Family Law (Superannuation) Amendment Regulations 2002 (No. 1) (Cth)

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Family Law (Superannuation) Amendment Regulations 2002 (No. 1)1

Statutory Rules 2002 No. 1762

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Family Law Act 1975.

Dated 25 July 2002

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

DARYL WILLIAMS

Attorney-General

1Name of Regulations

These Regulations are the Family Law (Superannuation) Amendment Regulations 2002 (No. 1).

2Commencement

These Regulations commence on the commencement of the Family Law Legislation Amendment (Superannuation) Act 2001.

3Amendment of Family Law (Superannuation) Regulations 2001

Schedule 1 amends the Family Law (Superannuation) Regulations 2001.

Schedule 1Amendments

(regulation 3)

  

[1]Regulation 3, definition of accumulation fund

omit

[2]Regulation 3, definition of allocated pension

substitute

allocated pension means a pension paid, within a range of minimum and maximum payments, from an identifiable lump sum, including:

  1. (a)

    a pension provided under rules of a superannuation fund that meet the standards of subregulation 1.06 (4) of the SIS Regulations; and

  2. (b)

    a pension provided under terms and conditions of an RSA that meet the standards of subregulation 1.07 (2) of the RSA Regulations.

[3]Regulation 3, definition of defined benefit fund

omit

[4]Regulation 3, after definition of member’s retirement age, including the note

insert

net earnings, in relation to a superannuation interest in a regulated superannuation fund, approved deposit fund or RSA to which the financial product disclosure provisions of the Corporations Regulations 2001 (being the provisions in Part 7.9 of those Regulations) apply, has the meaning given by regulation 7.9.01 of those Regulations.

[5]Regulation 3, definition of percentage-only interest

substitute

percentage-only interest has the meaning given by regulation 9A.

[6]Regulation 3, definition of relevant date, subparagraph (a) (ii)

substitute

  1. (ii)

    if no date is agreed on by the parties to the agreement and the agreement is dated — the date shown on the agreement; or

  2. (iii)

    if no date is agreed on by the parties to the agreement and the agreement is not dated — the date when a copy of the agreement is served on the trustee of the relevant eligible superannuation plan; and

[7]Regulation 3, after definition of trustee

insert

unflaggable interest has the meaning given by regulation 10A.

unsplittable interest has the meaning given by regulation 11.

[8]Regulation 3, definition of unit trust

omit

[9]After paragraph 5 (1) (a)

insert

  1. (ab)

    the amount of salary, or allowance in the nature of salary, payable to another person (for example, a judicial officer, a member of the Commonwealth or a State Parliament, a member of the Legislative Assembly of a Territory);

[10]Subregulation 7 (1)

substitute

  1. (1)

    This regulation applies to a superannuation interest of a member spouse in a superannuation fund that is not a regulated superannuation fund.

[11]Subregulation 7 (3)

substitute

  1. (3)

    For this regulation, a releasing event is taken to have occurred in relation to a member spouse if:

    1. (a)

      the member spouse has retired; or

    2. (b)

      the member spouse has died; or

    3. (c)

      as a result of the member spouse’s ill health (whether physical or mental), the member spouse:

      1. (i)

        has ceased to be gainfully employed (including if the member spouse has ceased temporarily to receive any gain or reward under a continuing arrangement for the member spouse to be gainfully employed); and

      2. (ii)

        is unlikely, because of the ill health, ever again to engage in gainful employment for which the member spouse is reasonably qualified by education, training or experience; or

    4. (d)

      the member spouse has turned 65; or

    5. (e)

      in the case of a member spouse whose employer has contributed to the member spouse’s eligible superannuation plan in relation to the member spouse — the member spouse has ceased his or her employment with the employer.

[12]Subregulation 7 (4)

omit

In paragraph (3) (b):

insert

In paragraph (3) (e):

[13]After regulation 9

insert

9AMeaning of percentage-only interest (Act s 90MD)

For the definition of percentage-only interest in section 90MD of the Act, a superannuation interest in the Judges’ Pensions Act Scheme is prescribed.

[14]After regulation 10

insert

10AMeaning of unflaggable interest (Act s 90MD)

For the definition of unflaggable interest in section 90MD of the Act, a superannuation interest of a member spouse that is in the payment phase is prescribed.

[15]Regulation 11

omit

For the definition

insert

  1. (1)

    Subject to subregulation (2), for the definition

[16]Regulation 11

insert

  1. (2)

    This regulation does not apply to any of the following superannuation interests:

    1. (a)

      a superannuation interest in the Judges’ Pensions Act Scheme;

    2. (b)

      a superannuation interest in the scheme provided under the Judges’ Pensions Act 1971 of South Australia.

[17]Part 2, after the heading

insert

Division 2.1General

[18]Paragraph 12 (1) (c)

substitute

  1. (c)

    a pension payment to the member spouse that is made as a result of the member spouse’s ill health (whether physical or mental, but not including ill health that would constitute a permanent incapacity within the meaning given by subregulation 6.01 (2) of the SIS Regulations), unless the payment:

    1. (i)

      is one of a series of payments of that kind that have been made to the member spouse for a period of at least 2 years; and

    2. (ii)

      is made more than 2 years after the first payment of that kind was made to the member spouse;

[19]Paragraph 12 (1) (d)

substitute

  1. (d)

    if the superannuation interest is in a superannuation fund that is not a regulated superannuation fund — a payment to the member spouse that is made on compassionate grounds as provided by the governing rules of the plan;

[20]Subregulation 12 (2), definitions of gainfully employed and member’s retirement age

omit

[21]Subparagraphs 13 (1) (b) (i) and (ii)

substitute

  1. (i)

    immediately before the death of the member spouse, the child was dependent on the member spouse; and

  2. (ii)

    at the date of the payment, the child has turned 18; and

  3. (iii)

    the payment is made to enable the child to complete his or her education or, if the child has special needs because of a physical or intellectual disability, to provide maintenance and meet expenses in respect of those needs;

[22]Regulation 14

substitute

Division 2.2Particular circumstances in which payments are not splittable payments

Subdivision 2.2.1General

14Circumstances in which payments are not splittable payments

A payment in respect of a superannuation interest of a member spouse, being a superannuation interest to which a particular superannuation agreement, flag lifting agreement or splitting order applies, is not a splittable payment for the purposes of applying Part VIIIB of the Act to that agreement or order, if the payment is made after the requirements of this Division have been satisfied in relation to the non-member spouse’s entitlement under the agreement or order in respect of the superannuation interest.

14AMeaning of certain expressions for Division 2.2

For this Division:

  1. (a)

    relevant condition of release, in relation to a superannuation interest, means:

    1. (i)

      if the superannuation interest is in a regulated superannuation fund — a condition of release mentioned in item 101, 102, 103 or 106 of Schedule 1 to the SIS Regulations; and

    2. (ii)

      if the superannuation interest is in an approved deposit fund — a condition of release mentioned in item 201, 202, 203 or 206 of Schedule 1 to the SIS Regulations; and

    3. (iii)

      if the superannuation interest is in an RSA — a condition of release mentioned in item 101, 102, 103 or 106 of Schedule 2 to the RSA Regulations; and

  2. (b)

    a non-member spouse satisfies a relevant condition of release if the event specified in the condition has occurred in relation to the non‑member spouse; and

  3. (c)

    in the application of item 101, 103, 201 or 203 of Schedule 1 to the SIS Regulations to a non-member spouse, a reference in:

    1. (i)

      the definition of permanent incapacity in subregulation 6.01 (2) of the SIS Regulations; and

    2. (ii)

      subregulation 6.01 (7) of the SIS Regulations;

to a member is taken to be a reference to the non-member spouse; and

  1. (d)

    in the application of item 101 or 103 of Schedule 2 to the RSA Regulations to a non-member spouse, a reference in:

    1. (i)

      the definition of permanent incapacity in subregulation 4.01 (2) of the RSA Regulations; and

    2. (ii)

      subregulation 4.01 (4) of the RSA Regulations;

to an RSA holder is taken to be a reference to the non‑member spouse.

Subdivision 2.2.2Superannuation interest that is not a percentage-only interest

Note Regulation numbers 14B to 14D have been reserved for future use.

14EApplication of Subdivision 2.2.2

This Subdivision applies in relation to a superannuation interest that is not a percentage-only interest.

14FNew interest created or amount transferred or rolled over or paid, under SIS Regulations or RSA Regulations, in satisfaction of non-member spouse’s entitlement

  1. (1)

    The requirements of this Division are satisfied in relation to a non-member spouse’s entitlement under a particular superannuation agreement, flag lifting agreement or splitting order in respect of a superannuation interest of a member spouse if the requirements of subregulation (2) or (3) are satisfied.

  2. (2)

    The requirements of this subregulation are satisfied if the trustee of the relevant eligible superannuation plan has, under the payment split provisions of the SIS Regulations, done any of the following things:

    1. (a)

      created a new interest in the plan for the non‑member spouse;

    2. (b)

      transferred or rolled over an amount equal to the value of the benefit that the non-member spouse would be required to have if a new interest had been created for the non‑member spouse under the payment split provisions of the SIS Regulations;

    3. (c)

      paid to the non-member spouse the amount to which he or she is entitled in respect of the superannuation interest at the time of the payment.

  3. (3)

    The requirements of this subregulation are satisfied if the trustee of the relevant eligible superannuation plan has, under the payment split provisions of the RSA Regulations, done any of the following things:

    1. (a)

      opened a new RSA for the non‑member spouse;

    2. (b)

      transferred or rolled over an amount equal to the value that the non-member spouse would be required to have if a new RSA had been opened for the non‑member spouse under the payment split provisions of the RSA Regulations;

    3. (c)

      paid to the non-member spouse an amount that is at least the amount to which the non-member spouse is entitled in respect of the superannuation interest at the time of the payment.

  4. (4)

    In this regulation:

payment split provisions of the RSA Regulations means the provisions of the RSA Regulations dealing with superannuation interests that are subject to a payment split.

payment split provisions of the SIS Regulations means the provisions of the SIS Regulations dealing with superannuation interests that are subject to a payment split.

14GNew interest created or amount transferred or rolled over or paid by trustee (other than under regulation 14F) in satisfaction of non-member spouse’s entitlement under agreement or order

  1. (1)

    This regulation applies to a superannuation interest (including an interest in respect of which benefits are payable as an allocated pension) in:

    1. (a)

      a superannuation fund; or

    2. (b)

      an approved deposit fund; or

    3. (c)

      an RSA.

  2. (2)

    The requirements of this Division are satisfied in relation to a non-member spouse’s entitlement under a particular superannuation agreement, flag lifting agreement or splitting order in respect of a superannuation interest of a member spouse if the requirements of subregulation (3), (4), (5) or (6) are satisfied.

  3. (3)

    Subject to subregulation (7), the requirements of this subregulation are satisfied if:

    1. (a)

      the interest is not a defined benefit interest in a self managed superannuation fund; and

    2. (b)

      the trustee of the relevant eligible superannuation plan has, in respect of the non-member spouse’s entitlement under the agreement or order and under the governing rules of the plan, done either of the following things:

      1. (i)

        created a new interest in the plan for the non‑member spouse with a value of at least the value of the non‑member spouse’s entitlement in respect of the superannuation interest at the time the new interest is created;

      2. (ii)

        transferred or rolled over to another superannuation fund or an RSA an amount, to be held for the benefit of the non-member spouse, with a value of at least the value of the non‑member spouse’s entitlement in respect of the superannuation interest at the time the amount is transferred or rolled over.

  4. (4)

    Subject to subregulation (7), the requirements of this subregulation are satisfied if:

    1. (a)

      the interest is a defined benefit interest in a self managed superannuation fund; and

    2. (b)

      the trustee of the plan has, in respect of the non-member spouse’s entitlement under the agreement or order and under the governing rules of the plan, transferred or rolled over to another superannuation fund or an RSA an amount, to be held for the benefit of the non-member spouse, with a value of at least the value of the non‑member spouse’s entitlement in respect of the superannuation interest at the time the amount is transferred or rolled over.

  5. (5)

    Subject to subregulation (7), the requirements of this subregulation are satisfied if:

    1. (a)

      the interest is in a regulated superannuation fund, an approved deposit fund or an RSA; and

    2. (b)

      the non‑member spouse has satisfied a condition of release in relation to the interest; and

    3. (c)

      the trustee of the plan has, in respect of the non-member spouse’s entitlement under the agreement or order, paid to the non-member spouse an amount equal to the value of the non-member spouse’s entitlement in respect of the superannuation interest at the time of the payment.

  6. (6)

    Subject to subregulation (7), the requirements of this subregulation are satisfied if:

    1. (a)

      the interest is in a superannuation fund that is not a regulated superannuation fund; and

    2. (b)

      the trustee of the plan has, in respect of the non-member spouse’s entitlement under the agreement or order, paid to the non-member spouse an amount equal to the value of the non-member spouse’s entitlement in respect of the superannuation interest at the time of the payment.

  7. (7)

    Subregulations (3), (4), (5) and (6) do not apply if:

    1. (a)

      the superannuation interest is a defined benefit interest; and

    2. (b)

      the governing rules of the plan provide for the reduction of the benefit payable to any other member of the plan (other than the member spouse) as a result of the creation of the new interest for the non-member spouse, transfer or rollover of an amount to be held for the benefit of the non‑member spouse, or payment of the amount to the non‑member spouse.

  8. (8)

    For this regulation, the value at a particular time of the non‑member spouse’s entitlement in respect of the superannuation interest is:

    1. (a)

      the base amount allocated to the non-member spouse, or the adjusted base amount applicable to the non-member spouse at that time, less the amount of any fees payable by the non-member spouse under regulation 59; or

    2. (b)

      if, under subparagraph 90MJ (1) (c) (iii) or paragraph 90MT (1) (b) of the Act, a specified percentage is to apply to all splittable payments in respect of the interest — the value of the interest at that time, determined in accordance with Part 5, multiplied by the specified percentage, less the amount of any fees payable by the non-member spouse under regulation 59.

14HAmount paid by member spouse in satisfaction of non-member spouse’s entitlement under agreement or order

  1. (1)

    The requirements of this Division are satisfied in relation to a non-member spouse’s entitlement under a particular superannuation agreement, flag lifting agreement or splitting order in respect of a superannuation interest of a member spouse if the requirements of subregulation (2) or (3) are satisfied.

