Commonwealth Consolidated Regulations

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FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - SCHEDULE 1A

Value of non-member spouse's entitlement for percentage-only interest in superannuation fund or approved deposit fund in payment phase

(subregulation   14N(7))

Part   1 -- Preliminary

1   Application of Schedule   1A

    This Schedule sets out the method for working out the value at a particular time of a non - member spouse's entitlement for a percentage - only interest in a superannuation fund or an approved deposit fund in the payment phase.

2   Definitions

    In this Schedule:

"accrued benefit multiple at payment" means the member spouse's accrued benefit multiple, as defined in the governing rules of the eligible superannuation plan in which the superannuation interest is held, at the date when the new interest is created, or the amount is transferred or rolled over or paid to the non - member spouse, or a separate entitlement for the non - member spouse arose.

"accrued benefit multiple at separation" means the member spouse's accrued benefit multiple, as defined in the governing rules of the eligible superannuation plan in which the superannuation interest is held, at the date when the member spouse and non - member spouse separated or, if there have been 2 or more separations, at the date of the most recent separation.

"F" means the amount of any fees payable by the non - member spouse under regulation   59.

"m" means the number of completed months of the member spouse's age that are not included in the completed years at the date mentioned in the definition of the factor R y .

"OB" means the amount of the other benefit payable to the member spouse in relation to the interest multiplied by the relevant discount valuation factor that applies under clause   4 of Schedule   6.

"P" y+m means the pension valuation factor under Schedule   4 that applies to the particular pension payable to the member spouse at the member spouse's age at the date when the new interest is created, or the amount is transferred or rolled over or paid to the non - member spouse, or a separate entitlement for the non - member spouse arose.

"r" means:

  (a)   if there is a surviving spouse of the member spouse--the reversionary percentage that would be payable to the surviving spouse if the member spouse had died on the day when the new interest is created, or the amount is transferred or rolled over or paid to the non - member spouse, or a separate entitlement for the non - member spouse arose; and

  (b)   in any other case--zero.

"R" y means the reversion valuation factor mentioned in clause   5 of this Schedule that applies to the pension and the member spouse's age in completed years at the date when the new interest is created, or the amount is transferred or rolled over or paid to the non - member spouse, or a separate entitlement for the non - member spouse arose.

"R" y+1 means the reversion valuation factor mentioned in clause   5 of this Schedule that applies to the pension and the member spouse's age at the completion of the next year after the year mentioned in the definition of the factor R y .

"X" means the percentage specified in the relevant superannuation agreement, flag lifting agreement or splitting order.

"YP" means the amount of pension payable each year to the member spouse.

Part   2 -- Method for subparagraphs   90XJ(1)(b)(i) and 90YN(1)(b)(i), and paragraphs 90XT(1)(c) and 90YY(1)(c), of the Act

3   Method for subparagraphs   90XJ(1)(b)(i) and 90YN(1)(b)(i), and paragraphs 90XT(1)(c) and 90YY(1)(c), of the Act

  (1)   If no benefit other than a pension is payable to the member spouse in relation to the interest, the value at a particular time of the non - member spouse's entitlement in relation to the interest is

    A formula to calculate the value at a particular time of the non-member spouse's entitlement in relation to the interest.

  (2)   If another benefit, in addition to a pension, is payable to the member spouse in relation to the interest, the value at a particular time of the non - member spouse's entitlement in relation to the interest is:

    A formula to calculate the value at a particular time of the non-member spouse's entitlement in relation to the interest, if another benefit is payable to the member spouse in relation to the interest.

  (3)   For subclauses   (1) and (2), the reversion valuation factor ( R y+m ) at the particular time is:

    Start formula start fraction open square bracket R subscript y times open round bracket 12 minus m close round bracket close square bracket plus open round bracket R start subscript y plus 1 end subscript times m close round bracket over 12 end fraction end formula

  (4)   In applying the factor P y+m in the formula in subclauses   (1) and (2), a reference in Schedule   4 to 'the relevant date' is to be read as if it were a reference to 'the date when the new interest was created, or the amount was transferred or rolled over or paid to the non - member spouse, or a separate entitlement for the non - member spouse arose'.

