Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2005 (No. 2) (Cth)
Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2005 (No. 2)
I, PHILIP MAXWELL RUDDOCK, Attorney-General, make this Approval under regulations 38 and 43A of the Family Law (Superannuation) Regulations 2001.
Dated 16 March 2005
PHILIP RUDDOCK
Attorney-General
Name of Approval
This Approval is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2005 (No. 2).
Commencement
This Approval commences on the day after it is registered.
Amendment of Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003
Schedule 1 amends the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003.
Schedule 1 Amendment
(section 3)
[1] Schedule 6, after Part 4
insert
Part 5 South Australian Judges’ Pension Scheme
Division 5.1 Definitions
Definitions
In this Part:
age of retirement has the meaning given by subsection 4 (1) of the SA Judges’ Pensions Act.
Judge has the meaning given by subsection 4 (1) of the SA Judges’ Pensions Act.
judicial service has the meaning given by subsection 4 (1) of the SA Judges’ Pensions Act.
SA Judges’ Pensions Act means the Judges’ Pensions Act 1971 (SA).
SA Judges’ Pensions Scheme means the scheme established by Part 2 of the SA Judges’ Pensions Act.
Division 5.2 Interests in the growth phase
Methods and factors for interests in the SA Judges’ Pensions Scheme
For an interest that is in the growth phase in the SA Judges’ Pensions Scheme mentioned in an item in the following table, the method or factor mentioned in the item is approved for section 4 of this instrument.
| Item | Interest in the growth phase | Method or factor |
| 1 | An interest that a person has as a Judge in the SA Judges’ Pensions Scheme. | where: S is the person’s annual salary at the relevant date. A is the person’s accrued pension multiple at the relevant date calculated by reference to whichever of the following applies: (a) if the person is aged 60 years or more and has 10 years or more judicial service — the lesser of: (i) 0.6; and (ii) 0.5 + 0.01 ´ csm; where: csm is the number of periods of 6 complete months of the person’s judicial service between the 10th anniversary of the day when the person commenced judicial service and the relevant date. |
| (b) if the person is aged less than 60 and will have 10 years or more judicial service when the person turns 60: where: psm is: (a) the number of periods of 6 complete months of the person’s judicial service between the 5th anniversary of the day when the person commenced judicial service and the day when the person turns 60; or (b) if the number under paragraph (a) is more than 20 — 20. djs is the number of days of the person’s judicial service commencing on the day when the person commenced judicial service and ending on the relevant date. pdjs is the number of days of the person’s judicial service commencing on the day when the person commenced judicial service and ending on the day when the person turns 60. | ||
| (c) if neither paragraph (a) nor (b) applies and the person commenced judicial service at least 10 years before the person’s age of retirement: where: djs is the number of days of the person’s judicial service commencing on the day when the person commenced judicial service and ending on the relevant date. pdjs is the number of days of the person’s judicial service commencing on the day when the person commenced judicial service and ending on the 10th anniversary of that day. | ||
| (d) if the person commenced judicial service less than 10 years before the person’s age of retirement: where: psm is the number of periods of 6 complete months of the person’s judicial service between the 5th anniversary of the day when the person commenced judicial service and ending on the day when the person reaches the person’s age of retirement. djs is the number of days of the person’s judicial service commencing on the day when the person commenced judicial service and ending on the relevant date. tdjs is the number of days of the person’s judicial service commencing on the day when the person commenced judicial service and ending on the day when the person reaches the person’s age of retirement. Fy+m is the factor calculated in accordance with the following formula: where: Fy is the valuation factor mentioned in Table 1 of this Part that applies at the relevant date to the person’s gender, age in completed years (y) and age of retirement. m is the number of complete months of the person’s age that are not included in the person’s completed years of age. Fy+1 is the valuation factor mentioned in Table 1 of this Part that would apply to the person if the person’s age (y) were 1 year more than the person’s age in completed years at the relevant date. AF is: (a) in the case of a person who was aged less than 50 on the date when the person commenced judicial service — 1; and (b) in any other case: (i) if the person commenced judicial service not more than 182 days after the person’s birthday — the adjustment factor mentioned in Table 2 of this Part that applies to the person’s age at that birthday; and (ii) if the person commenced judicial service more than 182 days after the person’s birthday — the adjustment factor mentioned in Table 2 of this Part that applies to the person’s age at the person’s next birthday. | ||
| 2 | An interest that a person has in the SA Judges’ Pensions Scheme if the person: (a) was a Judge; and (b) resigned before turning 60; and (c) had judicial service of 15 years or more. | where: S is the annual salary payable to the person immediately before the date when the person resigned, adjusted in accordance with the Consumer Price Index (all groups index for DFy+m is the factor calculated in accordance with the following formula: where: DFy is the valuation factor mentioned in Table 3 of this Part that applies at the relevant date to the person’s gender and age in completed years (y). m has the meaning given by item 1. DFy+1 is the valuation factor mentioned in Table 3 of this Part that would apply to the person if the person’s age (y) were one year more than the person’s age in completed years at the relevant date. |
Division 5.3 Interests in the payment phase
Methods and factors for interests in the SA Judges’ Pensions Scheme
For an interest that is in the payment phase in the SA Judges’ Pensions Scheme mentioned in an item in the following table, the method or factor mentioned in the item is approved for section 4 of this instrument.