  2. (2)

    The requirements of this subregulation are satisfied if:

    1. (a)

      the interest is in a regulated superannuation fund, an approved deposit fund or an RSA; and

    2. (b)

      either of the following has happened:

      1. (i)

        the non-member spouse has satisfied a relevant condition of release in relation to the interest, and the member spouse has paid to the non‑member spouse an amount in satisfaction of the non-member spouse’s entitlement in respect of the superannuation interest;

      2. (ii)

        the non-member spouse has not satisfied a relevant condition of release in relation to the interest, and the member spouse has paid to another regulated superannuation fund or an RSA, an amount, to be held for the benefit of the non‑member spouse, in satisfaction of the non‑member spouse’s entitlement in respect of the superannuation interest; and

    3. (c)

      the interest was in the growth phase at the time of the payment; and

    4. (d)

      after the payment mentioned in paragraph (b), a notice in accordance with Form 1 in Schedule 1, signed by the non‑member spouse in respect of the superannuation interest, has been served on the trustee of the plan.

  3. (3)

    The requirements of this subregulation are satisfied if:

    1. (a)

      the interest is in a superannuation fund that is not a regulated superannuation fund; and

    2. (b)

      the member spouse has paid to the non-member spouse an amount in satisfaction of the non-member spouse’s entitlement in respect of the superannuation interest; and

    3. (c)

      the interest was in the growth phase at the time of the payment; and

    4. (d)

      after the payment, a notice in accordance with Form 1 in Schedule 1, signed by the non‑member spouse in respect of the superannuation interest, has been served on the trustee of the plan.

      Subdivision 2.2.3Superannuation interest that is a percentage-only interest

Note Regulation numbers 14I to 14L have been reserved for future use.

14MApplication of Subdivision 2.2.3

This Subdivision applies in relation to a superannuation interest that is a percentage-only interest.

14NNew interest created or amount transferred or rolled over or paid by trustee in satisfaction of non-member spouse’s entitlement under agreement or order

  1. (1)

    This regulation applies to a superannuation interest in:

    1. (a)

      a superannuation fund; or

    2. (b)

      an approved deposit fund; or

    3. (c)

      an RSA.

  2. (2)

    The requirements of this Division are satisfied in relation to a non-member spouse’s entitlement under a particular superannuation agreement, flag lifting agreement or splitting order in respect of a superannuation interest of a member spouse if the requirements of subregulation (3), (4) or (5) are satisfied.

  3. (3)

    Subject to subregulation (6), the requirements of this subregulation are satisfied if:

    1. (a)

      the trustee of the relevant eligible superannuation plan has, in respect of the non-member spouse’s entitlement under the agreement or order and under the governing rules of the plan, done either of the following things:

      1. (i)

        created a new interest in the plan for the non‑member spouse with a value of at least the value of the non‑member spouse’s entitlement in respect of the superannuation interest at the time the new interest is created;

      2. (ii)

        transferred or rolled over to another superannuation fund or an RSA an amount, to be held for the benefit of the non-member spouse, with a value of at least the value of the non‑member spouse’s entitlement in respect of the superannuation interest at the time the amount is transferred or rolled over; and

    2. (b)

      the interest was in the payment phase at the time the thing was done.

  4. (4)

    Subject to subregulation (6), the requirements of this subregulation are satisfied if:

    1. (a)

      the interest is in a regulated superannuation fund, an approved deposit fund or an RSA; and

    2. (b)

      the non‑member spouse has satisfied a condition of release in relation to the interest; and

    3. (c)

      the trustee of the plan has, in respect of the non-member spouse’s entitlement under the agreement or order, paid to the non‑member spouse an amount with a value of at least the non-member spouse’s entitlement in respect of the superannuation interest at the time of the payment; and

    4. (d)

      the interest was in the payment phase at the time of the payment.

  5. (5)

    Subject to subregulation (6), the requirements of this subregulation are satisfied if:

    1. (a)

      the interest is in a superannuation fund that is not a regulated superannuation fund; and

    2. (b)

      the trustee of the plan has, in respect of the non-member spouse’s entitlement under the agreement or order, paid to the non‑member spouse an amount with a value of at least the non-member spouse’s entitlement in respect of the superannuation interest at the time of the payment; and

    3. (c)

      the interest was in the payment phase at the time of the payment.

  2. (6)

    Subregulations (3), (4) and (5) do not apply if:

    1. (a)

      the superannuation interest is a defined benefit interest; and

    2. (b)

      the governing rules of the plan provide for the reduction of the benefit payable to any other member of the plan (other than the member spouse) as a result of the creation of the new interest for the non-member spouse, transfer or rollover of an amount to be held for the benefit of the non‑member spouse, or payment of the amount to the non‑member spouse.

  3. (7)

    For this regulation, the value at a particular time of the non‑member spouse’s entitlement in respect of the superannuation interest is the value at that time calculated in accordance with Schedule 1A.

[23]Paragraph 29 (a)

before

value

insert

gross

[24]Subregulation 31 (2)

substitute

  1. (2)

    If a statement issued by the trustee of the plan in which the interest is held (being a member information statement or similar statement) that states the value of the interest at the relevant date is before the court in evidence in the relevant proceeding, the gross value of the interest at the relevant date is the value of the interest stated in the statement.

[25]Subregulation 31 (3), definition of V2, paragraph (b)

omit

between the relevant date and the second valuation date (excluding both those dates),

insert

beginning on the day after the relevant date and ending at the end of the second valuation date,

[26]Subregulation 31 (3), definition of D

substitute

D is the number of days in the period beginning on the day after the first valuation date and ending at the end of the second valuation date.

[27]Subregulation 31 (4)

substitute

  1. (4)

    For the purpose of determining the gross value of a member spouse’s interest at the relevant date under subregulation (3):

    1. (a)

      if, in relation to the interest, one member information statement only is before the court in evidence in the relevant proceeding, and the relevant date is after the valuation date stated in that statement:

      1. (i)

        the first valuation date is the valuation date stated in that statement; and

      2. (ii)

        the value of the interest at the first valuation date is the value of the interest stated in that statement; and

      3. (iii)

        the second valuation date is a date after the relevant date that is within 28 days before the date when the valuation of the interest is being carried out; and

      4. (iv)

        the value of the interest at the second valuation date is the value of the interest at that date; and

    2. (b)

      if, in relation to the interest, 2 member information statements are before the court in evidence in the relevant proceeding, and the relevant date is between the valuation date stated in one of those statements (the first statement) and the valuation date stated in the other statement (the second statement):

      1. (i)

        the first valuation date is the valuation date stated in the first statement; and

      2. (ii)

        the value of the interest at the first valuation date is the value of the interest stated in the first statement; and

      3. (iii)

        the second valuation date is the valuation date stated in the second statement; and

      4. (iv)

        the value of the interest at the second valuation date is the value of the interest stated in the second statement; and

    3. (c)

      if, in relation to the interest, one member information statement only is before the court in evidence in the relevant proceeding, and the relevant date is before the valuation date stated in that statement:

      1. (i)

        the first valuation date is the date when the interest was acquired by the member spouse; and

      2. (ii)

        the value of the interest at the first valuation date is the value of the interest at that date; and

      3. (iii)

        the second valuation date is the valuation date stated in the statement; and

      4. (iv)

        the value of the interest at the second valuation date is the value of the interest stated in the statement; and

    4. (d)

      in any other case:

      1. (i)

        the first valuation date is the date when the interest was acquired by the member spouse; and

      2. (ii)

        the value of the interest at the first valuation date is the value of the interest at that date; and

      3. (iii)

        the second valuation date is a date after the relevant date that is within 28 days before the date when the valuation of the interest is being carried out; and

      4. (iv)

        the value of the interest at the second valuation date is the value of the interest at that date.

  2. (4A)

    For subparagraphs (4) (a) (iv) and (d) (iv), the value of the interest at the second valuation date includes:

    1. (a)

      any amount payable under an earlier payment split that applies in respect of the interest; and

    2. (b)

      the amount of any surcharge debt of the member spouse in respect of the interest.

[28]Paragraph 32 (a)

before

value

insert

gross

[29]Subregulation 38 (3), note

before each mention of

value

insert

gross

[30]Subregulation 42 (2)

substitute

  1. (2)

    If the pension is payable for the life of the member spouse, the gross value of the superannuation interest at the relevant date is to be determined using:

    1. (a)

      if, under regulation 43A, the Minister has approved a method or factors to be used to determine the gross value of the interest — the approved method or factors; or

    2. (b)

      in any other case — the method of valuation set out in Schedule 4.

[31]After regulation 43

insert in Part 5

43AApproval of methods and factors for valuing superannuation interest being paid as a life pension

  1. (1)

    The Minister may approve, in writing, for the purposes of this regulation, methods or factors that are to be used to determine the gross value of a superannuation interest the benefits in respect of which are being paid as a pension that is payable for the life of the member spouse.

  2. (2)

    An approval by the Minister under subregulation (1) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.

Note If the Minister approves a method or factors to be used to determine the gross value of a superannuation interest, the approved method or factors are to be used to determine the gross value of the interest instead of the method of valuation set out in Schedule 4 to these Regulations — see subregulation 42 (2).

[32]Regulation 44, heading

substitute

44Definition for Part 6

[33]Regulation 44, definitions of accrual period, gainful employment and relevant condition of release

omit

[34]Regulation 46

omit

For section

insert

  1. (1)

    For section

[35]Regulation 46

after the note, insert

  1. (2)

    If the payment split is a second or later payment split applicable to the splittable payment, this Division applies as modified in accordance with Schedule 7.

Note Section 90MX of the Act makes provision in relation to the order in which multiple payment splits that apply to the same splittable payment are to be calculated.

[36]Subregulations 47 (2) and (3)

substitute

  1. (2)

    After each adjustment period in relation to the superannuation interest, the trustee must, if necessary, adjust the base amount in accordance with the rate of interest that applied to the superannuation interest in that adjustment period under regulation 48.

Note Depending on the rate of interest that applied to the superannuation interest in an adjustment period, the base amount may be adjusted by a positive amount or a negative amount or, if the rate was nil, not adjusted.

  1. (3)

    For this regulation and regulation 48, an adjustment period, for a superannuation interest, is:

    1. (a)

      if a splittable payment becomes payable in respect of the interest before the end of the first year after the relevant operative time in that year — the period beginning at the beginning of the relevant operative time and ending at the end of the day before the splittable payment becomes payable; or

    2. (b)

      if a splittable payment does not become payable in respect of the interest before the end of the first year after the relevant operative time in that year:

      1. (i)

        the period beginning at the beginning of the relevant operative time in that year and ending at the end of that year; and

      2. (ii)

        after that period:

        1. (A)

          each year (if any) in which a splittable payment does not become payable in respect of the interest; and

        2. (B)

          in the year in which a splittable payment becomes payable in respect of the interest — the period beginning at the beginning of that year and ending at the end of the day before the splittable payment becomes payable.

  2. (4)

    In subregulation (3):

year means:

  1. (a)

    for a superannuation interest in a regulated superannuation fund that has a year of income within the meaning of subsection 10 (1) of the SIS Act — a year of income; and

  2. (b)

    for any other superannuation interest — a financial year.

[37]Regulation 48

substitute

48Interest rates for adjustment of base amount

  1. (1)

    The rate of interest that applies to a superannuation interest in an adjustment period is the interest rate that applies to the interest for the adjustment period under this regulation.

  2. (2)

    Subject to subregulation (5), if the whole of the superannuation interest is an accumulation interest (other than an interest in a self managed superannuation fund), the interest rate for the adjustment period is:

    1. (a)

      for an interest in a regulated superannuation fund, an approved deposit fund or an RSA:

      1. (i)

        the rate of any allotment (being the allotment of a positive amount, a nil amount or a negative amount) to the member spouse of net earnings of the eligible superannuation plan for the adjustment period; or

      2. (ii)

        if there has been no such allotment to the member spouse for the adjustment period, the rate mentioned in subregulation (3) for the adjustment period; and

    2. (b)

      if the interest is in an exempt public sector superannuation scheme or a superannuation fund that is not a regulated superannuation fund:

      1. (i)

        the rate of any allocation (being the allocation of a positive amount, a nil amount or a negative amount) to the member spouse of investment earnings (however described) of the eligible superannuation plan for the adjustment period; or

      2. (ii)

        if there has been no such allocation to the member spouse for the adjustment period, the rate mentioned in subregulation (3) for the adjustment period.

  3. (3)

    Despite subregulations (4) and (5) and subject to subregulation (6), if the superannuation interest is in a self managed superannuation fund, the interest rate for the adjustment period is the percentage change, rounded up or down to 1 decimal place (rounding up if the second decimal place has a value of 5 or more), in the original estimate of full-time adult ordinary time earnings for all persons in Australia, published by the Australian Bureau of Statistics in the document entitled ‘Average Weekly Earnings, Australia (Catalogue 6302.0)’, that applies for that adjustment period, plus 2.5 percentage points.

  4. (4)

    Subject to subregulation (5), if any component of the superannuation interest is a defined benefit interest, the interest rate for the adjustment period is:

    1. (a)

      subject to subregulation (6) and if paragraph (b) does not apply — the rate mentioned in subregulation (3); or

    2. (b)

      if, for the adjustment period, the amount of the total benefits payable in respect of the defined benefit interest is calculated by applying a growth factor to a specified amount — that growth factor.

Example for paragraph (4) (b)

The interest rate mentioned in paragraph (4) (b) would apply for an adjustment period to a defined benefit interest of a member spouse in respect of which the benefit is defined by reference to the member spouse’s final salary and length of service if, in the adjustment period, the interest is converted to a withdrawal or resignation benefit and subsequently adjusted annually by the interest earned by the plan in which the interest is held, or another factor such as the consumer price index or average weekly ordinary time earnings.

  1. (5)

    If different interest rates apply to different components of the superannuation interest (including an accumulation interest) in the adjustment period, the interest rate for the adjustment period is the weighted average crediting rate (which may be a positive rate, a rate of nil, or a negative rate) that applies to the superannuation interest in the adjustment period, expressed as a percentage, being the total amount of interest that applied in respect of all components of the superannuation interest in the adjustment period divided by the total value of the benefits in respect of all components of the superannuation interest at the beginning of the adjustment period.

Example

A member of an eligible superannuation plan has a superannuation interest the value of which, at the beginning of an adjustment period, is $60 000 (made up of personal contributions and interest valued at $20 000 and employer-financed benefits on resignation valued at $40 000). If the amount of the personal contributions and interest earned interest at the rate of 10% in an adjustment period, and the amount of the employer-financed benefits earned interest at the rate of 3% (the rate of the CPI) in the adjustment period, the weighted average crediting rate that would apply to the superannuation interest for the adjustment period would be 5.33% calculated as follows:

· The value of the interest that applied to the personal contributions and interest in the adjustment period was $2 000 (ie, $20 000 ´ 10%).

· The value of the interest that applied to the employer-financed benefits in the adjustment period was $1 200 (ie, $40 000 ´ 3%).