  (5)   In applying the factor OB in the formula in subclause   (2):

  (a)   a reference in clause   4 of Schedule   6 to 'the lump sum' or 'a lump sum' is to be read as if it were a reference to 'the other benefit payable to the member spouse in relation to the superannuation interest'; and

  (b)   the minimum deferral period, in relation to the other benefit payable to the member spouse in relation to the superannuation interest, is the minimum period of time until the other benefit is payable.

Part   3 -- Method for subparagraphs   90XJ(1)(b)(ii) and 90YN(1)(b)(ii), and paragraphs 90XT(1)(b) and 90YY(1)(b), of the Act

4   Method for subparagraphs   90XJ(1)(b)(ii) and 90YN(1)(b)(ii), and paragraphs 90XT(1)(b) and 90YY(1)(b), of the Act

  (1)   If no benefit other than a pension is payable to the member spouse in relation to the interest, the value at a particular time of the non - member spouse's entitlement in relation to the interest is:

    Start formula X times open square bracket YP times open round bracket P start subscript y plus m end subscript plus r times R start subscript y plus m end subscript close round bracket close square bracket minus F end formula

  (2)   If another benefit, in addition to a pension, is payable to the member spouse in relation to the interest, the value at a particular time of the non - member spouse's entitlement in relation to the interest is:

    Start formula X times open square bracket YP times open round bracket P start subscript y plus m end subscript plus r times R start subscript y plus m end subscript close round bracket plus OB close square bracket minus F end formula

  (3)   For subclauses   (1) and (2), the reversion valuation factor ( R y+m ) at the particular time is:

    Start formula start fraction open square bracket R subscript y times open round bracket 12 minus m close round bracket close square bracket plus open round bracket R start subscript y plus 1 end subscript times m close round bracket over 12 end fraction end formula

  (4)   In applying the factor P y+m in the formula in subclauses   (1) and (2), a reference in Schedule   4 to 'the relevant date' is to be read as if it were a reference to 'the date when the new interest was created, or the amount was transferred or rolled over or paid to the non - member spouse, or a separate entitlement for the non - member spouse arose'.

  (5)   In applying the factor OB in the formula in subclause   (2):

  (a)   a reference in clause   4 of Schedule   6 to 'the lump sum' or 'a lump sum' is to be read as if it were a reference to 'the other benefit payable to the member spouse in relation to the superannuation interest'; and

  (b)   the minimum deferral period, in relation to the other benefit payable to the member spouse in relation to the superannuation interest, is the minimum period of time until the other benefit is payable.

Part   4 -- Reversion valuation factors

5   Reversion valuation factors

  (1)   The table in this clause sets out the reversion valuation factors.

  (2)   The factors in columns 2 and 3 apply if the pension is indexed in accordance with the consumer price index.

  (3)   The factors in columns 4 and 5 apply if the pension is indexed in accordance with a general wage index (for example, average weekly earnings, or average weekly ordinary time earnings, published by the Australian Bureau of Statistics).

 

Age at particular time (in completed years)