| Item | Interest in the payment phase | Method or factor |
| 1 | An interest that a person has in the SA Judges’ Pensions Scheme if the person is entitled to a pension under that Scheme. | where: P is the annual pension payable to the person under the SA Judges’ Pensions Act. PFy+m is the factor calculated in accordance with the following formula: where: PFy is the pension valuation factor mentioned in Table 4 of this Part that applies at the relevant date to the person’s gender, age in completed years (y) and the type of pension. m is the number of complete months of the person’s age that are not included in the person’s completed years of age. PFy+1 is the valuation factor mentioned in Table 4 of this Part that would apply to the person if the person’s age (y) were one year more than the person’s age in completed years at the relevant date. |
Division 5.4 Factors
Table 1Valuation factors — Serving Judges
| Retirement Age of 65 | Retirement Age of 70 | |||
| Age | Males | Females | Males | Females |
| 31 | 6.488 | 6.924 | 5.650 | 6.027 |
| 32 | 6.636 | 7.086 | 5.778 | 6.166 |
| 33 | 6.788 | 7.250 | 5.908 | 6.308 |
| 34 | 6.943 | 7.419 | 6.041 | 6.454 |
| 35 | 7.100 | 7.591 | 6.176 | 6.602 |
| 36 | 7.262 | 7.766 | 6.315 | 6.753 |
| 37 | 7.427 | 7.946 | 6.456 | 6.908 |
| 38 | 7.595 | 8.129 | 6.600 | 7.065 |
| 39 | 7.767 | 8.317 | 6.747 | 7.226 |
| 40 | 7.942 | 8.508 | 6.897 | 7.391 |
| 41 | 8.122 | 8.704 | 7.050 | 7.559 |
| 42 | 8.305 | 8.904 | 7.206 | 7.730 |
| 43 | 8.492 | 9.109 | 7.365 | 7.905 |
| 44 | 8.682 | 9.318 | 7.527 | 8.083 |
| 45 | 8.877 | 9.531 | 7.692 | 8.266 |
| 46 | 9.076 | 9.750 | 7.860 | 8.452 |
| 47 | 9.280 | 9.973 | 8.032 | 8.642 |
| 48 | 9.488 | 10.202 | 8.207 | 8.836 |
| 49 | 9.700 | 10.436 | 8.386 | 9.034 |
| 50 | 9.917 | 10.675 | 8.568 | 9.237 |
| 51 | 10.139 | 10.921 | 8.754 | 9.445 |
| 52 | 10.367 | 11.173 | 8.944 | 9.657 |
| 53 | 10.600 | 11.431 | 9.139 | 9.875 |
| 54 | 10.840 | 11.697 | 9.338 | 10.098 |
| 55 | 11.087 | 11.970 | 9.543 | 10.327 |
| 56 | 11.341 | 12.251 | 9.753 | 10.562 |
| 57 | 11.602 | 12.540 | 9.968 | 10.804 |
| 58 | 11.872 | 12.839 | 10.189 | 11.053 |
| 59 | 12.150 | 13.147 | 10.417 | 11.309 |
| 60 | 12.438 | 13.466 | 10.651 | 11.573 |
| 61 | 12.425 | 13.481 | 10.377 | 11.315 |
| 62 | 12.597 | 13.686 | 10.373 | 11.335 |
| 63 | 12.809 | 13.930 | 10.389 | 11.378 |
| 64 | 13.064 | 14.219 | 10.431 | 11.446 |