· The total interest earned in the adjustment period was therefore $3 200 (ie, $2 000 + $1 200).

· The weighted average crediting rate that applies to the superannuation interest for the adjustment period is the total interest for the adjustment period ($3 200) divided by the total benefits at the beginning of the adjustment period ($60 000), expressed as a percentage — 5.33%.

  1. (6)

    For subregulation (3) and paragraph (4) (a):

    1. (a)

      if an adjustment period is exactly 12 months, the publication by the Australian Bureau of Statistics (ABS) of an estimate of full-time adult ordinary time earnings for the 12 month period ending most recently before the end of the adjustment period is taken to be the interest rate for the adjustment period; and

    2. (b)

      if an adjustment period is more than 9 months but less than 12 months, the publication by the ABS of an estimate of full-time adult ordinary time earnings for the 9 month period ending most recently before the end of the adjustment period is taken to be the interest rate for the adjustment period; and

    3. (c)

      if an adjustment period is more than 6 months but less than 9 months, the publication by the ABS of an estimate of full-time adult ordinary time earnings for the 6 month period ending most recently before the end of the adjustment period is taken to be the interest rate for the adjustment period; and

    4. (d)

      if an adjustment period is more than 3 months but less than 6 months, the publication by the ABS of an estimate of full-time adult ordinary time earnings for the 3 month period ending most recently before the end of the adjustment period is taken to be the interest rate for the adjustment period; and

    5. (e)

      if an adjustment period is less than 3 months, the publication by the ABS of an estimate of full-time adult ordinary time earnings for the 3 month period ending most recently before the end of the preceding adjustment period is taken to be the interest rate for the adjustment period.

[38]Subregulation 49 (1)

substitute

  1. (1)

    This regulation applies in relation to the superannuation interest if:

    1. (a)

      the splittable payment that the member spouse or other person is entitled to receive is a lump sum (other than a lump sum that the member spouse or other person may be entitled to receive because the member spouse or other person may choose, by way of a commutation of a pension payable to him or her, or otherwise, to take the whole, or a part, of the benefits in respect of the interest, as a lump sum); and

    2. (b)

      the lump sum is equal to or more than the amount of the adjusted base amount applicable to the non‑member spouse at the time the splittable payment becomes payable.

[39]Subregulation 50 (1)

substitute

  1. (1)

    This regulation applies in relation to the superannuation interest if:

    1. (a)

      the splittable payment that the member spouse or other person is entitled to receive is a lump sum (other than a lump sum that the member spouse or other person may be entitled to receive because the member spouse or other person may choose, by way of a commutation of a pension payable to him or her, or otherwise, to take the whole, or a part, of the benefits in respect of the interest, as a lump sum); and

    2. (b)

      the lump sum is less than the amount of the adjusted base amount applicable to the non‑member spouse at the time the splittable payment becomes payable.

[40]Subregulation 51 (1)

omit

This subregulation

insert

This regulation

[41]Paragraph 51 (1) (b)

omit

the member spouse

insert

the member spouse or other person

[42]Paragraph 51 (1) (d)

omit each mention of

the member spouse

insert

the member spouse or other person

[43]Paragraph 51 (2) (a)

omit

the member spouse

insert

the member spouse or other person

[44]Subregulation 51 (3), definitions of Comm and Py+m

substitute

Comm is the commutation factor for converting to a lump sum, under the governing rules of the plan, a pension payable to the member spouse or other person, if the pension were to be converted to a lump sum at:

  1. (a)

    if the relevant splittable payment in respect of the superannuation interest is payable to the member spouse — the date of the first splittable payment to the member spouse in respect of the superannuation after the operative time; or

  2. (b)

    if the relevant splittable payment in respect of the superannuation interest is payable to another person for the benefit of the member spouse — the earliest date when the pension could be commuted to a lump sum; or

  3. (c)

    if the relevant splittable payment in respect of the superannuation interest is payable to a reversionary beneficiary after the death of the member spouse — the date of the member spouse’s death; or

  4. (d)

    if the relevant splittable payment in respect of the superannuation interest is payable to the legal personal representative of the member spouse after the death of the member spouse, or the legal personal representative of a reversionary beneficiary covered by paragraph 90ME (1) (d) of the Act after the death of that reversionary beneficiary — the earliest date at which the legal personal representative could choose to take the remaining benefits in respect of the interest as a lump sum.

Py+m is the pension valuation factor that applies to the particular pension payable to the member spouse or other person at the date that applies under the definition of the factor Comm in this subregulation, being:

  1. (a)

    if, under regulation 43A, the Minister has approved a method or factors to be used to determine the gross value of a superannuation interest the benefits in respect of which are being paid as a pension that is payable for the life of the member spouse — the approved factor or the factor that applies under the approved method; or

  2. (b)

    in any other case — the pension valuation factor under Schedule 4 or 5.

[45]Paragraph 51 (4) (a)

omit

the member spouse

insert

the member spouse or other person

[46]Paragraph 51 (4) (a)

omit

subregulation (5);

insert

subregulation (5) (the minimum lump sum);

[47]Subparagraph 51 (4) (b) (ii)

substitute

  1. (ii)

    the amount, calculated in accordance with subregulation (6), from:

    1. (A)

      if the member spouse or other person chooses to be paid, as a lump sum, an amount that is more than the minimum lump sum — the amount that is the difference between the actual lump sum paid and the minimum lump sum; and

    2. (B)

      each other splittable payment that becomes payable in respect of the superannuation interest.

[48]Subregulation 51 (5)

omit the first mention of

the amount of the lump sum

insert

the amount of the minimum lump sum

[49]Subregulation 51 (5), definitions of Comm and Py+m

substitute

Comm has the same meaning as in subregulation (3).

Py+m has the same meaning as in subregulation (3).

[50]Subregulation 51 (6)

omit everything before the formula, insert

  1. (6)

    For subparagraph (4) (b) (ii), the amount is calculated in accordance with the following formula:

[51]Subregulation 51 (6), definition of SP

substitute

SP is:

  1. (a)

    if applicable, the amount of the difference between the actual lump sum paid to the member spouse and the minimum lump sum; or

  2. (b)

    the amount of the relevant splittable payment.

[52]Subregulation 51 (7), definitions of Py+m and Comm

substitute

Py+m has the same meaning as in subregulation (3).

Comm has the same meaning as in subregulation (3).

[53]Subregulation 52 (1)

substitute

  1. (1)

    This regulation applies in relation to the superannuation interest if:

    1. (a)

      benefits in respect of the interest are not payable as an allocated pension; and

    2. (b)

      the member spouse or other person may, under the governing rules of the relevant eligible superannuation plan, choose (by way of a commutation of a pension payable to him or her, or otherwise) to take a lump sum that is at least the amount of the adjusted base amount applicable to the non‑member spouse at that time without losing the right to take the remaining part of the benefits in respect of the interest as a pension; and

    3. (c)

      the non-member spouse has served a request, in accordance with Form 3 in Schedule 1, on the trustee of the plan requesting that the non-member spouse be paid, as a lump sum, the whole of the adjusted base amount applicable to the non-member spouse at the time the splittable payment becomes payable.

[54]Subregulation 52 (2), definitions of Comm and Py+m

substitute

Comm has the same meaning as in subregulation 51 (3).

Py+m has the same meaning as in subregulation 51 (3).

[55]Subregulation 53 (1)

substitute

  1. (1)

    This regulation applies in relation to the superannuation interest if:

    1. (a)

      benefits in respect of the interest are not payable as an allocated pension; and

    2. (b)

      the member spouse or other person may, under the governing rules of the relevant eligible superannuation plan, choose (by way of a commutation of a pension payable to him or her, or otherwise) to take a lump sum that is at least the amount of the adjusted base amount applicable to the non‑member spouse at that time without losing the right to take the remaining part of the benefits in respect of the interest as a pension; and

    3. (c)

      the non-member spouse has served a request, in accordance with Form 3 in Schedule 1, on the trustee of the plan requesting that the non-member spouse be paid, as a lump sum, a proportion of the adjusted base amount applicable to the non‑member spouse at that time.

[56]Subregulation 53 (2)

omit

formula:

insert

formula (the minimum lump sum):

[57]Subregulation 53 (2), definitions of Comm and Py+m

substitute

Comm has the same meaning as in subregulation 51 (3).

Py+m has the same meaning as in subregulation 51 (3).

[58]Paragraphs 53 (3) (a) and (b)

substitute

  1. (a)

    the amount of the minimum lump sum; and

  2. (b)

    the amount, calculated in accordance with subregulation (4), from:

    1. (i)

      if the member spouse chooses to be paid, as a lump sum, an amount that is more than the minimum lump sum — the amount that is the difference between the actual lump sum paid and the minimum lump sum; and

    2. (ii)

      each other splittable payment that becomes payable in respect of the superannuation interest.

[59]Subregulation 53 (4)

omit everything before the formula, insert

  1. (4)

    For paragraph (3) (b), the amount is calculated in accordance with the following formula:

[60]Subregulation 53 (4), definition of SP

substitute

SP is:

  1. (a)

    if applicable, the amount of the difference between the actual lump sum paid to the member spouse and the minimum lump sum; or

  2. (b)

    the amount of the relevant splittable payment.

[61]Subregulation 53 (4), definitions of Py+m and Comm

substitute

Py+m has the same meaning as in subregulation 51 (3).

Comm has the same meaning as in subregulation 51 (3).

[62]Subregulation 54 (1)

substitute

  1. (1)

    This regulation applies in relation to the superannuation interest if:

    1. (a)

      benefits in respect of the interest are not payable as an allocated pension; and

    2. (b)

      no benefit is payable to the member spouse or other person as a lump sum (including a lump sum that the member spouse or other person may choose to take, by way of a commutation of a pension payable to him or her, or otherwise, in respect of the whole, or a part, of the benefits in respect of the interest).

[63]After regulation 54

insert in Division 6.2

54AAmount to be paid to non-member spouse — benefits payable as allocated pension

  1. (1)

    This regulation applies in relation to the superannuation interest if:

    1. (a)

      the whole, or a part, of the benefits in respect of the interest are payable as an allocated pension; and

    2. (b)

      regulation 49 does not apply in relation to the interest.

  2. (2)

    When a splittable payment becomes payable in respect of the superannuation interest, the non-member spouse is entitled to be paid, from the lump sum from which the allocated pension is payable, the amount of the adjusted base amount applicable to the non-member spouse at that time.

  3. (3)

    Subject to subregulation (4), the non-member spouse is not entitled to be paid any amount from any other splittable payment in respect of the superannuation interest.

  4. (4)

    If the lump sum from which the allocated pension is payable is less than the amount of the adjusted base amount applicable to the non-member spouse at the time the splittable payment becomes payable, the non-member spouse is entitled to be paid:

    1. (a)

      the amount of the lump sum; and

    2. (b)

      from each other splittable payment that becomes payable in respect of the superannuation interest, the amount calculated in accordance with subregulation (5).

  5. (5)

    For paragraph (4) (b), the amount is calculated in accordance with the following formula:

where:

ABA is the adjusted base amount applicable to the non‑member spouse at the date when the first splittable payment becomes payable in respect of the superannuation interest.

X is the amount of the lump sum paid to the non‑member spouse under paragraph (4) (a).

SP is the amount of the relevant splittable payment.

V is the value of the superannuation interest at the date when the first splittable payment became payable in respect of the superannuation interest, determined in accordance with the relevant method of valuation set out in Division 5.2, as if references in that Division to ‘the relevant date’ were references to ‘the date when the first splittable payment became payable in respect of the superannuation interest’.

[64]Division 6.3, heading

substitute

Division 6.3Superannuation interest in payment phase at date of service of agreement or date of order

Subdivision 6.3.1Application of Division 6.3

[65]Before regulation 56

insert

Subdivision 6.3.2First or only payment split

55AApplication of Subdivision 6.3.2

This Subdivision sets out how to calculate the non‑member spouse’s entitlement under the payment split if the payment split is the first or only payment split applicable to the splittable payment.

[66]Subregulation 56 (1)

substitute

  1. (1)

    This regulation applies in relation to the superannuation interest if:

    1. (a)

      the first splittable payment that becomes payable in respect of the interest after the operative time is not a payment in respect of an allocated pension; and

    2. (b)

      the amount of that payment is equal to or more than the amount of the base amount allocated to the non‑member spouse in relation to the interest.

[67]Subregulation 57 (1)

substitute

  1. (1)

    This regulation applies in relation to the superannuation interest if:

    1. (a)

      the first splittable payment that becomes payable in respect of the interest after the operative time is not a payment in respect of an allocated pension; and

    2. (b)

      the amount of that payment is less than the amount of the base amount allocated to the non‑member spouse in relation to the interest.

[68]Subregulation 58 (1)

omit

This subregulation

insert

This regulation

[69]Subregulation 58 (3), definitions of Comm and Py+m

substitute

Comm has the same meaning as in subregulation 51 (3).

Py+m has the same meaning as in subregulation 51 (3).

[70]Paragraph 58 (4) (a)

omit

subregulation (5);

insert

subregulation (5) (the minimum lump sum);

[71]Subparagraph 58 (4) (b) (ii)

substitute

  1. (ii)

    the amount, calculated in accordance with subregulation (6), from:

    1. (A)

      if the member spouse chooses to be paid, as a lump sum, an amount that is more than the minimum lump sum — the amount that is the difference between the actual lump sum paid and the minimum lump sum; and

    2. (B)

      each other splittable payment that becomes payable in respect of the superannuation interest.

[72]Subregulation 58 (5)

omit

the amount of the lump sum

insert

the amount of the minimum lump sum

[73]Subregulation 58 (5), definitions of Comm and Py+m

substitute

Comm has the same meaning as in subregulation 51 (3).

Py+m has the same meaning as in subregulation 51 (3).

[74]Subregulation 58 (6)

omit everything before the formula, insert

  1. (6)

    For subparagraph (4) (b) (ii), the amount is calculated in accordance with the following formula:

[75]Subregulation 58 (6), definition of SP

substitute

SP is:

  1. (a)

    if applicable, the amount of the difference between the actual lump sum paid to the member spouse and the minimum lump sum; or

  2. (b)

    the amount of the relevant splittable payment.

[76]Subregulation 58 (7), definitions of Py+m and Comm

substitute

Py+m has the same meaning as in subregulation 51 (3).

Comm has the same meaning as in subregulation 51 (3).

[77]After regulation 58

insert in Division 6.3

58AAmount to be paid to non-member spouse — benefits payable as allocated pension

  1. (1)

    This regulation applies in relation to the superannuation interest if the first splittable payment that becomes payable in respect of the interest after the operative time is a payment in respect of an allocated pension.