Reversion valuation factors

CPI indexed pension

Wage indexed pension

Males

Females

Males

Females

18

1.5215

0.7388

3.4170

1.6920

19

1.5619

0.7610

3.4742

1.7240

20

1.6016

0.7834

3.5295

1.7559

21

1.6424

0.8065

3.5857

1.7884

22

1.6848

0.8310

3.6433

1.8223

23

1.7287

0.8567

3.7023

1.8575

24

1.7744

0.8838

3.7628

1.8939

25

1.8218

0.9119

3.8248

1.9312

26

1.8710

0.9410

3.8883

1.9694

27

1.9221

0.9711

3.9534

2.0083

28

1.9752

1.0021

4.0202

2.0478

29

2.0303

1.0341

4.0887

2.0880

30

2.0875

1.0669

4.1588

2.1287

31

2.1469

1.1005

4.2306

2.1698

32

2.2085

1.1351

4.3042

2.2115

33

2.2722

1.1705

4.3792

2.2536

34

2.3382

1.2068

4.4560

2.2962

35

2.4065

1.2443

4.5342

2.3395

36

2.4770

1.2828

4.6140

2.3834

37

2.5498

1.3224

4.6953

2.4279

38

2.6251

1.3631

4.7781

2.4730

39

2.7026

1.4047

4.8621

2.5185

40

2.7825

1.4475

4.9477

2.5644

41

2.8649

1.4912

5.0345

2.6108

42

2.9496

1.5359

5.1225

2.6573

43

3.0366

1.5814

5.2115

2.7041

44

3.1258

1.6276

5.3014

2.7507

45

3.2171

1.6745

5.3920

2.7972

46

3.3104

1.7219

5.4830

2.8434

47

3.4055

1.7699

5.5741

2.8893

48

3.5020

1.8182

5.6649

2.9346

49

3.5997

1.8667

5.7551

2.9793

50

3.6984

1.9154

5.8443

3.0231

51

3.7976

1.9641

5.9319

3.0660

52

3.8970

2.0128

6.0176

3.1078

53

3.9962

2.0613

6.1010

3.1484

54

4.0949

2.1095

6.1816

3.1878

55

4.1928

2.1572

6.2590

3.2256

56

4.2893

2.2046

6.3328

3.2621

57

4.3840

2.2513

6.4023

3.2969

58

4.4765

2.2975

6.4672

3.3301

59

4.5662

2.3430

6.5269

3.3617

60

4.6525

2.3880

6.5806

3.3918

61

4.7346

2.4322

6.6278

3.4201

62

4.8121

2.4755

6.6680

3.4467

63

4.8843

2.5179

6.7005

3.4712

64

4.9505

2.5589

6.7247

3.4935

65

5.0102

2.5985

6.7402

3.5135

66

5.0628

2.6364

6.7465

3.5309

67

5.1079

2.6725

6.7434

3.5456

68

5.1451

2.7064

6.7305

3.5574

69

5.1739

2.7382

6.7077

3.5663

70

5.1944

2.7676

6.6751

3.5722

71

5.2064

2.7947

6.6328

3.5751

72

5.2103

2.8195

6.5814

3.5751

73

5.2062

2.8420

6.5213

3.5725

74

5.1945

2.8622

6.4531

3.5672

75

5.1750

2.8799

6.3767

3.5589

76

5.1470

2.8946

6.2916

3.5475

77

5.1094

2.9059

6.1968

3.5327

78

5.0615

2.9135

6.0919

3.5141

79

5.0027

2.9171

5.9767

3.4916

80

4.9332

2.9168

5.8515

3.4654

81

4.8531

2.9132

5.7166

3.4364

82

4.7627

2.9071

5.5727

3.4052

83

4.6625

2.8989

5.4205

3.3724

84

4.5533

2.8889

5.2611

3.3383

85

4.4359

2.8767

5.0953

3.3026

86

4.3113

2.8621

4.9246

3.2649

87

4.1808

2.8441

4.7502

3.2244

88

4.0454

2.8212

4.5735

3.1795

89

3.9062

2.7917

4.3954

3.1285

90

3.7641

2.7544

4.2170

3.0700

91

3.6195

2.7082

4.0386

3.0031

92

3.4748

2.6531

3.8625

2.9273

93

3.3330

2.5889

3.6913

2.8427

94

3.1955

2.5155

3.5259

2.7488

95

3.0604

2.4319

3.3640

2.6446

96

2.9247

2.3366

3.2023

2.5285

97

2.7857

2.2275

3.0378

2.3982

98

2.6399

2.1015

2.8665

2.2507

99

2.4823

1.9549

2.6832

2.0821


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