| 65 | 13.369 | 14.558 | 10.499 | 11.544 |
| 66 | 10.599 | 11.674 | ||
| 67 | 10.734 | 11.841 | ||
| 68 | 10.908 | 12.051 | ||
| 69 | 11.128 | 12.308 | ||
| 70 | 11.246 | 12.459 | ||
Table 2Adjustment factors
| Age | Retirement age of 65 | Retirement Age of 70 | |||||
| Age at Nearest Birthday to Date Judicial Service Commenced | |||||||
| 50 | 51 | 52 | 53 | 54 | 55+ | ||
| 50 | 0.96 | 0.95 | |||||
| 51 | 0.96 | 0.95 | 0.94 | ||||
| 52 | 0.96 | 0.95 | 0.94 | 0.92 | |||
| 53 | 0.96 | 0.95 | 0.94 | 0.92 | 0.90 | ||
| 54 | 0.96 | 0.95 | 0.94 | 0.92 | 0.90 | 0.88 | |
| 55 | 0.96 | 0.95 | 0.94 | 0.92 | 0.90 | 0.88 | 0.86 |
| 56 | 0.96 | 0.95 | 0.94 | 0.92 | 0.90 | 0.88 | 0.86 |
| 57 | 0.96 | 0.95 | 0.94 | 0.92 | 0.90 | 0.88 | 0.86 |
| 58 | 0.96 | 0.95 | 0.94 | 0.92 | 0.90 | 0.88 | 0.86 |
| 59 | 0.96 | 0.95 | 0.94 | 0.92 | 0.90 | 0.88 | 0.86 |
| 60 | 0.96 | 0.95 | 0.94 | 0.92 | 0.90 | 0.88 | 0.86 |
| 61 | 0.99 | 1.00 | 0.98 | 0.96 | 0.94 | 0.93 | 0.90 |
| 62 | 0.99 | 1.00 | 1.00 | 0.98 | 0.96 | 0.95 | 0.92 |
| 63 | 1.00 | 1.00 | 1.00 | 1.00 | 0.98 | 0.97 | 0.94 |
| 64 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.98 | 0.95 |
| 65 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.97 |
| 66 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.98 | |
| 67 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.98 | |
| 68 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.99 | |
| 69 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.99 | |
| 70 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Table 3Valuation factors — Judges who resigned before turning 60 with judicial service of 15 years or more
| Age | Males | Females |
| 45 | 8.745 | 9.299 |
| 46 | 9.072 | 9.651 |
| 47 | 9.411 | 10.016 |
| 48 | 9.764 | 10.396 |
| 49 | 10.130 | 10.791 |
| 50 | 10.510 | 11.202 |
| 51 | 10.906 | 11.629 |
| 52 | 11.318 | 12.075 |
| 53 | 11.747 | 12.539 |
| 54 | 12.195 | 13.022 |
| 55 | 12.663 | 13.527 |
| 56 | 13.152 | 14.055 |
| 57 | 13.663 | 14.606 |
| 58 | 14.199 | 15.184 |
| 59 | 14.761 | 15.788 |
| 60 | 15.351 | 16.423 |
Table 4Valuation factors — interests in the payment phase
| Age Pensioner | Invalidity Pensioner | Spouse Pensioner | ||||
| Age | Males | Females | Males | Females | Males | Females |
| 18 | 24.247 | 24.340 | 22.739 | 21.930 | 23.906 | 24.178 |
| 19 | 24.186 | 24.279 | 22.681 | 21.873 | 23.825 | 24.107 |