  2. (2)

    When the splittable payment becomes payable in respect of the superannuation interest, the non-member spouse is entitled to be paid, from the lump sum from which the allocated pension is payable, the amount of the base amount allocated to the non‑member spouse in relation to the interest.

  3. (3)

    Subject to subregulation (4), the non-member spouse is not entitled to be paid any amount from any other splittable payment in respect of the superannuation interest.

  4. (4)

    If the lump sum from which the allocated pension is payable is less than the amount of the base amount allocated to the non‑member spouse in relation to the superannuation interest, the non-member spouse is entitled to be paid:

    1. (a)

      the amount of the lump sum; and

    2. (b)

      from each other splittable payment that becomes payable in respect of the superannuation interest, the amount calculated in accordance with subregulation (5).

  5. (5)

    For paragraph (4) (b), the amount is calculated in accordance with the following formula:

where:

ABA is the adjusted base amount applicable to the non‑member spouse at the date when the first splittable payment becomes payable in respect of the superannuation interest.

X is the amount of the lump sum paid to the non‑member spouse under paragraph (4) (a).

SP is the amount of the relevant splittable payment.

V is the value of the superannuation interest at the date when the first splittable payment became payable in respect of the superannuation interest, determined in accordance with the relevant method of valuation set out in Division 5.2, as if references in that Division to ‘the relevant date’ were references to ‘the date when the first splittable payment became payable in respect of the superannuation interest’.

Subdivision 6.3.3Second or later payment split

58BApplication of Subdivision 6.3.3

This Subdivision sets out how to calculate the non‑member spouse’s entitlement under the payment split if the payment split is a second or later payment split applicable to the splittable payment.

58CAmount to be paid to non-member spouse — first splittable payment after operative time equal to or more than amount of earlier payments plus base amount

  1. (1)

    This regulation applies in relation to the superannuation interest if:

    1. (a)

      the first splittable payment that becomes payable in respect of the interest after the operative time is not a payment in respect of an allocated pension; and

    2. (b)

      the amount of that payment is equal to or more than the sum of:

      1. (i)

        the amount payable under subregulation 50 (3), 51 (6), 53 (4), 54 (2), 57 (3) or 58 (6) or this regulation to each other person under a payment split with an earlier operative time; and

      2. (ii)

        the base amount allocated to the non-member spouse in relation to the interest.

  2. (2)

    The amount that the non-member spouse is entitled to be paid in respect of the first splittable payment is the base amount.

  3. (3)

    The non-member spouse is not entitled to be paid any amount from any other splittable payment in respect of the superannuation interest.

58DAmount to be paid to non-member spouse — first splittable payment after operative time less than amount of earlier payments plus base amount

  1. (1)

    This regulation applies in relation to the superannuation interest if:

    1. (a)

      the first splittable payment that becomes payable in respect of the interest after the operative time is not a payment in respect of an allocated pension; and

    2. (b)

      the amount of that payment is less than the sum of:

      1. (i)

        the amount payable under subregulation 50 (3), 51 (6), 53 (4), 54 (2), 57 (3) or 58 (6) or this regulation to each other person under a payment split with an earlier operative time; and

      2. (ii)

        the base amount allocated to the non-member spouse in relation to the interest.

  2. (2)

    The amount that the non-member spouse is entitled to be paid in respect of the superannuation interest is:

    1. (a)

      the amount of the first splittable payment; and

    2. (b)

      from each other splittable payment that becomes payable in respect of the interest, the amount calculated in accordance with subregulation (3).

Note for paragraph (a) Because of the operation of subsection 90MX (3) of the Act, the amount under paragraph (a) will be the amount of the first splittable payment as reduced by the amount to which another person is entitled under each payment split with an earlier operative time.

  1. (3)

    For paragraph (2) (b), the amount is calculated in accordance with the following formula:

where:

BA is the base amount allocated to the non-member spouse in relation to the superannuation interest.

X is the amount of the first splittable payment paid to the non‑member spouse under paragraph (2) (a).

SP is the amount of the relevant splittable payment.

V is the value of the superannuation interest at the date when the first splittable payment became payable in respect of the superannuation interest after the operative time, determined in accordance with the relevant method of valuation set out in Division 5.2, as if references in that Division to ‘the relevant date’ were references to ‘the date when the first splittable payment became payable in respect of the superannuation interest after the operative time’.

58EAmount to be paid to non-member spouse — benefits payable as allocated pension

  1. (1)

    This regulation applies in relation to the superannuation interest if the first splittable payment that becomes payable in respect of the interest after the operative time is a payment in respect of an allocated pension.

  2. (2)

    The non-member spouse is entitled to be paid the amounts calculated in accordance with regulation 58A.

[78]Paragraph 59 (1) (e)

omit

interest.

insert

interest;

[79]After paragraph 59 (1) (e)

insert

  1. (f)

    any other thing done by the trustee in relation to a superannuation interest covered by a superannuation agreement, flag lifting agreement or splitting order.

[80]Subregulation 59 (2)

omit

(c) or (d)

insert

(c), (d) or (f)

[81]Regulation 60

substitute

60Waiver of rights under payment split (Act s 90MZA)

  1. (1)

    For subsection 90MZA (2) of the Act, a waiver notice must be in accordance with Form 5 in Schedule 1.

  2. (2)

    For paragraph 90MZA (2) (a) of the Act, each of the following persons is a prescribed financial adviser:

    1. (a)

      a person who is the holder of an Australian financial services licence under section 913B of the Corporations Act 2001, being a licence that authorises the person to provide advice of the kind mentioned in paragraph 90MZA (2) (a) of the Family Law Act 1975;

    2. (b)

      a person who provides a financial service, within the meaning of Chapter 7 of the Corporations Act 2001, on behalf of a person mentioned in paragraph (a) in the circumstances in which that is permitted under section 911B of that Act.

[82]Paragraph 63 (1) (b)

omit

fund.

insert

fund; and

[83]After paragraph 63 (1) (b)

insert

  1. (c)

    regulation 68A does not apply in relation to the interest.

[84]Paragraph 63 (2) (a)

substitute

  1. (aa)

    if the interest is an unsplittable interest, a statement to that effect;

  2. (a)

    a statement indicating whether the interest is subject to a payment split or payment flag and, if the interest is subject to a payment split (other than under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non-member spouse’s entitlement has been satisfied as required by Division 2.2), the information mentioned in subregulation (5);

[85]Paragraph 63 (2) (d)

omit

the payment phase information

insert

subject to subregulation (6), the payment phase information

[86]Paragraph 63 (2) (e)

substitute

  1. (e)

    if the interest was in the growth phase at the appropriate date — subject to subregulation (6), the growth phase information in relation to the interest mentioned in subregulation (4);

  2. (f)

    details of any fees that may be charged by the trustee under paragraph 59 (1) (a), (b), (c), (d) or (f).

[87]Subregulation 63 (3)

substitute

  1. (3)

    For paragraph (2) (d), the payment phase information in relation to the superannuation interest is:

    1. (a)

      if the ongoing pension payments in respect of the interest are in respect of an allocated pension — the withdrawal benefit in relation to the member at the appropriate date; and

    2. (b)

      in any other case:

      1. (i)

        the amount of annual pension benefit payable to the member at the appropriate date; and

      2. (ii)

        a statement indicating whether the pension benefit is a lifetime pension or a fixed-term pension; and

      3. (iii)

        if the pension is a fixed-term pension:

        1. (A)

          the date when the pension payments commenced; and

        2. (B)

          the length of the term; and

      4. (iv)

        a statement indicating whether the pension benefit is indexed and, if so, the method of indexation; and

      5. (v)

        a statement indicating whether there is any reversionary beneficiary in relation to the pension benefit and, if so, the proportion of the ongoing pension payments that would be payable to the reversionary beneficiary on the death of the member.

[88]Paragraphs 63 (4) (d), (e) and (f)

substitute

  1. (d)

    if the interest is in a regulated superannuation fund or an RSA:

    1. (i)

      in the case of a member who has resigned from his or her employment at the date when the application for information is received by the trustee — the amount, at that date, of the member’s restricted non‑preserved benefits; and

    2. (ii)

      in the case of any other member — the amount, at the date when the application for information is received by the trustee, of the member’s unrestricted non-preserved benefits that may be cashed by the member without any change in his or her employment;

  2. (e)

    if the interest is in an approved deposit fund — the amount, at the date when the application for information is received by the trustee, of the member’s unrestricted non‑preserved benefits;

  3. (f)

    if:

    1. (i)

      a payment that would have been an eligible termination payment under Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 had been made in respect of the interest at the date when the application for information is received by the trustee; and

    2. (ii)

      the amount of the payment had been the amount payable to the member if he or she had voluntarily ceased to be a member of the plan —

the value that the components of the payment mentioned in paragraphs 27AA (1) (a), (aa), (b), (c), (cb), (d) and (e) of that Act would have had;

[89]After subregulation 63 (4)

insert

  1. (5)

    For paragraph (2) (a), the information that must be provided in relation to each payment split to which the superannuation interest is subject (other than under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non‑member spouse’s entitlement has been satisfied as required by Division 2.2) is as follows:

    1. (a)

      the operative time for the payment split;

    2. (b)

      if the payment split is under subparagraph 90MJ (1) (c) (i) or (ii) of the Act, or under a splitting order made under paragraph 90MT (1) (a) of the Act, and the interest was in the payment phase at the appropriate date — the amount that, under subregulation 58 (6) or 58D (3), a person is entitled to be paid from each splittable payment that becomes payable in respect of the interest;

    3. (c)

      if the payment split is under subparagraph 90MJ (1) (c) (i) of the Act, or under a splitting order made under paragraph 90MT (1) (a) of the Act, and the interest was in the growth phase at the appropriate date:

      1. (i)

        the base amount specified in the relevant superannuation agreement or flag lifting agreement in relation to the interest; and

      2. (ii)

        if applicable, the adjusted base amount at the appropriate date;

    4. (d)

      if the payment split is under subparagraph 90MJ (1) (c) (ii) of the Act and the interest was in the growth phase at the appropriate date:

      1. (i)

        the amount set out in the document served on the trustee under paragraph 90MI (b) of the Act; and

      2. (ii)

        if applicable, the adjusted base amount at the appropriate date;

    5. (e)

      if the payment split is under subparagraph 90MJ (1) (c) (iii) of the Act or under a splitting order made under paragraph 90MT (1) (b) of the Act — the specified percentage that is to apply to any splittable payment that becomes payable in respect of the interest.

  2. (6)

    The trustee is only required to provide the information mentioned in paragraph (3) (a), subparagraph (3) (b) (i) and paragraphs (4) (a), (b) and (c) if a record of that information is in the possession, power or control of the trustee.

[90]Paragraph 64 (1) (b)

omit

fund.

insert

fund; and

[91]After paragraph 64 (1) (b)

insert

  1. (c)

    regulation 68A does not apply in relation to the interest.

[92]Paragraph 64 (2) (a)

substitute

  1. (aa)

    if the interest is an unsplittable interest, a statement to that effect;

  2. (a)

    a statement indicating whether the interest is subject to a payment split or payment flag and, if the interest is subject to a payment split (other than under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non-member spouse’s entitlement has been satisfied as required by Division 2.2), the information mentioned in subregulation (5);

[93]Paragraph 64 (2) (d)

omit

the payment phase information

insert

subject to subregulation (6), the payment phase information

[94]Paragraph 64 (2) (e)

substitute

  1. (e)

    if the interest was in the growth phase at the appropriate date — subject to subregulation (6), the growth phase information in relation to the interest mentioned in subregulation (4);

  2. (f)

    details of any fees that may be charged by the trustee under paragraph 59 (1) (a), (b), (c), (d) or (f).

[95]Subregulation 64 (3)

substitute

  1. (3)

    For paragraph (2) (d), the payment phase information in relation to the superannuation interest is:

    1. (a)

      if the ongoing pension payments in respect of the interest are in respect of an allocated pension — the withdrawal benefit in relation to the member at the appropriate date; and

    2. (b)

      in any other case:

      1. (i)

        the amount of annual pension benefit payable to the member at the appropriate date; and

      2. (ii)

        a statement indicating whether the pension benefit is a lifetime pension or a fixed-term pension; and

      3. (iii)

        if the pension is a fixed-term pension:

        1. (A)

          the date when the pension payments commenced; and

        2. (B)

          the length of the term; and

      4. (iv)

        a statement indicating whether the pension benefit is indexed and, if so, the method of indexation; and

      5. (v)

        a statement indicating whether there is any reversionary beneficiary in relation to the pension benefit and, if so, the proportion of the ongoing pension payments that would be payable to the reversionary beneficiary on the death of the member.

[96]Paragraph 64 (4) (b)

before

accrued

insert

member spouse’s

[97]Paragraphs 64 (4) (k), (l) and (m)

substitute

  1. (k)

    if the interest is in a regulated superannuation fund or an RSA:

    1. (i)

      in the case of a member who has resigned from his or her employment at the date when the application for information is received by the trustee — the amount, at that date, of the member’s restricted non‑preserved benefits; and

    2. (ii)

      in the case of any other member — the amount, at the date when the application for information is received by the trustee, of the member’s unrestricted non-preserved benefits that may be cashed by the member without any change in his or her employment;

  2. (l)

    if the interest is in an approved deposit fund — the amount, at the date when the application for information is received by the trustee, of the member’s unrestricted non‑preserved benefits;

  3. (m)

    if:

    1. (i)

      a payment that would have been an eligible termination payment under Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 had been made in respect of the interest at the date when the application for information is received by the trustee; and

    2. (ii)

      the amount of the payment had been the amount payable to the member if he or she had voluntarily ceased to be a member of the plan —

the value that the components of the payment mentioned in paragraphs 27AA (1) (a), (aa), (b), (c), (cb), (d) and (e) of that Act would have had;

[98]After subregulation 64 (4)

insert

  1. (5)

    For paragraph (2) (a), the information that must be provided in relation to each payment split to which the superannuation interest is subject (other than under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non‑member spouse’s entitlement has been satisfied as required by Division 2.2) is as follows:

    1. (a)

      the operative time for the payment split;

    2. (b)

      if the payment split is under subparagraph 90MJ (1) (c) (i) or (ii) of the Act, or under a splitting order made under paragraph 90MT (1) (a) of the Act, and the interest was in the payment phase at the appropriate date — the amount that, under subregulation 58 (6) or 58D (3), a person is entitled to be paid from each splittable payment that becomes payable in respect of the interest;

    3. (c)

      if the payment split is under subparagraph 90MJ (1) (c) (i) of the Act, or under a splitting order made under paragraph 90MT (1) (a) of the Act, and the interest was in the growth phase at the appropriate date:

      1. (i)

        the base amount specified in the relevant superannuation agreement or flag lifting agreement in relation to the interest; and

      2. (ii)

        if applicable, the adjusted base amount at the appropriate date;

    4. (d)

      if the payment split is under subparagraph 90MJ (1) (c) (ii) of the Act and the interest was in the growth phase at the appropriate date:

      1. (i)

        the amount set out in the document served on the trustee under paragraph 90MI (b) of the Act; and

      2. (ii)

        if applicable, the adjusted base amount at the appropriate date;

    5. (e)

      if the payment split is under subparagraph 90MJ (1) (c) (iii) of the Act or under a splitting order made under paragraph 90MT (1) (b) of the Act — the specified percentage that is to apply to any splittable payment that becomes payable in respect of the interest.

