Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2022 (Cth)
Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2022
I, Michaelia Cash, Attorney‑General, make the following instrument.
Dated 9 February 2022
Michaelia Cash
Attorney‑General
Contents
1............ Name............................................................................................................................. 1
2............ Commencement............................................................................................................. 1
3............ Authority....................................................................................................................... 1
4............ Schedules...................................................................................................................... 1
Schedule 1—Amendments 2
Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003 2
1 Name
This instrument is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2022.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
| Commencement information | ||
| Column 1 | Column 2 | Column 3 |
| Provisions | Commencement | Date/Details |
| 1. The whole of this instrument | 28 February 2022. | 28 February 2022 |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under regulations 38 and 43A of the Family Law (Superannuation) Regulations 2001.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003
1 Part 1 of Schedule 4 (heading)
Repeal the heading, substitute:
Part 1—Superannuation scheme established by the Superannuation (State Public Sector) Act 1990 (Qld)
2 Clause 1 of Schedule 4 (definition of Deed)
Omit “Superannuation (State Public Sector) Deed 1990 (Qld)”, substitute “trust deed governing the Scheme”.
3 Clause 1 of Schedule 4
Insert:
Government Division Rules means the Division Rules (within the meaning of the Deed) that relate to the Government Division referred to in clause 2.1 of the Deed.
participation schedule means the part of the Government Division Rules known as the Participation Schedule.
QSuper Lifetime Pension means an interest in the Scheme that:
(a) is in the payment phase; and
(b) is covered by Chapter 10 of the Government Division Rules; and
(c) complies with the standards of regulation 1.06A of the Superannuation Industry (Supervision) Regulations 1994.
4 Clause 1 of Schedule 4 (definition of roll‑in amount)
Omit “Deed”, substitute “participation schedule”.
5 Clause 1 of Schedule 4 (definition of Scheme)
Repeal the definition, substitute:
Scheme means the Scheme continued in existence under section 5 of the Superannuation (State Public Sector) Act 1990 (Qld)”.
Note: In 2022, the Scheme was known as the Australian Retirement Trust.
6 Clause 1A of Schedule 4 (heading)
Omit “Deed”, substitute “participation schedule”.
7 Clause 1A of Schedule 4
Omit “this Part and in Chapter 9 of the Deed has the same meaning in this Part as it has in Chapter 9 of the Deed”, substitute “clause 2 of this Part and in Chapter 9 of the participation schedule has the same meaning in that clause as it has in that Chapter”.
8 Clause 2 of Schedule 4 (heading)
After “interests”, insert “(other than QSuper Lifetime Pensions)”.
9 Clause 2 of Schedule 4 (item 1 of the table, column headed “Interest in the growth phase”)
Omit “Deed”, substitute “participation schedule”.
10 Clause 2 of Schedule 4 (item 1 of the table, column headed “Method or factor”)
Omit “paragraph 23C(3)(b) of the Deed”, substitute “paragraph 32(3)(b) of the Government Division Rules”.
11 Clause 2 of Schedule 4 (item 1 of the table, column headed “Method or factor”)
Omit “section 77 of the Deed” (first occurring), substitute “rule 102 of the Government Division Rules”.
12 Clause 2 of Schedule 4 (item 1 of the table, column headed “Method or factor”)
Omit “subsection 52(8) of the Deed”, substitute “subsection 52(8) of the participation schedule”.
13 Clause 2 of Schedule 4 (item 1 of the table, column headed “Method or factor”)
Omit “subsection 23F(3) of the Deed”, substitute “subrule 34(4) of the Government Division Rules”.
14 Clause 2 of Schedule 4 (item 1 of the table, column headed “Method or factor”)
Omit “section 77 of the Deed” (second occurring), substitute “rule 102 of the Government Division Rules”.
15 Clause 2 of Schedule 4 (item 1 of the table, column headed “Method or factor”)
Omit “paragraph 23C(3)(a) of the Deed”, substitute “paragraph 32(3)(a) of the Government Division Rules”.
16 Clause 2 of Schedule 4 (item 2 of the table, column headed “Interest in the growth phase”)
Omit “Deed”, substitute “participation schedule”.