| 20 | 24.121 | 24.213 | 22.620 | 21.811 | 23.740 | 24.033 |
| 21 | 24.052 | 24.144 | 22.554 | 21.745 | 23.651 | 23.954 |
| 22 | 23.978 | 24.069 | 22.483 | 21.675 | 23.558 | 23.870 |
| 23 | 23.899 | 23.990 | 22.409 | 21.602 | 23.460 | 23.782 |
| 24 | 23.816 | 23.906 | 22.330 | 21.525 | 23.357 | 23.689 |
| 25 | 23.728 | 23.816 | 22.246 | 21.443 | 23.250 | 23.591 |
| 26 | 23.636 | 23.723 | 22.158 | 21.357 | 23.137 | 23.489 |
| 27 | 23.538 | 23.625 | 22.065 | 21.268 | 23.020 | 23.381 |
| 28 | 23.436 | 23.523 | 21.968 | 21.174 | 22.897 | 23.270 |
| 29 | 23.329 | 23.417 | 21.866 | 21.077 | 22.769 | 23.154 |
| 30 | 23.217 | 23.306 | 21.759 | 20.975 | 22.635 | 23.034 |
| 31 | 23.099 | 23.192 | 21.647 | 20.869 | 22.496 | 22.909 |
| 32 | 22.977 | 23.072 | 21.530 | 20.758 | 22.351 | 22.779 |
| 33 | 22.850 | 22.948 | 21.408 | 20.643 | 22.199 | 22.643 |
| 34 | 22.717 | 22.819 | 21.280 | 20.522 | 22.042 | 22.503 |
| 35 | 22.578 | 22.685 | 21.147 | 20.396 | 21.877 | 22.357 |
| 36 | 22.434 | 22.545 | 21.008 | 20.265 | 21.706 | 22.205 |
| 37 | 22.284 | 22.399 | 20.862 | 20.128 | 21.528 | 22.047 |
| 38 | 22.128 | 22.248 | 20.710 | 19.985 | 21.343 | 21.882 |
| 39 | 21.965 | 22.091 | 20.552 | 19.836 | 21.150 | 21.712 |
| 40 | 21.782 | 21.916 | 20.359 | 19.644 | 20.949 | 21.535 |
| 41 | 21.576 | 21.722 | 20.130 | 19.410 | 20.741 | 21.351 |
| 42 | 21.361 | 21.519 | 19.891 | 19.168 | 20.524 | 21.160 |
| 43 | 21.136 | 21.307 | 19.642 | 18.918 | 20.298 | 20.962 |
| 44 | 20.901 | 21.087 | 19.383 | 18.659 | 20.064 | 20.756 |
| 45 | 20.656 | 20.858 | 19.112 | 18.392 | 19.821 | 20.544 |
| 46 | 20.400 | 20.619 | 18.830 | 18.115 | 19.569 | 20.323 |
| 47 | 20.133 | 20.370 | 18.535 | 17.828 | 19.308 | 20.095 |
| 48 | 19.855 | 20.112 | 18.227 | 17.530 | 19.037 | 19.859 |
| 49 | 19.566 | 19.844 | 17.904 | 17.221 | 18.758 | 19.615 |
| 50 | 19.224 | 19.566 | 17.501 | 16.900 | 18.469 | 19.362 |
| 51 | 18.826 | 19.277 | 17.011 | 16.566 | 18.171 | 19.101 |
| 52 | 18.410 | 18.978 | 16.506 | 16.227 | 17.863 | 18.832 |
| 53 | 17.976 | 18.668 | 15.988 | 15.883 | 17.546 | 18.554 |
| 54 | 17.524 | 18.348 | 15.456 | 15.536 | 17.220 | 18.267 |
| 55 | 17.126 | 18.035 | 15.022 | 15.223 | 16.884 | 17.971 |
| 56 | 16.789 | 17.732 | 14.692 | 14.945 | 16.540 | 17.666 |
| 57 | 16.442 | 17.419 | 14.358 | 14.664 | 16.186 | 17.352 |
| 58 | 16.087 | 17.097 | 14.021 | 14.380 | 15.823 | 17.028 |