  2. (6)

    The trustee is only required to provide the information mentioned in paragraph (3) (a), subparagraph (3) (b) (i) and paragraph (4) (j) if a record of that information is in the possession, power or control of the trustee.

[99]Subregulation 65 (3)

omit

a member of the plan in respect of a defined benefit interest in the plan while the interest is in the growth phase,

insert

the member at the appropriate date,

[100]Subregulation 65 (4)

omit everything before the formula, insert

  1. (4)

    If:

    1. (a)

      an accrued benefit multiple is not defined under the governing rules of the eligible superannuation plan in which the defined benefit interest is held; and

    2. (b)

      the benefit in respect of the interest is payable as a lump sum; and

    3. (c)

      subregulation (3) does not apply in respect of the interest;

the accrued benefit multiple is:

[101]Subregulation 65 (5)

omit everything before the formula, insert

  1. (5)

    If:

    1. (a)

      an accrued benefit multiple is not defined under the governing rules of the eligible superannuation plan in which the defined benefit interest is held; and

    2. (b)

      the benefit in respect of the interest is payable as a pension; and

    3. (c)

      subregulation (3) does not apply in respect of the interest;

the accrued benefit multiple is:

[102]After subregulation 65 (6)

insert

  1. (6A)

    For the definitions of the factors T1 and T2 in subregulations (4) and (5), a defined benefit interest of a member of an eligible superannuation plan is acquired on the earlier of:

    1. (a)

      the date when the member first became a member of the plan; and

    2. (b)

      the date when a benefit began to accrue to the member in respect of the interest.

[103]Subregulation 66 (1)

substitute

  1. (1)

    This regulation applies in relation to a superannuation interest of a member of an eligible superannuation plan if:

    1. (a)

      the interest is a percentage-only interest; and

    2. (b)

      the interest is not an interest in a self managed superannuation fund; and

    3. (c)

      regulation 68A does not apply in relation to the interest.

[104]Paragraph 66 (2) (a)

substitute

  1. (aa)

    if the interest is an unsplittable interest, a statement to that effect;

  2. (a)

    a statement indicating whether the interest is subject to a payment split or payment flag and, if the interest is subject to a payment split (other than under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non-member spouse’s entitlement has been satisfied as required by Division 2.2), the information mentioned in subregulation (5);

[105]Paragraph 66 (2) (d)

omit

the payment phase information

insert

subject to subregulation (6), the payment phase information

[106]Paragraph 66 (2) (e)

substitute

  1. (e)

    if the interest was in the growth phase at the appropriate date — subject to subregulation (6), the growth phase information in relation to the interest mentioned in subregulation (4);

  2. (f)

    details of any fees that may be charged by the trustee under paragraph 59 (1) (a), (b), (c), (d) or (f).

[107]Subregulation 66 (3)

substitute

  1. (3)

    For paragraph (2) (d), the payment phase information in relation to the superannuation interest is:

    1. (a)

      if the ongoing pension payments in respect of the interest are in respect of an allocated pension — the withdrawal benefit in relation to the member at the appropriate date; and

    2. (b)

      in any other case:

      1. (i)

        the amount of annual pension benefit payable to the member at the appropriate date; and

      2. (ii)

        a statement indicating whether the pension benefit is a lifetime pension or a fixed-term pension; and

      3. (iii)

        if the pension is a fixed-term pension:

        1. (A)

          the date when the pension payments commenced; and

        2. (B)

          the length of the term; and

      4. (iv)

        a statement indicating whether the pension benefit is indexed and, if so, the method of indexation; and

      5. (v)

        a statement indicating whether there is any reversionary beneficiary in relation to the pension benefit and, if so, the proportion of the ongoing pension payments that would be payable to the reversionary beneficiary on the death of the member.

[108]Paragraph 66 (4) (a)

omit

accrued benefit multiple at separation,

insert

accrued benefit multiple,

[109]Paragraphs 66 (4) (d) and (e)

substitute

  1. (d)

    if the interest is in a regulated superannuation fund or an RSA:

    1. (i)

      in the case of a member who has resigned from his or her employment at the date when the application for information is received by the trustee — the amount, at that date, of the member’s restricted non‑preserved benefits; and

    2. (ii)

      in the case of any other member — the amount, at the date when the application for information is received by the trustee, of the member’s unrestricted non-preserved benefits;

  2. (e)

    if:

    1. (i)

      a payment that would have been an eligible termination payment under Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 had been made in respect of the interest at the date when the application for information is received by the trustee; and

    2. (ii)

      the amount of the payment had been the amount payable to the member if he or she had voluntarily ceased to be a member of the plan —

the value that the components of the payment mentioned in paragraphs 27AA (1) (a), (aa), (b), (c), (cb), (d) and (e) of that Act would have had;

[110]After subregulation 66 (4)

insert

  1. (5)

    For paragraph (2) (a), the information that must be provided in relation to each payment split to which the superannuation interest is subject (other than under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non‑member spouse’s entitlement has been satisfied as required by Division 2.2) is as follows:

    1. (a)

      the operative time for the payment split;

    2. (b)

      if the payment split is under paragraph 90MJ (1) (b) of the Act:

      1. (i)

        the percentage specified in the relevant superannuation agreement or flag lifting agreement; and

      2. (ii)

        whether that percentage is to apply for the purposes of subparagraph 90MJ (1) (b) (i) of the Act and, if so, the member’s accrued benefit multiple at separation, within the meaning of regulation 19, in relation to the non-member spouse who has an entitlement under the payment split;

    3. (c)

      if the payment split is under a splitting order made under paragraph 90MT (1) (b) of the Act:

      1. (i)

        a statement indicating that the splitting order is made under that provision of the Act; and

      2. (ii)

        the specified percentage that is to apply to any splittable payment that becomes payable in respect of the interest;

    4. (d)

      if the payment split is under a splitting order made under paragraph 90MT (1) (c) of the Act:

      1. (i)

        a statement indicating that the splitting order is made under that provision of the Act; and

      2. (ii)

        the percentage specified in the order; and

      3. (iii)

        the member’s accrued benefit multiple at separation, within the meaning of regulation 26, in relation to the non-member spouse who has an entitlement under the payment split.

  2. (6)

    The trustee is only required to provide the information mentioned in paragraph (3) (a), subparagraph (3) (b) (i) and paragraph (4) (c) if a record of that information is in the possession, power or control of the trustee.

[111]Subregulation 67 (1)

substitute

  1. (1)

    This regulation applies in relation to a superannuation interest of a member of a self managed superannuation fund unless regulation 68A applies in relation to the interest.

[112]Paragraph 67 (2) (a)

substitute

  1. (aa)

    if the interest is an unsplittable interest, a statement to that effect;

  2. (a)

    a statement indicating whether the interest is subject to a payment split or payment flag and, if the interest is subject to a payment split (other than under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non-member spouse’s entitlement has been satisfied as required by Division 2.2), the information mentioned in subregulation (4);

[113]Paragraph 67 (2) (d)

omit

the payment phase information

insert

subject to subregulation (5), the payment phase information

[114]Paragraph 67 (2) (e)

omit

this effect.

insert

this effect;

[115]After paragraph 67 (2) (e)

insert

  1. (f)

    if requested by the applicant, a copy of the governing rules of the plan;

  2. (g)

    details of any fees that may be charged by the trustee under paragraph 59 (1) (a), (b), (c), (d) or (f).

[116]Subregulation 67 (3)

substitute

  1. (3)

    For paragraph (2) (d), the payment phase information in relation to the superannuation interest is:

    1. (a)

      if the ongoing pension payments in respect of the interest are in respect of an allocated pension — the withdrawal benefit in relation to the member at the appropriate date; and

    2. (b)

      in any other case:

      1. (i)

        the amount of annual pension benefit payable to the member at the appropriate date; and

      2. (ii)

        a statement indicating whether the pension benefit is a lifetime pension or a fixed-term pension; and

      3. (iii)

        if the pension is a fixed-term pension:

        1. (A)

          the date when the pension payments commenced; and

        2. (B)

          the length of the term; and

      4. (iv)

        a statement indicating whether the pension benefit is indexed and, if so, the method of indexation.

  2. (4)

    For paragraph (2) (a), the information that must be provided in relation to each payment split to which the superannuation interest is subject (other than under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non‑member spouse’s entitlement has been satisfied as required by Division 2.2) is as follows:

    1. (a)

      the operative time for the payment split;

    2. (b)

      if the payment split is under subparagraph 90MJ (1) (c) (i) or (ii) of the Act, or under a splitting order made under paragraph 90MT (1) (a) of the Act, and the interest was in the payment phase at the appropriate date — the amount that, under subregulation 58 (6) or 58D (3), a person is entitled to be paid from each splittable payment that becomes payable in respect of the interest;

    3. (c)

      if the payment split is under subparagraph 90MJ (1) (c) (i) of the Act, or under a splitting order made under paragraph 90MT (1) (a) of the Act, and the interest was in the growth phase at the appropriate date:

      1. (i)

        the base amount specified in the relevant superannuation agreement or flag lifting agreement in relation to the interest; and

      2. (ii)

        if applicable, the adjusted base amount at the appropriate date;

    4. (d)

      if the payment split is under subparagraph 90MJ (1) (c) (ii) of the Act and the interest was in the growth phase at the appropriate date:

      1. (i)

        the amount set out in the document served on the trustee under paragraph 90MI (b) of the Act; and

      2. (ii)

        if applicable, the adjusted base amount at the appropriate date;

    5. (e)

      if the payment split is under subparagraph 90MJ (1) (c) (iii) of the Act or under a splitting order made under paragraph 90MT (1) (b) of the Act — the specified percentage that is to apply to any splittable payment that becomes payable in respect of the interest.

  3. (5)

    The trustee is only required to provide the information mentioned in paragraph (3) (a) and subparagraph (3) (b) (i) if a record of that information is in the possession, power or control of the trustee.

[117]After regulation 68

insert

68AInformation about certain superannuation interests in relation to which an agreement or splitting order applies (Act s 90MZB)

  1. (1)

    This regulation applies in relation to a superannuation interest of a member of an eligible superannuation plan if subregulation (2) or (3) applies to the interest.

  2. (2)

    This subregulation applies to a superannuation interest of a member of an eligible superannuation plan if:

    1. (a)

      the interest is identified in a superannuation agreement or flag lifting agreement; and

    2. (b)

      the agreement specifies, under subparagraph 90MJ (1) (c) (i) of the Act, an amount as a base amount or, under subparagraph 90MJ (1) (c) (ii) of the Act, a method by which such a base amount can be calculated; and

    3. (c)

      the agreement has been served on the trustee of the plan in accordance with section 90MI of the Act; and

    4. (d)

      the agreement does not relate to an earlier marriage of the member spouse; and

    5. (e)

      no order in relation to the agreement has been made under section 90MV of the Act; and

    6. (f)

      the agreement has not been set aside.

  3. (3)

    This subregulation applies to a superannuation interest of a member of an eligible superannuation plan if:

    1. (a)

      a splitting order in relation to the interest has been made under paragraph 90MT (1) (a) of the Act; and

    2. (b)

      the order does not relate to an earlier marriage of the member spouse; and

    3. (c)

      the order has not been set aside.

  4. (4)

    For subsection 90MZB (3) of the Act, if an application is made under section 90MZB of the Act to the trustee of the plan by a person (the applicant) who is entitled to be paid an amount whenever a splittable payment becomes payable in respect of the interest, the information about the interest that must be provided to the applicant by the trustee is the applicable commutation factor, at the date when the application for information is received by the trustee and at the next 2 anniversaries of that date, for converting any pension benefit payable in respect of the interest to a lump sum.

68BHow and when trustee must provide information

  1. (1)

    Information about a superannuation interest that is provided by the trustee of an eligible superannuation plan to an eligible person under subsection 90MZB (3) of the Act and this Division must be stated in a document that:

    1. (a)

      is addressed to the person; and

    1. (b)

      is given to the person within a reasonable time after the application for information is received by the trustee.

Note Document is defined in section 25 of the Acts Interpretation Act 1901. See also sections 28A and 29 of that Act for ways of giving a document to a person.

  1. (2)

    A document stating information about a superannuation interest that is provided by the trustee to an eligible person under subsection 90MZB (3) of the Act and this Division is evidence:

    1. (a)

      of the information stated in it; and

    2. (b)

      that the document was provided to the person to whom it is addressed.

[118]Subparagraphs 70 (2) (b) (i) and (ii)

after

base amount

insert

(if any)

[119]Paragraph 70 (2) (e)

omit

Part III

insert

Division 2 of Part III

[120]Paragraph 71 (1) (a)

substitute

  1. (a)

    the interest is in a superannuation fund that is not a regulated superannuation fund; and

[121]After paragraph 71 (1) (b)

insert

  1. (ba)

    the interest is subject to a payment split under subparagraph 90MJ (1) (c) (i) or (ii) of the Act or under a splitting order made under paragraph 90MT (1) (a) of the Act; and

[122]Subregulation 71 (2)

omit

The trustee

insert

Unless the payment split is under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non-member spouse’s entitlement has been satisfied as required by Division 2.2, the trustee

[123]Schedule 1, Form 1

omit

[signature of member spouse]

[124]Schedule 1, Form 2

omit

having been paid,

insert

being entitled to be paid,

[125]Schedule 1, Form 2

omit

applicable to me at the date when the member spouse satisfies a relevant condition of release in relation to the superannuation interest.

insert

applicable to me.

[126]Schedule 1, Form 3

omit

applicable to me at the date when the member spouse satisfies a relevant condition of release in relation to the superannuation interest.

insert

applicable to me.

[127]Schedule 1, Form 4

omit

having being paid, as a lump sum,

insert

being entitled to be paid

[128]After Schedule 1

insert

Schedule 1AMethod for calculating value of non-member spouse’s entitlement of percentage-only interest in payment phase

(subregulation 14N (7))

1Application of Schedule 1A

This Schedule sets out the method for calculating, for the purposes of regulation 14N, the value at a particular time of a non-member spouse’s entitlement in respect of a percentage-only interest that is in the payment phase.

