a lump sum, the whole, or a proportion, of the remaining base amount allocated to the non - member spouse in relation to the interest; and

  (d)   any choice by the member spouse to be paid the amount requested by the non - member spouse will not cause the member spouse to lose the right to take the remaining part of the benefits in respect of the interest as a pension.

  (2)   If the non - member spouse has requested to be paid, as a lump sum, the whole of the remaining base amount allocated to the non - member spouse in relation to the superannuation interest:

  (a)   the member spouse must choose to be paid, as a lump sum, an amount that is at least the amount calculated in accordance with subregulation (3); and

  (b)   the non - member spouse is entitled to be paid that amount; and

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

  (3)   For paragraph   (2)(a), the amount of the lump sum is calculated in accordance with the following formula:

    where:

"BA" is the base amount allocated to the non - member spouse in relation to the superannuation interest.

"X" is the amount of the first splittable payment paid to the non - member spouse under paragraph   57(2)(a).

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

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

  (4)   If the non - member spouse has requested to be paid, as a lump sum, a proportion of the remaining base amount allocated to the non - member spouse in relation to the superannuation interest:

  (a)   the member spouse must choose to be paid, as a lump sum, an amount that is at least the amount calculated in accordance with subregulation (5) (the minimum lump sum ); and

  (b)   the non - member spouse is entitled to be paid:

  (i)   that amount; and

  (ii)   the amount, calculated in accordance with subregulation (6), from:

  (A)   if the member spouse chooses to be paid, as a lump sum, an amount that is more than the minimum lump sum--the amount that is the difference between the actual lump sum paid and the minimum lump sum; and

  (B)   each other splittable payment that becomes payable in respect of the superannuation interest.

  (5)   For paragraph   (4)(a), the amount of the minimum lump sum is calculated in accordance with the following formula:

    where:

"BA" is the base amount allocated to the non - member spouse in relation to the superannuation interest.

"X" is the amount of the first splittable payment paid to the non - member spouse under paragraph   57(2)(a).

"Prop." is the proportion of the remaining base amount allocated to the non - member spouse in relation to the interest that the non - member spouse has requested to be paid, as a lump sum, to him or her in the request served on the trustee.

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

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

  (6)   For subparagraph   (4)(b)(ii), the amount is calculated in accordance with the following formula:

    where:

"BA" is the base amount allocated to the non - member spouse in relation to the superannuation interest.

"X" is the amount of the first splittable payment paid to the non - member spouse under paragraph   57(2)(a).

"Prop." is the proportion of the remaining base amount allocated to the non - member spouse in relation to the interest that the non - member spouse has requested to be paid, as a lump sum, to him or her in the request served on the trustee.

"SP" is:

  (a)   if applicable, the amount of the difference between the actual lump sum paid to the member spouse and the minimum lump sum; or

  (b)   the amount of the relevant splittable payment.

"rV" is the remaining value of the superannuation interest after the payment of the lump sums to the non - member spouse under paragraph   57(2)(a) and subparagraph   (4)(b)(ii) of this regulation, calculated in accordance with subregulation (7).

  (7)   For subregulation (6), the remaining value ( rV ) of the superannuation interest after the payment of the lump sums to the non - member spouse under paragraph   57(2)(a) and subparagraph   (4)(b)(ii) of this regulation is calculated in accordance with the following formula:

where:

"A" has the meaning given by subregulation   57(3).

"X" is the amount of the lump sum paid to the non - member spouse under paragraph   57(2)(a).

"Y" is the amount of the lump sum paid to the non - member spouse under subparagraph   (4)(b)(i) of this regulation.

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

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