Family Law (Superannuation) Amendment Regulations 2003 (No. 1) (Cth)

Family Law (Superannuation) Amendment Regulations 2003 (No. 1)1

Statutory Rules 2003 No. 772

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 1 May 2003

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 2003 (No. 1).

2Commencement

These Regulations commence on gazettal.

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 relevant date

omit

Part 6

insert

Part 5

[2]Regulation 9A

substitute

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

1. (1)

   For the definition of percentage-only interest in section 90MD of the Act, each of the following superannuation interests is prescribed:

   1. (a)

      a superannuation interest in the Judges’ Pensions Act Scheme;

   2. (b)

      a superannuation interest in the scheme constituted by the Judges’ Pensions Act 1953 (NSW);

   3. (c)

      a superannuation interest in the Parliamentary Contributory Superannuation Fund, being the Fund continued in existence by subsection 6 (1) of the Parliamentary Contributory Superannuation Act 1970 (Qld);

   4. (d)

      a superannuation interest in the scheme constituted by the Judges’ Contributory Pensions Act 1968 (Tas);

   5. (e)

      a superannuation interest in the Parliamentary Retiring Benefits Fund continued, under regulation 49 of the Retirement Benefits (Parliamentary Superannuation) Regulations 2002 (Tas), as a subfund of the Retirement Benefits Fund.

2. (2)

   A superannuation interest mentioned in paragraph (1) (d) or (e) does not include an interest if, immediately before the commencement of this subregulation:

   1. (a)

      either:

      1. (i)

         the interest is covered by a superannuation agreement or a flag lifting agreement that is in force and provides for a payment split; or

      2. (ii)

         the interest is an interest to which subsection 90MJ (5) of the Act applies; or

   2. (b)

      the interest is covered by a splitting order; or

   3. (c)

      the non-member spouse has served a waiver notice on the trustee under section 90MZA of the Act in respect of the interest.

3. (3)

   Subregulation (2) applies only in relation to the agreement, order or notice.

[3]Paragraph 12 (1) (ea)

omit

constituted by the Superannuation (State Public Sector) Act 1990

insert

established by the Superannuation (State Public Sector) Deed 1990

[4]Subregulation 43 (3)

omit

of valuation

[5]Paragraph 63 (2) (ea), note

omit

and paragraphs (4) (d), (e) and (f), or paragraphs (4A) (j), (k) and (l), as the case requires,

[6]Paragraph 63 (6) (a)

omit

is required to provide only the information mentioned in that paragraph and paragraphs (4) (d), (e) and (f), or paragraphs (4A) (j), (k) and (l), as the case requires, to the applicant, and

[7]Paragraph 64 (2) (ea), note

omit

and paragraphs (4) (k), (l) and (m)

[8]Paragraph 64 (6) (a)

omit

is required to provide only the information mentioned in that paragraph and paragraphs (4) (k), (l) and (m) to the applicant, and

[9]Paragraphs 68A (2) (e) and (f)

substitute

1. (e)

   the agreement has not been terminated or set aside.

[10]Schedule 2, after clause 7

insert

7AValuation factors — no guarantee period — CPI indexed pension with 5% cap

The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:

1. (a)

   has no guarantee period; and

2. (b)

   is indexed in accordance with the consumer price index with a cap of 5%.

Member’s retirement age	Pension valuation factors No guarantee period CPI indexed pension with 5% cap
	Male	Female
55	15.5689	17.0704
56	15.2477	16.7844
57	14.9204	16.4912
58	14.5872	16.1904
59	14.2486	15.8821
60	13.9052	15.5660
61	13.5575	15.2421
62	13.2060	14.9106
63	12.8512	14.5715
64	12.4939	14.2252
65	12.1346	13.8719

Member’s age at relevant date (in completed years)	Reversion valuation factors No guarantee period CPI indexed pension with 5% cap
	Male	Female
Up to 40	2.700	1.162
41	2.610	1.093
42	2.520	1.023
43	2.430	0.953
44	2.340	0.883
45	2.250	0.814
46	2.160	0.744
47	2.070	0.674
48	1.980	0.604
49	1.890	0.535
50	1.800	0.465
51	1.530	0.395
52	1.260	0.325
53	0.990	0.256
54	0.720	0.186
55 and over	0.450	0.116

[11]Schedule 2, after clause 14

insert

14AValuation factors — 5-year guarantee period — CPI indexed pension with 5% cap

The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:

1. (a)

   has a 5-year guarantee period; and

2. (b)

   is indexed in accordance with the consumer price index with a cap of 5%.

Member’s retirement age	Pension valuation factors 5-year guarantee period CPI indexed pension with 5% cap
	Male	Female
55	15.6284	17.1062
56	15.3140	16.8237
57	14.9942	16.5342
58	14.6694	16.2376
59	14.3403	15.9337
60	14.0073	15.6225
61	13.6712	15.3042
62	13.3325	14.9789
63	12.9919	14.6468
64	12.6500	14.3083
65	12.3077	13.9636

Member’s age at relevant date (in completed years)	Reversion valuation factors 5-year guarantee period CPI indexed pension with 5% cap
	Male	Female
Up to 40	2.624	1.133
41	2.536	1.065
42	2.449	0.997
43	2.361	0.929
44	2.274	0.861
45	2.186	0.793
46	2.099	0.725
47	2.011	0.657
48	1.924	0.589
49	1.836	0.521
50	1.749	0.453
51	1.487	0.385
52	1.224	0.317
53	0.962	0.249
54	0.700	0.181
55 and over	0.437	0.113

[12]Schedule 2, after clause 21

insert

21AValuation factors — 10-year guarantee period — CPI indexed pension with 5% cap

The pension valuation factors and reversion valuation factors set out in this clause apply if the pension:

1. (a)

   has a 10-year guarantee period; and

2. (b)

   is indexed in accordance with the consumer price index with a cap of 5%.

Member’s retirement age	Pension valuation factors 10-year guarantee period CPI indexed pension with 5% cap
	Male	Female
55	15.8202	17.2175
56	15.5271	16.9456
57	15.2310	16.6678
58	14.9325	16.3841
59	14.6322	16.0946
60	14.3309	15.7994
61	14.0294	15.4989
62	13.7282	15.1935
63	13.4281	14.8835
64	13.1299	14.5696
65	12.8342	14.2522

Member’s age at relevant date (in completed years)	Reversion valuation factors 10-year guarantee period CPI indexed pension with 5% cap
	Male	Female
Up to 40	2.422	1.057
41	2.342	0.993
42	2.261	0.930
43	2.180	0.866
44	2.099	0.803
45	2.019	0.740
46	1.938	0.676
47	1.857	0.613
48	1.776	0.549
49	1.696	0.486
50	1.615	0.423
51	1.373	0.359
52	1.130	0.296
53	0.888	0.232
54	0.646	0.169
55 and over	0.404	0.106

Notes

1. These Regulations amend Statutory Rules 2001 No. 303, as amended by 2002 Nos. 176 and 333.

2. Notified in the Commonwealth of Australia Gazette