2Method

  1. (1)

    If no benefit other than a pension is payable to the member spouse in respect of the interest, the value at a particular time of the non-member spouse’s entitlement in respect of the interest is calculated as follows:

where:

Accrued benefit multiple at separation is 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.

Accrued benefit multiple at payment is 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.

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

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

Py+m is 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.

r is:

  1. (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; and

  2. (b)

    in any other case — zero.

Ry+m is the reversion valuation factor calculated in accordance with subclause (3).

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

  1. (2)

    If another benefit, in addition to a pension, is payable to the member spouse in respect of the interest, the value at a particular time of the non‑member spouse’s entitlement in respect of the interest is calculated as follows:

where:

Accrued benefit multiple at separation has the same meaning as in subclause (1).

Accrued benefit multiple at payment has the same meaning as in subclause (1).

X has the same meaning as in subclause (1).

YP has the same meaning as in subclause (1).

Py+m has the same meaning as in subclause (1).

r has the same meaning as in subclause (1).

Ry+m has the same meaning as in subclause (1).

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

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

  1. (3)

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

where:

Ry is the reversion valuation factor mentioned in clause 3 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.

m is 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 Ry.

Ry+1 is the reversion valuation factor mentioned in clause 3 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 Ry.

  1. (4)

    For the purpose of applying the factor Py+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’.

  2. (5)

    For the purpose of applying the factor OB in the formula in subclause (2):

    1. (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 respect of the superannuation interest’; and

    2. (b)

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

3Reversion valuation factors

  1. (1)

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

  2. (2)

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

  3. (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

[129]Schedule 2, paragraph 2 (c)

after

payable as

insert

a lump sum, a pension, or

[130]Schedule 2, clause 27

after

payable as

insert

a lump sum, a pension, or

[131]Schedule 3, subclause 2 (1)

omit the formula, insert

[132]Schedule 3, subclause 3 (2)

substitute

  1. (2)

    If a statement issued by the trustee of the plan in which the interest is held (being a member information statement or similar statement) that states the value of the interest at the relevant date is before the court in evidence in the relevant proceeding, the value, at the relevant date, of the actual vested benefit in respect of the interest is the value of the interest stated in the statement.

[133]Schedule 3, subclause 3 (3), definition of V2, paragraph (b)

omit

between the relevant date and the second valuation date (excluding both those dates),

insert

beginning on the day after the relevant date and ending at the end of the second valuation date,

[134]Schedule 3, subclause 3 (3), definition of D

substitute

D is the number of days in the period beginning on the day after the first valuation date and ending at the end of the second valuation date.

[135]Schedule 3, subclause 3 (4)

substitute

  1. (4)

    For the purpose of determining the value, at the relevant date, of the actual vested benefit in respect of the member spouse’s interest under subclause (3):

    1. (a)

      if, in relation to the interest, one member information statement only is before the court in evidence in the relevant proceeding, and the relevant date is after the valuation date stated in that statement:

      1. (i)

        the first valuation date is the valuation date stated in that statement; and

      2. (ii)

        the value of the interest at the first valuation date is the value of the interest stated in that statement; and

      3. (iii)

        the second valuation date is a date after the relevant date that is within 28 days before the date when the valuation of the interest is being carried out; and

      4. (iv)

        the value of the interest at the second valuation date is the value of the interest at that date; and

    2. (b)

      if, in relation to the interest, 2 member information statements are before the court in evidence in the relevant proceeding, and the relevant date is between the valuation date stated in one of those statements (the first statement) and the valuation date stated in the other statement (the second statement):

      1. (i)

        the first valuation date is the valuation date stated in the first statement; and

      2. (ii)

        the value of the interest at the first valuation date is the value of the interest stated in the first statement; and

      3. (iii)

        the second valuation date is the valuation date stated in the second statement; and

      4. (iv)

        the value of the interest at the second valuation date is the value of the interest stated in the second statement; and

    3. (c)

      if, in relation to the interest, one member information statement only is before the court in evidence in the relevant proceeding, and the relevant date is before the valuation date stated in that statement:

      1. (i)

        the first valuation date is the date when the interest was acquired by the member spouse; and

      2. (ii)

        the value of the interest at the first valuation date is the value of the interest at that date; and

      3. (iii)

        the second valuation date is the valuation date stated in the statement; and

      4. (iv)

        the value of the interest at the second valuation date is the value of the interest stated in the statement; and

    4. (d)

      in any other case:

      1. (i)

        the first valuation date is the date when the interest was acquired by the member spouse; and

      2. (ii)

        the value of the interest at the first valuation date is the value of the interest at that date; and

      3. (iii)

        the second valuation date is a date after the relevant date that is within 28 days before the date when the valuation of the interest is being carried out; and

      4. (iv)

        the value of the interest at the second valuation date is the value of the interest at that date.

  2. (4A)

    For subparagraphs (4) (a) (iv) and (d) (iv), the value of the interest at the second valuation date includes:

    1. (a)

      any amount payable under an earlier payment split that applies in respect of the interest; and

    2. (b)

      the amount of any surcharge debt of the member spouse in respect of the interest.

[136]Schedule 4, clauses 3 to 9

substitute

3Valuation factors — pension not indexed

The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is not indexed.

Age at relevant date (in completed years)

Valuation factors — pension not indexed

Males

Females

Pension

Reversion

Pension

Reversion

18

15.2550

0.2771

15.4795

0.1064

19

15.2277

0.2873

15.4585

0.1111

20

15.2002

0.2972

15.4365

0.1158

21

15.1713

0.3077

15.4133

0.1207

22

15.1406

0.3187

15.3883

0.1261

23

15.1081

0.3304

15.3614

0.1320

24

15.0735

0.3428

15.3326

0.1383

25

15.0367

0.3560

15.3020

0.1451

26

14.9976

0.3700

15.2694

0.1522

27

14.9561

0.3848

15.2349

0.1598

28

14.9120

0.4006

15.1983

0.1677

29

14.8650

0.4174

15.1597

0.1761

30

14.8153

0.4351

15.1188

0.1848

31

14.7623

0.4540

15.0757

0.1939

32

14.7061

0.4740

15.0301

0.2035

33

14.6465

0.4951

14.9820

0.2134

34

14.5832

0.5176

14.9312

0.2239

35

14.5162

0.5413

14.8774

0.2349

36

14.4453

0.5662

14.8204

0.2465

37

14.3702

0.5926

14.7602

0.2586

38

14.2906

0.6205

14.6966

0.2713

39

14.2065

0.6497

14.6293

0.2846

40

14.1175

0.6806

14.5583

0.2986

41

14.0234

0.6894

14.4833

0.2943

42

13.9240

0.6976

14.4042

0.2889

43

13.8191

0.7050

14.3208

0.2822

44

13.7085

0.7115

14.2332

0.2740

45

13.5919

0.7170

14.1410

0.2642

46

13.4693

0.7212

14.0442

0.2528

47

13.3404

0.7240

13.9425

0.2396

48

13.2052

0.7252

13.8358

0.2245

49

13.0637

0.7245

13.7240

0.2074

50

12.9156

0.7218

13.6069

0.1882

51

12.7609

0.6413

13.4844

0.1668

52

12.5997

0.5517

13.3562

0.1431

53

12.4319

0.4524

13.2223

0.1171

54

12.2575

0.3430

13.0824

0.0885

55

12.0764

0.2233

12.9364

0.0575

56

11.8886

0.2324

12.7841

0.0597

57

11.6943

0.2416

12.6252

0.0619

58

11.4934

0.2508

12.4596

0.0642

59

11.2862

0.2601

12.2869

0.0665

60

11.0730

0.2694

12.1068

0.0688

61

10.8540

0.2785

11.9191

0.0711

62

10.6295

0.2876

11.7238

0.0735

63

10.3997

0.2965

11.5207

0.0759

64

10.1653

0.3051

11.3099

0.0783

65

9.9265

0.3134

11.0912

0.0807

66

9.6836

0.3214

10.8648

0.0831

67

9.4371

0.3289

10.6307

0.0854

68

9.1873

0.3360

10.3891

0.0878

69

8.9346

0.3426

10.1400

0.0901

70

8.6790

0.3487

9.8836

0.0923

71

8.4207

0.3542

9.6200

0.0945

72

8.1596

0.3592

9.3492

0.0966

73

7.8955

0.3636

9.0714

0.0987

74

7.6282

0.3675

8.7870

0.1008

75

7.3582

0.3708

8.4969

0.1027

76

7.0868

0.3735

8.2023

0.1046

77

6.8161

0.3753

7.9050

0.1063

78

6.5477

0.3763

7.6066

0.1079

79

6.2834

0.3763

7.3091

0.1094

80

6.0247

0.3752

7.0137

0.1106

81

5.7729

0.3732

6.7207

0.1117

82

5.5290

0.3701

6.4300

0.1127

83

5.2943

0.3660

6.1420

0.1136

84

5.0695

0.3609

5.8578

0.1144

85

4.8558

0.3549

5.5791

0.1151

86

4.6542

0.3480

5.3083

0.1156

87

4.4657

0.3403

5.0483

0.1160

88

4.2918

0.3319

4.8023

0.1162

89

4.1345

0.3228

4.5724

0.1160

90

3.9956

0.3132

4.3599

0.1154

91

3.8770

0.3031

4.1650

0.1144

92

3.7753

0.2927

3.9868

0.1129

93

3.6821

0.2824

3.8227

0.1111

94

3.5907

0.2723

3.6698

0.1087

95

3.4995

0.2623

3.5264

0.1059

96

3.4092

0.2522

3.3917

0.1026

97

3.3182

0.2417

3.2650

0.0986

98

3.2257

0.2306

3.1450

0.0938

99

3.1314

0.2184

3.0302

0.0880

4Valuation factors — CPI indexed pension

The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is indexed in accordance with the consumer price index.

Age at relevant date (in completed years)

Valuation factors — CPI indexed pension

Males

Females

Pension

Reversion

Pension

Reversion

18

23.0683

0.9129

23.7206

0.3694

19

22.9687

0.9371

23.6341

0.3805

20

22.8677

0.9610

23.5450

0.3917

21

22.7631

0.9854

23.4526

0.4033

22

22.6545

1.0109

23.3561

0.4155

23

22.5418

1.0372

23.2555

0.4284

24

22.4247

1.0646

23.1508

0.4419

25

22.3032

1.0931

23.0419

0.4560

26

22.1769

1.1226

22.9289

0.4705

27

22.0458

1.1533

22.8117

0.4856

28

21.9096

1.1851

22.6902

0.5011

29

21.7681

1.2182

22.5643

0.5171

30

21.6213

1.2525

22.4340

0.5335

31

21.4688

1.2881

22.2991

0.5503

32

21.3105

1.3251

22.1594

0.5676

33

21.1464

1.3633

22.0150

0.5853

34

20.9761

1.4029

21.8654

0.6034

35

20.7996

1.4439

21.7104

0.6222

36

20.6166

1.4862

21.5498

0.6414

37

20.4270

1.5299

21.3835

0.6612

38

20.2306

1.5751

21.2114

0.6816

39

20.0272

1.6216

21.0333

0.7024

40

19.8166

1.6695

20.8490

0.7238

41

19.5986

1.6616

20.6583

0.7009

42

19.3731

1.6518

20.4613

0.6758

43

19.1400

1.6398

20.2578

0.6484

44

18.8991

1.6254

20.0478

0.6185

45

18.6505

1.6086

19.8312

0.5861

46

18.3939

1.5890

19.6078

0.5510

47

18.1296

1.5665

19.3776

0.5133

48

17.8574

1.5409

19.1406

0.4727

49

17.5777

1.5119

18.8966

0.4293

50

17.2903

1.4794

18.6457

0.3831

51

16.9956

1.2912

18.3877

0.3339

52

16.6938

1.0912

18.1227

0.2818

53

16.3849

0.8792

17.8505

0.2267

54

16.0692

0.6552

17.5712

0.1688

55

15.7468

0.4193

17.2848

0.1079

56

15.4181

0.4289

16.9910

0.1102

57

15.0833

0.4384

16.6899

0.1126

58

14.7428

0.4477

16.3814

0.1149

59

14.3970

0.4566

16.0652

0.1172

60

14.0464

0.4653

15.7414

0.1194

61

13.6917

0.4735

15.4099

0.1216

62

13.3333

0.4812

15.0707

0.1238

63

12.9718

0.4884

14.7241

0.1259

64

12.6079

0.4951

14.3703

0.1279

65

12.2423

0.5010

14.0096

0.1299

66

11.8755

0.5063

13.6422

0.1318

67

11.5080

0.5108

13.2686

0.1336

68

11.1405

0.5145

12.8892

0.1353

69

10.7733

0.5174

12.5043

0.1369

70

10.4067

0.5194

12.1143

0.1384

71

10.0409

0.5206

11.7197

0.1397

72

9.6758

0.5210

11.3208

0.1410

73

9.3113

0.5206

10.9178

0.1421

74

8.9474

0.5195

10.5116

0.1431

75

8.5846

0.5175

10.1036

0.1440

76

8.2247

0.5147

9.6952

0.1447

77

7.8698

0.5109

9.2887

0.1453

78

7.5222

0.5062

8.8861

0.1457

79

7.1835

0.5003

8.4896

0.1459

80

6.8553

0.4933

8.1006

0.1458

81

6.5389

0.4853

7.7193

0.1457

82

6.2355

0.4763

7.3456

0.1454

83

5.9460

0.4663

6.9796

0.1449

84

5.6712

0.4553

6.6226

0.1444

85

5.4120

0.4436

6.2766

0.1438

86

5.1692

0.4311

5.9438

0.1431

87

4.9438

0.4181

5.6273

0.1422

88

4.7372

0.4045

5.3303

0.1411

89

4.5509

0.3906

5.0548

0.1396

90

4.3867

0.3764

4.8017

0.1377

91

4.2463

0.3620

4.5707

0.1354

92

4.1253

0.3475

4.3603

0.1327

93

4.0141

0.3333

4.1673

0.1294

94

3.9054

0.3196

3.9883

0.1258

95

3.7971

0.3060

3.8209

0.1216

96

3.6902

0.2925

3.6644

0.1168

97

3.5828

0.2786

3.5174

0.1114

98

3.4738

0.2640

3.3785

0.1051

99

3.3630

0.2482

3.2459

0.0977

5Valuation factors — CPI indexed pension with 5% cap

The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is indexed in accordance with the consumer price index with a cap of 5%.

