EXPLANATORY STATEMENT

Select Legislative Instrument 2008 No. 13

FAMILY LAW ACT 1975

FAMILY LAW (SUPERANNUATION) AMENDMENT REGULATIONS 2008 (No. 1)

ISSUED BY AUTHORITY OF THE ATTORNEY-GENERAL

 

Subsection 125(1) of the Family Law Act 1975 (the Act) provides, in part, that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

Part VIIIB of the Act provides for the division of superannuation between parties to a marriage on marriage breakdown or divorce.

The Family Law (Superannuation) Regulations 2001 (the Principal Regulations) contain much of the detail of the legislative scheme for the division of superannuation, including methods for valuing superannuation interests and the prescription of matters required or permitted by Part VIIIB of the Act to be prescribed. In particular, the Principal Regulations prescribe superannuation interests in several specified superannuation schemes as ‘percentage-only interests,’ including interests in the Parliamentary Contributory Superannuation Fund of Queensland (the Queensland Parliamentary Scheme).

The purpose of the Family Law (Superannuation) Amendment Regulations 2008 (No. 1) (the Amendment Regulations) is to reflect successor fund arrangements for percentage-only superannuation interests in the Queensland Parliamentary Scheme.

Percentage-only interests can only be split under the Act on a percentage basis. They are also valued under the Act by expert opinion evidence, rather than in accordance with the valuation methods in the Principal Regulations.

The Queensland Parliamentary Scheme was discontinued by the Superannuation (State Public Sector) Amendment Act 2007 (Qld). Members of the Queensland Legislative Assembly Scheme have had their rights and entitlements to superannuation under the discontinued Queensland Parliamentary Scheme maintained as members in the parliament 70 category under Chapter 9 of the Superannuation (State Public Sector) Deed 1990 (Qld). The Amendment Regulations ensure that these successor fund arrangements are reflected in the Principal Regulations.

The Amendment Regulations refers to the Superannuation (State Public Sector) Deed 1990 (Qld). That Deed may be viewed at the following website:

http://www.legislation.qld.gov.au/LEGISLTN/CURRENT/S/SuperStPuSecD90.pdf

The Amendment Regulations also refers to the repealed Parliamentary Contributory Superannuation Act 1970 (Qld) (the repealed Act). That Act may be viewed at the following website:

http://www.legislation.qld.gov.au/LEGISLTN/REPEALED/P/ParliContSupA70_03D_051128.pdf

Copies of the Queensland Deed and the repealed Act may be purchased from the Queensland Government Bookshop, which is located at SDS Express, Ground Floor Mineral House, 41 George Street, Brisbane, Queensland (telephone: 07 3118 6900). The postal address for the Bookshop is Locked Bag 500, Coorparoo, Queensland 4151.

Consultation on the content of the instrument was undertaken under section 17 of the Legislative Instruments Act 2003 with the Australian Government Actuary, the Queensland State Actuary and the Queensland Government Superannuation Office, by way of correspondence and discussions.