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FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - SCHEDULE 4A

Method for determining value of superannuation interest in lifetime annuity

(paragraph   14Q(7)(c))

 

1   Application of Schedule   4A

    This Schedule sets out the method for determining the value, at the termination time, of a superannuation interest in a lifetime annuity if the interest was in the payment phase at the termination time.

2   Method

  (1)   The method is:

    Start formula B times open bracket start fraction open bracket V subscript y times open bracket 12 minus m close bracket close bracket plus open bracket V start subscript y plus 1 end subscript times m close bracket over 12 end fraction close bracket end formula

where:

"B" is the amount of the annual benefit payable in respect of the superannuation interest at the termination time.

"V" y is the pension valuation factor under Schedule   4 that applies to the particular lifetime annuity and the member spouse's age in completed years at the termination time.

"m" is the number of completed months of the member spouse's age that are not included in the completed years at the termination time.

"V" y+1 is the pension valuation factor under Schedule   4 that applies to the particular lifetime annuity and the member spouse's age at the completion of the next year after the year mentioned in the definition of the factor V y .

  (2)   For the purpose of applying the factors V y and V y+1 in the formula in subclause   (1), a reference in Schedule   4 to 'pension' is taken to be read as a reference to 'annuity'.


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