New South Wales Repealed Regulations

This legislation has been repealed.

SUPERANNUATION REGULATION 2006 - REG 8E

8E Reduction of benefits of contributors

(1) This clause applies if the amount of the family law superannuation entitlement of a non-contributor spouse is paid, released, transferred or rolled over under Part 4A of the Act (a "family law superannuation payment" is made).

(2) A benefit payable to the contributor (including a benefit transferred under the Act), other than a deferred benefit, is to be reduced in accordance with this clause at the time it is paid to the contributor or transferred.

(3) A deferred benefit of the contributor is to be reduced in accordance with this clause:

(a) if the election to take the benefit was made before the superannuation entitlement of the non-contributor spouse was paid, released, transferred or rolled over, at the time the entitlement is paid, released, transferred or rolled over, or

(b) in any other case, when the election to take the benefit takes effect.

(4) The amount of the reduced benefit is to be calculated as follows:

"r" is the amount of the reduced benefit.
"v" is the amount of the benefit that would have been payable to the contributor if the family law superannuation payment had not been made.
"A" is the ratio of the amount paid in respect of the non-contributor spouse to the value of the benefit of the contributor when the payment split occurred.
"C" is the ratio of the benefit accrual when the payment split occurred to the benefit accrual when the benefit is payable or deferred or transferred (as the case requires).

(5) If family law superannuation payments are made in respect of more than one spouse of the contributor, the amount of the reduced benefit (other than a deferred benefit) is to be calculated by applying to the amount of the benefit payable (as referred to in subclause (4)) the reduction factor for each family law superannuation payment. Each reduction factor is to be calculated as follows:

"f" is the reduction factor.
"A" and "C" have the same meanings as in subclause (4).

(6) In this clause:
"benefit accrual" at any point in time means the benefit accrual as at that time as determined by STC on actuarial advice.
"value of a benefit" means the value of the benefit as determined by STC on actuarial advice.