Age at relevant date (in completed years)

Valuation factors — CPI indexed pension with 5% cap

Males

Females

Pension

Reversion

Pension

Reversion

18

22.6355

0.8668

23.2580

0.3502

19

22.5412

0.8903

23.1764

0.3610

20

22.4454

0.9135

23.0923

0.3718

21

22.3463

0.9373

23.0050

0.3831

22

22.2432

0.9620

22.9138

0.3950

23

22.1361

0.9877

22.8185

0.4075

24

22.0248

1.0143

22.7192

0.4207

25

21.9091

1.0420

22.6159

0.4344

26

21.7888

1.0708

22.5086

0.4486

27

21.6637

1.1008

22.3972

0.4633

28

21.5337

1.1318

22.2817

0.4784

29

21.3986

1.1642

22.1618

0.4941

30

21.2582

1.1978

22.0376

0.5101

31

21.1122

1.2327

21.9090

0.5266

32

20.9606

1.2689

21.7757

0.5436

33

20.8032

1.3064

21.6377

0.5609

34

20.6397

1.3454

21.4946

0.5788

35

20.4701

1.3857

21.3463

0.5972

36

20.2942

1.4273

21.1924

0.6162

37

20.1117

1.4704

21.0331

0.6357

38

19.9225

1.5149

20.8679

0.6557

39

19.7264

1.5608

20.6968

0.6763

40

19.5232

1.6081

20.5197

0.6974

41

19.3127

1.6017

20.3363

0.6759

42

19.0947

1.5935

20.1466

0.6522

43

18.8692

1.5831

19.9505

0.6262

44

18.6360

1.5705

19.7480

0.5978

45

18.3951

1.5554

19.5389

0.5669

46

18.1463

1.5376

19.3232

0.5333

47

17.8897

1.5170

19.1006

0.4972

48

17.6253

1.4934

18.8713

0.4583

49

17.3534

1.4663

18.6351

0.4165

50

17.0738

1.4359

18.3920

0.3719

51

16.7869

1.2542

18.1419

0.3244

52

16.4928

1.0607

17.8847

0.2740

53

16.1917

0.8553

17.6204

0.2206

54

15.8836

0.6378

17.3490

0.1643

55

15.5689

0.4085

17.0704

0.1051

56

15.2477

0.4182

16.7844

0.1075

57

14.9204

0.4277

16.4912

0.1098

58

14.5872

0.4370

16.1904

0.1121

59

14.2486

0.4461

15.8821

0.1144

60

13.9052

0.4548

15.5660

0.1167

61

13.5575

0.4632

15.2421

0.1189

62

13.2060

0.4711

14.9106

0.1211

63

12.8512

0.4784

14.5715

0.1233

64

12.4939

0.4852

14.2252

0.1254

65

12.1346

0.4914

13.8719

0.1274

66

11.7740

0.4969

13.5117

0.1293

67

11.4125

0.5016

13.1452

0.1312

68

11.0507

0.5055

12.7727

0.1329

69

10.6891

0.5087

12.3946

0.1346

70

10.3279

0.5110

12.0113

0.1361

71

9.9673

0.5124

11.6232

0.1375

72

9.6072

0.5131

11.2305

0.1388

73

9.2476

0.5130

10.8336

0.1400

74

8.8882

0.5121

10.4333

0.1411

75

8.5298

0.5105

10.0310

0.1420

76

8.1740

0.5080

9.6280

0.1428

77

7.8230

0.5045

9.2266

0.1434

78

7.4790

0.5000

8.8289

0.1439

79

7.1438

0.4945

8.4371

0.1441

80

6.8188

0.4878

8.0524

0.1442

81

6.5054

0.4801

7.6752

0.1441

82

6.2047

0.4714

7.3053

0.1438

83

5.9176

0.4617

6.9429

0.1435

84

5.6451

0.4510

6.5892

0.1431

85

5.3879

0.4396

6.2462

0.1425

86

5.1469

0.4274

5.9162

0.1419

87

4.9232

0.4146

5.6023

0.1410

88

4.7180

0.4013

5.3075

0.1399

89

4.5330

0.3876

5.0341

0.1385

90

4.3700

0.3736

4.7827

0.1367

91

4.2305

0.3593

4.5533

0.1345

92

4.1103

0.3451

4.3444

0.1318

93

4.0000

0.3311

4.1527

0.1286

94

3.8920

0.3175

3.9748

0.1250

95

3.7845

0.3041

3.8085

0.1209

96

3.6783

0.2907

3.6529

0.1162

97

3.5716

0.2770

3.5068

0.1108

98

3.4633

0.2626

3.3687

0.1046

99

3.3533

0.2470

3.2368

0.0973

6Valuation factors — CPI indexed pension plus 1%

The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is indexed in accordance with the consumer price index plus 1%.

Age at relevant date (in completed years)

Valuation factors — CPI indexed pension plus 1%

Males

Females

Pension

Reversion

Pension

Reversion

18

28.2395

1.5557

29.2999

0.6383

19

28.0675

1.5872

29.1436

0.6528

20

27.8933

1.6179

28.9836

0.6674

21

27.7145

1.6492

28.8192

0.6823

22

27.5306

1.6814

28.6495

0.6979

23

27.3414

1.7146

28.4744

0.7143

24

27.1467

1.7486

28.2939

0.7312

25

26.9465

1.7837

28.1081

0.7486

26

26.7404

1.8199

27.9171

0.7665

27

26.5284

1.8571

27.7207

0.7849

28

26.3102

1.8954

27.5191

0.8036

29

26.0857

1.9349

27.3119

0.8227

30

25.8548

1.9754

27.0994

0.8422

31

25.6172

2.0171

26.8812

0.8619

32

25.3729

2.0600

26.6573

0.8821

33

25.1219

2.1040

26.4277

0.9025

34

24.8637

2.1493

26.1920

0.9233

35

24.5986

2.1955

25.9499

0.9445

36

24.3262

2.2429

25.7013

0.9661

37

24.0464

2.2915

25.4463

0.9882

38

23.7591

2.3411

25.1845

1.0106

39

23.4643

2.3918

24.9159

1.0333

40

23.1617

2.4436

24.6405

1.0565

41

22.8512

2.4133

24.3580

1.0151

42

22.5327

2.3803

24.0686

0.9711

43

22.2064

2.3446

23.7720

0.9245

44

21.8720

2.3059

23.4686

0.8751

45

21.5297

2.2642

23.1581

0.8229

46

21.1795

2.2192

22.8406

0.7678

47

20.8215

2.1707

22.5159

0.7098

48

20.4559

2.1186

22.1843

0.6489

49

20.0831

2.0627

21.8457

0.5850

50

19.7030

2.0028

21.5001

0.5181

51

19.3162

1.7347

21.1476

0.4483

52

18.9230

1.4549

20.7881

0.3756

53

18.5235

1.1634

20.4218

0.3001

54

18.1182

0.8606

20.0487

0.2218

55

17.7072

0.5467

19.6689

0.1408

56

17.2911

0.5552

19.2823

0.1429

57

16.8702

0.5634

18.8890

0.1449

58

16.4451

0.5711

18.4890

0.1469

59

16.0162

0.5785

18.0823

0.1488

60

15.5842

0.5853

17.6687

0.1506

61

15.1500

0.5916

17.2484

0.1524

62

14.7139

0.5973

16.8216

0.1541

63

14.2768

0.6022

16.3886

0.1557

64

13.8395

0.6064

15.9499

0.1572

65

13.4026

0.6098

15.5057

0.1587

66

12.9668

0.6124

15.0564

0.1600

67

12.5327

0.6140

14.6027

0.1611

68

12.1009

0.6147

14.1451

0.1622

69

11.6719

0.6145

13.6841

0.1631

70

11.2460

0.6134

13.2201

0.1639

71

10.8233

0.6113

12.7537

0.1645

72

10.4037

0.6083

12.2852

0.1650

73

9.9871

0.6045

11.8151

0.1654

74

9.5735

0.5998

11.3444

0.1656

75

9.1635

0.5944

10.8745

0.1657

76

8.7588

0.5880

10.4070

0.1656

77

8.3619

0.5807

9.9443

0.1654

78

7.9748

0.5723

9.4886

0.1650

79

7.5995

0.5629

9.0422

0.1643

80

7.2373

0.5525

8.6064

0.1635

81

6.8897

0.5410

8.1814

0.1625

82

6.5576

0.5286

7.7669

0.1614

83

6.2419

0.5153

7.3629

0.1603

84

5.9432

0.5011

6.9709

0.1590

85

5.6625

0.4863

6.5925

0.1576

86

5.4003

0.4709

6.2302

0.1562

87

5.1576

0.4551

5.8871

0.1546

88

4.9356

0.4389

5.5661

0.1527

89

4.7358

0.4225

5.2694

0.1506

90

4.5599

0.4059

4.9973

0.1480

91

4.4093

0.3893

4.7496

0.1450

92

4.2792

0.3728

4.5244

0.1416

93

4.1597

0.3567

4.3181

0.1378

94

4.0428

0.3411

4.1271

0.1334

95

3.9267

0.3259

3.9489

0.1286

96

3.8121

0.3106

3.7823

0.1231

97

3.6971

0.2951

3.6262

0.1170

98

3.5806

0.2789

3.4787

0.1100

99

3.4623

0.2614

3.3381

0.1019

7Valuation factors — CPI indexed pension plus 1% with 5% cap

The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is indexed in accordance with the consumer price index plus 1% with a cap of 5%.

Age at relevant date (in completed years)

Valuation factors

CPI indexed pension plus 1% with 5% cap

Males

Females

Pension

Reversion

Pension

Reversion

18

27.0672

1.3954

28.0272

0.5711

19

26.9132

1.4255

27.8884

0.5850

20

26.7571

1.4549

27.7463

0.5989

21

26.5966

1.4850

27.5999

0.6132

22

26.4313

1.5160

27.4485

0.6282

23

26.2608

1.5479

27.2919

0.6438

24

26.0851

1.5808

27.1301

0.6601

25

25.9040

1.6148

26.9634

0.6769

26

25.7174

1.6498

26.7916

0.6942

27

25.5249

1.6859

26.6146

0.7120

28

25.3265

1.7231

26.4326

0.7302

29

25.1220

1.7615

26.2453

0.7487

30

24.9113

1.8010

26.0527

0.7677

31

24.6941

1.8418

25.8547

0.7870

32

24.4703

1.8838

25.6512

0.8066

33

24.2399

1.9269

25.4421

0.8266

34

24.0025

1.9714

25.2270

0.8470

35

23.7582

2.0168

25.0058

0.8679

36

23.5069

2.0636

24.7782

0.8892

37

23.2483

2.1115

24.5443

0.9109

38

22.9822

2.1606

24.3038

0.9330

39

22.7087

2.2109

24.0566

0.9556

40

22.4275

2.2623

23.8026

0.9785

41

22.1384

2.2377

23.5418

0.9417

42

21.8414

2.2107

23.2739

0.9024

43

21.5365

2.1810

22.9991

0.8604

44

21.2236

2.1484

22.7174

0.8157

45

20.9027

2.1129

22.4287

0.7682

46

20.5738

2.0742

22.1330

0.7179

47

20.2371

2.0321

21.8301

0.6647

48

19.8927

1.9865

21.5202

0.6085

49

19.5409

1.9371

21.2033

0.5494

50

19.1818

1.8838

20.8794

0.4874

51

18.8157

1.6341

20.5484

0.4223

52

18.4430

1.3726

20.2103

0.3544

53

18.0637

1.0994

19.8654

0.2835

54

17.6783

0.8144

19.5135

0.2098

55

17.2871

0.5181

19.1547

0.1334

56

16.8903

0.5270

18.7889

0.1356

57

16.4885

0.5355

18.4163

0.1377

58

16.0820

0.5437

18.0367

0.1397

59

15.6714

0.5515

17.6501

0.1418

60

15.2573

0.5588

17.2564

0.1437

61

14.8404

0.5656

16.8558

0.1456

62

14.4213

0.5717

16.4483

0.1474

63

14.0007

0.5773

16.0344

0.1492

64

13.5793

0.5821

15.6143

0.1508

65

13.1579

0.5861

15.1883

0.1524

66

12.7369

0.5893

14.7569

0.1538

67

12.3172

0.5916

14.3207

0.1552

68

11.8992

0.5930

13.8800

0.1564

69

11.4835

0.5935

13.4354

0.1574

70

11.0702

0.5931

12.9874

0.1584

71

10.6597

0.5918

12.5365

0.1592

72

10.2517

0.5896

12.0829

0.1598

73

9.8462

0.5865

11.6272

0.1604

74

9.4431

0.5827

11.1703

0.1608

75

9.0431

0.5780

10.7135

0.1611

76

8.6479

0.5724

10.2587

0.1612

77

8.2598

0.5659

9.8079

0.1611

78

7.8811

0.5583

9.3634

0.1609

79

7.5134

0.5497

8.9275

0.1604

80

7.1584

0.5400

8.5016

0.1598

81

6.8173

0.5293

8.0858

0.1590

82

6.4912

0.5176

7.6798

0.1581

83

6.1809

0.5050

7.2838

0.1571

84

5.8872

0.4916

6.8991

0.1560

85

5.6110

0.4774

6.5275

0.1548

86

5.3528

0.4626

6.1713

0.1535

87

5.1137

0.4474

5.8337

0.1520

88

4.8949

0.4317

5.5177

0.1503

89

4.6979

0.4158

5.2254

0.1483

90

4.5245

0.3998

4.9572

0.1459

91

4.3759

0.3836

4.7130

0.1431

92

4.2477

0.3675

4.4908

0.1398

93

4.1300

0.3519

4.2873

0.1360

94

4.0148

0.3367

4.0988

0.1318

95

3.9003

0.3218

3.9228

0.1271

96

3.7873

0.3069

3.7583

0.1218

97

3.6738

0.2917

3.6041

0.1158

98

3.5588

0.2758

3.4584

0.1090

99

3.4421

0.2587

3.3193

0.1011

8Valuation factors — wage indexed pension

The pension valuation factors and reversion valuation factors set out in this clause 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 relevant date (in completed years)