17 Clause 2 of Schedule 4 (item 2 of the table, column headed “Method or factor”)
Omit “section 77 of the Deed”, substitute “rule 102 of the Government Division Rules”.
18 Clause 2 of Schedule 4 (item 2 of the table, column headed “Method or factor”)
Omit “subsection 52(8) of the Deed”, substitute “subsection 52(8) of the participation schedule”.
19 Clause 2 of Schedule 4 (item 3 of the table, column headed “Interest in the growth phase”)
Omit “Deed” (wherever occurring), substitute “participation schedule”.
20 Clause 2 of Schedule 4 (item 3 of the table, column headed “Method or factor”)
Omit “subsection 23F(2) of the Deed”, substitute “subrule 34(3) of the Government Division Rules”.
21 Clause 2 of Schedule 4 (item 3 of the table, column headed “Method or factor”)
Omit “section 77 of the Deed”, substitute “rule 102 of the Government Division Rules”.
22 Clause 2 of Schedule 4 (item 3 of the table, column headed “Method or factor”)
Omit “section 23B of the Deed”, substitute “rule 28 of the Government Division Rules”.
23 Clause 2 of Schedule 4 (items 4, 5 and 6 of the table)
Omit “Deed” (wherever occurring), substitute “participation schedule”.
24 At the end of Part 1 of Schedule 4
Add:
3 Methods and factors for interests of scheme members in QSuper Lifetime Pensions
(1) For an interest a person has in the Scheme that is in the payment phase and known as a QSuper Lifetime Pension, the method for section 4 of this instrument is worked out using the following formula:
where:
pension amount means the annual amount of the person’s pension at the relevant date.
pension valuation factor means the pension valuation factor worked out under subclause (2) of this clause at the relevant date.
(2) For the purposes of subclause (1), the pension valuation factor at the relevant date is worked out using the following formula:
where:
m means the number of completed months of the following person’s age (the relevant person) that are not included in the completed years at the relevant date:
(a) in the case of a single pension—the person;
(b) in the case of a couple pension—the youngest person of the couple.
y is the relevant person’s age in completed years at the relevant date.
Py is the valuation factor mentioned in the following table that applies to the pension and the relevant person’s age in completed years at the relevant date.
Py+1 means the valuation factor mentioned in the following table that applies to the pension and the relevant person’s age in completed years at the relevant date if the relevant person’s age was taken to be increased by one year.
Valuation factors Item Age Single pension Couple pension 1 60 16.22286 17.52344 2 61 15.97657 17.31276 3 62 15.72047 17.09291 4 63 15.45419 16.86351 5 64 15.17734 16.62418 6 65 14.88963 16.37458 7 66 14.59073 16.11432 8 67 14.28047 15.84308 9 68 13.95882 15.56054 10 69 13.62588 15.26641 11 70 13.28176 14.96041 12 71 12.92656 14.64228 13 72 12.56012 14.31179 14 73 12.18251 13.96871 15 74 11.79364 13.61290 16 75 11.39304 13.24414 17 76 10.98062 12.86239 18 77 10.55716 12.46785 19 78 10.12336 12.06075 20 79 9.68067 11.64163 21 80 9.23036 11.21129 22 81 8.77460 10.77088 23 82 8.31524 10.32179 24 83 7.85461 9.86571 25 84 7.39527 9.40476 26 85 6.94016 8.94135 27 86 6.49211 8.47814 28 87 6.05447 8.01806 29 88 5.63019 7.56400 30 89 5.22294 7.11836 31 90 4.83639 6.68413 32 91 4.47156 6.26326 33 92 4.13183 5.85820 34 93 3.81404 5.46950 35 94 3.51640 5.09720 36 95 3.23227 4.74090 37 96 2.96142 4.39983 38 97 2.70192 4.07306 39 98 2.45842 3.76019 40 99 2.23050 3.46092 41 100 2.01788 3.17439 42 101 1.82031 2.90141 43 102 1.63742 2.64029 44 103 1.46920 2.38843 45 104 1.31596 2.14476 46 105 1.17922 1.88834 47 106 1.06200 1.60371 48 107 0.93715 1.28074 49 108 0.76875 1.02049 50 109 0.49915 0.63435
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