Commonwealth Consolidated Regulations

FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - SCHEDULE 5

(subregulation   42(3))

1   Application of Schedule   5

    This Schedule sets out the method for determining the gross value, at the relevant date, of a superannuation interest that is in the payment phase at the relevant date, if the benefits in respect of the interest are payable as a pension for a fixed term.

2   Method

  (1)   The method is:

where:

"B" is the value of the annual pension benefit payable in respect of the superannuation interest at the relevant date.

"P" y+m is the pension valuation factor calculated in accordance with subclause   (2).

  (2)   For subclause   (1), the pension valuation factor ( P y+m ) at the relevant date is:

    where:

"P" y is the pension valuation factor mentioned in clause   3 of this Schedule that applies to the pension and the remaining term of the pension in complete years at the relevant date.

"m" is the number of complete months of the remaining term of the pension that are not included in the remaining complete years at the relevant date.

"P" Y+1 is the pension valuation factor mentioned in clause   3 of this Schedule that would apply to the pension if the remaining term of the pension at the relevant date were one year more than the actual remaining term of the pension at that date.

3   Pension valuation factors

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

  (2)   The factors in column 2 apply if the pension is not indexed.

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

  (4)   The factors in column 4 apply if the pension is indexed in accordance with the consumer price index with a cap of 5%.

  (5)   The factors in column 5 apply if the pension is indexed in accordance with the consumer price index plus 1%.

  (6)   The factors in column 6 apply if the pension is indexed in accordance with the consumer price index plus 1% with a cap of 5%.

  (7)   The factors in column 7 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).

  (8)   The factors in column 8 apply if the pension is indexed at 3%.

  (9)   The factors in column 9 apply if the pension is indexed at 5%.