Valuation factors — wage indexed pension

Males

Females

Pension

Reversion

Pension

Reversion

18

31.5392

2.0502

32.9054

0.8460

19

31.3119

2.0845

32.6943

0.8620

20

31.0823

2.1177

32.4791

0.8780

21

30.8476

2.1514

32.2590

0.8942

22

30.6073

2.1860

32.0329

0.9112

23

30.3613

2.2214

31.8008

0.9288

24

30.1093

2.2577

31.5629

0.9470

25

29.8513

2.2949

31.3191

0.9656

26

29.5871

2.3330

31.0696

0.9847

27

29.3164

2.3720

30.8143

1.0042

28

29.0392

2.4121

30.5533

1.0239

29

28.7553

2.4532

30.2864

1.0440

30

28.4648

2.4953

30.0138

1.0644

31

28.1671

2.5384

29.7352

1.0849

32

27.8625

2.5825

29.4505

1.1058

33

27.5509

2.6275

29.1598

1.1268

34

27.2318

2.6736

28.8627

1.1481

35

26.9057

2.7205

28.5590

1.1698

36

26.5721

2.7684

28.2486

1.1917

37

26.2311

2.8172

27.9314

1.2140

38

25.8824

2.8669

27.6073

1.2365

39

25.5262

2.9173

27.2764

1.2593

40

25.1622

2.9686

26.9383

1.2822

41

24.7903

2.9200

26.5933

1.2271

42

24.4106

2.8686

26.2411

1.1692

43

24.0231

2.8142

25.8820

1.1087

44

23.6279

2.7567

25.5159

1.0453

45

23.2249

2.6960

25.1430

0.9790

46

22.8144

2.6318

24.7632

0.9099

47

22.3965

2.5641

24.3764

0.8379

48

21.9715

2.4926

23.9830

0.7630

49

21.5398

2.4171

23.5828

0.6852

50

21.1015

2.3377

23.1761

0.6046

51

20.6571

2.0168

22.7628

0.5212

52

20.2070

1.6849

22.3430

0.4351

53

19.7515

1.3422

21.9170

0.3463

54

19.2910

0.9891

21.4847

0.2550

55

18.8258

0.6259

21.0463

0.1613

56

18.3565

0.6333

20.6017

0.1631

57

17.8836

0.6402

20.1513

0.1648

58

17.4074

0.6467

19.6949

0.1665

59

16.9288

0.6527

19.2325

0.1681

60

16.4483

0.6581

18.7641

0.1696

61

15.9668

0.6628

18.2900

0.1710

62

15.4849

0.6668

17.8104

0.1723

63

15.0034

0.6701

17.3256

0.1736

64

14.5232

0.6725

16.8361

0.1747

65

14.0448

0.6740

16.3424

0.1757

66

13.5691

0.6747

15.8449

0.1765

67

13.0966

0.6743

15.3442

0.1773

68

12.6279

0.6731

14.8409

0.1779

69

12.1636

0.6708

14.3356

0.1783

70

11.7039

0.6675

13.8288

0.1786

71

11.2490

0.6633

13.3211

0.1788

72

10.7986

0.6581

12.8129

0.1788

73

10.3529

0.6521

12.3046

0.1786

74

9.9114

0.6453

11.7973

0.1784

75

9.4751

0.6377

11.2925

0.1779

76

9.0457

0.6292

10.7919

0.1774

77

8.6255

0.6197

10.2979

0.1766

78

8.2168

0.6092

9.8127

0.1757

79

7.8213

0.5977

9.3386

0.1746

80

7.4407

0.5852

8.8770

0.1733

81

7.0760

0.5717

8.4279

0.1718

82

6.7283

0.5573

7.9910

0.1703

83

6.3983

0.5421

7.5664

0.1686

84

6.0869

0.5261

7.1553

0.1669

85

5.7945

0.5095

6.7594

0.1651

86

5.5219

0.4925

6.3813

0.1632

87

5.2699

0.4750

6.0237

0.1612

88

5.0397

0.4574

5.6900

0.1590

89

4.8327

0.4395

5.3818

0.1564

90

4.6505

0.4217

5.0996

0.1535

91

4.4944

0.4039

4.8430

0.1502

92

4.3595

0.3863

4.6099

0.1464

93

4.2355

0.3691

4.3966

0.1421

94

4.1143

0.3526

4.1992

0.1374

95

3.9940

0.3364

4.0152

0.1322

96

3.8753

0.3202

3.8434

0.1264

97

3.7562

0.3038

3.6824

0.1199

98

3.6357

0.2867

3.5304

0.1125

99

3.5135

0.2683

3.3855

0.1041

9Valuation factors — pension indexed at 3%

The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is indexed at 3%.

Age at relevant date (in completed years)

Valuation factors — pension indexed at 3%

Males

Females

Pension

Reversion

Pension

Reversion

18

25.4467

1.1877

26.2753

0.4841

19

25.3161

1.2157

26.1592

0.4970

20

25.1836

1.2430

26.0400

0.5099

21

25.0470

1.2710

25.9169

0.5232

22

24.9059

1.3000

25.7892

0.5371

23

24.7601

1.3300

25.6567

0.5518

24

24.6093

1.3609

25.5194

0.5671

25

24.4535

1.3928

25.3774

0.5829

26

24.2924

1.4259

25.2307

0.5992

27

24.1259

1.4601

25.0792

0.6160

28

23.9537

1.4954

24.9229

0.6332

29

23.7757

1.5320

24.7617

0.6509

30

23.5919

1.5698

24.5955

0.6689

31

23.4018

1.6088

24.4243

0.6873

32

23.2054

1.6491

24.2477

0.7062

33

23.0027

1.6906

24.0658

0.7254

34

22.7932

1.7334

23.8783

0.7450

35

22.5772

1.7775

23.6848

0.7652

36

22.3542

1.8228

23.4853

0.7858

37

22.1242

1.8694

23.2797

0.8070

38

21.8869

1.9173

23.0677

0.8285

39

21.6423

1.9664

22.8493

0.8506

40

21.3902

2.0169

22.6242

0.8730

41

21.1303

1.9997

22.3925

0.8422

42

20.8626

1.9802

22.1540

0.8089

43

20.5871

1.9582

21.9086

0.7731

44

20.3037

1.9336

21.6565

0.7347

45

20.0122

1.9061

21.3975

0.6935

46

19.7128

1.8756

21.1315

0.6496

47

19.4055

1.8419

20.8583

0.6028

48

19.0904

1.8047

20.5783

0.5531

49

18.7678

1.7640

20.2912

0.5005

50

18.4377

1.7194

19.9970

0.4450

51

18.1004

1.4950

19.6957

0.3865

52

17.7562

1.2587

19.3873

0.3250

53

17.4052

1.0104

19.0719

0.2606

54

17.0478

0.7502

18.7494

0.1933

55

16.6841

0.4783

18.4198

0.1231

56

16.3146

0.4875

18.0830

0.1254

57

15.9395

0.4965

17.7392

0.1276

58

15.5593

0.5052

17.3881

0.1298

59

15.1744

0.5135

17.0298

0.1319

60

14.7856

0.5214

16.6641

0.1340

61

14.3934

0.5289

16.2910

0.1360

62

13.9983

0.5357

15.9108

0.1380

63

13.6010

0.5420

15.5236

0.1399

64

13.2024

0.5476

15.1299

0.1417

65

12.8029

0.5524

14.7298

0.1435

66

12.4033

0.5565

14.3238

0.1451

67

12.0041

0.5597

13.9123

0.1467

68

11.6059

0.5621

13.4958

0.1481

69

11.2092

0.5636

13.0747

0.1494

70

10.8142

0.5642

12.6495

0.1505

71

10.4211

0.5639

12.2207

0.1515

72

10.0299

0.5627

11.7885

0.1524

73

9.6404

0.5607

11.3535

0.1532

74

9.2525

0.5580

10.9164

0.1539

75

8.8669

0.5544

10.4786

0.1544

76

8.4854

0.5499

10.0419

0.1548

77

8.1102

0.5445

9.6083

0.1550

78

7.7435

0.5381

9.1801

0.1550

79

7.3870

0.5305

8.7595

0.1548

80

7.0424

0.5219

8.3478

0.1544

81

6.7108

0.5123

7.9454

0.1538

82

6.3935

0.5016

7.5519

0.1532

83

6.0912

0.4900

7.1675

0.1524

84

5.8048

0.4776

6.7935

0.1515

85

5.5351

0.4644

6.4316

0.1506

86

5.2828

0.4505

6.0845

0.1495

87

5.0490

0.4361

5.7550

0.1482

88

4.8348

0.4213

5.4463

0.1468

89

4.6419

0.4062

5.1604

0.1450

90

4.4720

0.3908

4.8980

0.1428

91

4.3266

0.3753

4.6589

0.1401

92

4.2012

0.3599

4.4412

0.1371

93

4.0859

0.3448

4.2417

0.1335

94

3.9732

0.3301

4.0568

0.1295

95

3.8611

0.3158

3.8841

0.1250

96

3.7505

0.3014

3.7227

0.1199

97

3.6393

0.2867

3.5712

0.1141

98

3.5266

0.2713

3.4281

0.1075

99

3.4122

0.2547

3.2915

0.0998

10Valuation factors — pension indexed at 5%

The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is indexed at 5%.

Age at relevant date (in completed years)

Valuation factors — pension indexed at 5%

Males

Females

Pension

Reversion

Pension

Reversion

18

40.1545

3.6178

42.4637

1.5075

19

39.7545

3.6511

42.0758

1.5237

20

39.3526

3.6824

41.6836

1.5396

21

38.9456

3.7138

41.2861

1.5557

22

38.5326

3.7457

40.8820

1.5724

23

38.1137

3.7783

40.4714

1.5897

24

37.6887

3.8113

40.0545

1.6074

25

37.2575

3.8449

39.6315

1.6255

26

36.8199

3.8792

39.2026

1.6437

27

36.3760

3.9140

38.7678

1.6622

28

35.9256

3.9494

38.3273

1.6807

29

35.4685

3.9856

37.8809

1.6994

30

35.0051

4.0222

37.4289

1.7180

31

34.5348

4.0595

36.9712

1.7367

32

34.0578

4.0973

36.5077

1.7553

33

33.5743

4.1356

36.0385

1.7739

34

33.0839

4.1745

35.5633

1.7925

35

32.5871

4.2137

35.0819

1.8112

36

32.0836

4.2533

34.5942

1.8300

37

31.5733

4.2932

34.1004

1.8487

38

31.0564

4.3334

33.6004

1.8675

39

30.5329

4.3739

33.0942

1.8862

40

30.0028

4.4145

32.5819

1.9048

41

29.4660

4.3068

32.0634

1.8079

42

28.9227

4.1964

31.5390

1.7086

43

28.3731

4.0832

31.0087

1.6069

44

27.8174

3.9671

30.4728

1.5027

45

27.2556

3.8480

29.9315

1.3962

46

26.6882

3.7258

29.3847

1.2872

47

26.1153

3.6003

28.8326

1.1760

48

25.5376

3.4716

28.2756

1.0624

49

24.9554

3.3394

27.7138

0.9467

50

24.3691

3.2038

27.1473

0.8289

51

23.7793

2.7421

26.5763

0.7091

52

23.1865

2.2727

26.0011

0.5874

53

22.5912

1.7963

25.4218

0.4640

54

21.9940

1.3134

24.8387

0.3392

55

21.3952

0.8247

24.2520

0.2129

56

20.7954

0.8281

23.6617

0.2137

57

20.1954

0.8309

23.0683

0.2145

58

19.5956

0.8331

22.4716

0.2151

59

18.9968

0.8346

21.8718

0.2156

60

18.4000

0.8354

21.2690

0.2160

61

17.8059

0.8354

20.6634

0.2163

62

17.2152

0.8345

20.0555

0.2164

63

16.6287

0.8328

19.4457

0.2165

64

16.0475

0.8301

18.8345

0.2164

65

15.4722

0.8264

18.2227

0.2162

66

14.9034

0.8217

17.6105

0.2158

67

14.3420

0.8160

16.9989

0.2153

68

13.7884

0.8093

16.3886

0.2146

69

13.2431

0.8016

15.7800

0.2138

70

12.7063

0.7928

15.1739

0.2128

71

12.1781

0.7831

14.5709

0.2116

72

11.6582

0.7724

13.9714

0.2103

73

11.1466

0.7609

13.3758

0.2089

74

10.6428

0.7486

12.7854

0.2074

75

10.1478

0.7356

12.2017

0.2057

76

9.6632

0.7218

11.6264

0.2039

77

9.1916

0.7071

11.0621

0.2019

78

8.7351

0.6914

10.5110

0.1997

79

8.2955

0.6749

9.9755

0.1974

80

7.8742

0.6575

9.4568

0.1949

81

7.4723

0.6393

8.9548

0.1923

82

7.0907

0.6203

8.4689

0.1896

83

6.7299

0.6007

7.9991

0.1869

84

6.3906

0.5806

7.5465

0.1842

85

6.0731

0.5600

7.1127

0.1814

86

5.7781

0.5391

6.7001

0.1785

87

5.5062

0.5182

6.3116

0.1755

88

5.2583

0.4971

5.9502

0.1724

89

5.0358

0.4762

5.6176

0.1690

90

4.8401

0.4555

5.3138

0.1652

91

4.6723

0.4350

5.0381

0.1610

92

4.5270

0.4150

4.7882

0.1564

93

4.3934

0.3956

4.5599

0.1514

94

4.2630

0.3769

4.3490

0.1459

95

4.1337

0.3586

4.1527

0.1399

96

4.0063

0.3404

3.9697

0.1333

97

3.8786

0.3220

3.7985

0.1260

98

3.7496

0.3030

3.6370

0.1178

99

3.6189

0.2827

3.4832

0.1086

[137]Schedule 5, subclause 2 (2), definition of Py+1

substitute

PY+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.

[138]Schedule 5, clause 3, table

before

1

0.969

0.981

0.986

0.985

0.988

0.983

0.993

insert

0

0.000

0.000

0.000

0.000

0.000

0.000

0.000

[139]After Schedule 6

insert

Schedule 7Modifications of Division 6.2

(subregulation 46 (3))

1Paragraph 49 (1) (b)

substitute

  1. (b)

    the lump sum is equal to or more than the sum of each adjusted base amount payable to the non‑member spouse and to each other person under a payment split with an earlier operative time.

2Paragraph 50 (1) (b)

substitute

  1. (b)

    the lump sum is less than the sum of each adjusted base amount payable to the non‑member spouse and to each other person under a payment split with an earlier operative time.

3Paragraph 50 (2) (a)

substitute

  1. (a)

    the amount remaining from the lump sum after each other person has received, under this regulation, the amount to which he or she is entitled under a payment split with an earlier operative time; and

4Subregulation 51 (6), definition of rV

substitute

rV is the remaining value of the superannuation interest after the payment of the lump sums, under paragraph 50 (2) (a) and subparagraph (4) (b) (ii) of this regulation, to each other person under a payment split with an earlier operative time, and to the non‑member spouse, calculated in accordance with subregulation (7).

5Subregulation 51 (7)

omit

the non-member spouse

insert

each other person under a payment split with an earlier operative time, and to the non-member spouse,

Notes

1. These Regulations amend Statutory Rules 2001 No. 303.

2. Notified in the Commonwealth of Australia Gazette

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