| 59 | 15.723 | 16.765 | 13.681 | 14.094 | 15.452 | 16.694 |
| 60 | 15.351 | 16.423 | 13.338 | 13.805 | 15.072 | 16.350 |
| 61 | 14.970 | 16.070 | 12.993 | 13.514 | 14.683 | 15.996 |
| 62 | 14.581 | 15.708 | 12.647 | 13.221 | 14.287 | 15.632 |
| 63 | 14.184 | 15.335 | 12.299 | 12.925 | 13.883 | 15.257 |
| 64 | 13.780 | 14.951 | 11.950 | 12.627 | 13.472 | 14.872 |
| 65 | 13.369 | 14.558 | 11.601 | 12.327 | 13.054 | 14.476 |
| 66 | 12.950 | 14.154 | 11.252 | 12.026 | 12.629 | 14.071 |
| 67 | 12.528 | 13.741 | 10.903 | 11.722 | 12.200 | 13.657 |
| 68 | 12.102 | 13.321 | 10.554 | 11.416 | 11.770 | 13.235 |
| 69 | 11.675 | 12.893 | 10.207 | 11.108 | 11.338 | 12.806 |
| 70 | 11.246 | 12.459 | 9.861 | 10.798 | 10.905 | 12.371 |
| 71 | 10.816 | 12.018 | 9.517 | 10.487 | 10.472 | 11.929 |
| 72 | 10.386 | 11.572 | 9.176 | 10.173 | 10.039 | 11.482 |
| 73 | 9.955 | 11.121 | 8.839 | 9.857 | 9.606 | 11.030 |
| 74 | 9.525 | 10.665 | 8.504 | 9.538 | 9.174 | 10.574 |
| 75 | 9.095 | 10.207 | 8.174 | 9.216 | 8.745 | 10.115 |
| 76 | 8.669 | 9.748 | 7.848 | 8.891 | 8.319 | 9.656 |
| 77 | 8.247 | 9.291 | 7.527 | 8.562 | 7.898 | 9.198 |
| 78 | 7.833 | 8.837 | 7.211 | 8.229 | 7.487 | 8.744 |
| 79 | 7.429 | 8.390 | 6.901 | 7.890 | 7.085 | 8.297 |
| 80 | 7.036 | 7.950 | 6.597 | 7.544 | 6.696 | 7.858 |
| 81 | 6.656 | 7.520 | 6.300 | 7.190 | 6.321 | 7.428 |
| 82 | 6.290 | 7.098 | 6.011 | 6.827 | 5.962 | 7.007 |
| 83 | 5.939 | 6.687 | 5.729 | 6.451 | 5.618 | 6.596 |
| 84 | 5.605 | 6.286 | 5.456 | 6.086 | 5.292 | 6.197 |
| 85 | 5.289 | 5.899 | 5.191 | 5.734 | 4.985 | 5.811 |
| 86 | 4.992 | 5.528 | 4.937 | 5.395 | 4.697 | 5.441 |
| 87 | 4.715 | 5.177 | 4.693 | 5.075 | 4.430 | 5.091 |
| 88 | 4.459 | 4.848 | 4.461 | 4.775 | 4.185 | 4.763 |
| 89 | 4.228 | 4.545 | 4.243 | 4.498 | 3.965 | 4.462 |
| 90 | 4.023 | 4.269 | 4.042 | 4.243 | 3.771 | 4.187 |
| 91 | 3.848 | 4.021 | 3.859 | 4.011 | 3.608 | 3.941 |
| 92 | 3.701 | 3.799 | 3.701 | 3.799 | 3.472 | 3.722 |
| 93 | 3.575 | 3.604 | 3.575 | 3.604 | 3.356 | 3.530 |
| 94 | 3.450 | 3.421 | 3.450 | 3.421 | 3.242 | 3.351 |
| 95 | 3.325 | 3.248 | 3.325 | 3.248 | 3.125 | 3.181 |
| 96 | 3.197 | 3.081 | 3.197 | 3.081 | 3.007 | 3.019 |
| 97 | 3.065 | 2.917 | 3.065 | 2.917 | 2.882 | 2.861 |
| 98 | 2.922 | 2.754 | 2.922 | 2.754 | 2.748 | 2.704 |
| 99 | 2.766 | 2.584 | 2.766 | 2.584 | 2.599 | 2.542 |
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