Superannuation Variation Regulations 2003 (SA)

South Australia

Superannuation Variation Regulations 2003

under the Superannuation Act 1988

Contents

Part 1—Preliminary

1. Short title

2. Commencement

3. Variation provisions

Part 2—Variation of Superannuation Regulations 2001

1. Variation of regulation 19—Right to apply for commutation

2. Variation of regulation 20—Commutation factors

3. Insertion of Part 4A

   Part 4A—Non-member spouse entitlements

   30AProcedure for payment of lump sum

   30BProcedure for payment of pension

   30CAssociate pension

4. Insertion of Schedule 1

   Schedule 1—Factors for determination of associate pension

Schedule 1—Transitional provision

1. Transitional provision

Part 1—Preliminary

1—Short title

These regulations may be cited as the Superannuation Variation Regulations 2003.

2—Commencement

These regulations will come into operation on 18 December 2003.

3—Variation provisions

In these regulations, a provision under a heading referring to the variation of specified regulations varies the regulations so specified.

Part 2—Variation of Superannuation Regulations 2001

4—Variation of regulation 19—Right to apply for commutation

1. Regulation 19(1), table—after the present contents of the table insert:

A non-member spouse who is entitled under section 43AO(2)(b) of the Act to have the whole of his or her share in a superannuation interest commuted to a lump sum within 3 months of the operative time.

1. Regulation 19—after subsection (2) insert:

   (2a)For the purposes of section 43AO(7) of the Act, if a non-member spouse dies while entitled to, or in receipt of, a pension under that section (other than an associate pension), an election by the non-member spouse's legal representative for the pension to be commuted to a lump sum must be made within 6 months of the non-member spouse's death.

5—Variation of regulation 20—Commutation factors

Regulation 20(1)—after paragraph (b) insert:

(c)in the case of—

(a)a non-member spouse who elects under section 43AO(2)(b) of the Act to have his or her share of a superannuation interest commuted to a lump sum; or

(b)the legal representative of a deceased non-member spouse who elects under section 43AO(7) to have a pension that the non-member spouse was receiving, or was entitled to receive, commuted to a lump sum—

Age of member spouse at time of commutation	Amount of lump sum for each dollar of annual pension commuted
less than 55	$11.50
55-60	$11.50-$10.50
60-65	$10.50-$ 9.50
65-70	$ 9.50-$ 8.20
70-75	$ 8.20-$ 6.70
75-80	$ 6.70-$ 5.30
80-85	$ 5.30-$ 3.90
85-90	$ 3.90-$ 2.80
90-95	$ 2.80-$ 2.10
95-100	$ 2.10-$ 0.00

6—Insertion of Part 4A

After Part 4 insert:

Part 4A—Non-member spouse entitlements

30A—Procedure for payment of lump sum

(1)For the purposes of sections 43AJ(5) and 43AP(3) of the Act, notice given by the Board to a non-member spouse of the non-member spouse's right to make an election in respect of his or her interest must—

(a)be in writing; and

(b)advise the non-member spouse of—

(i)his or her option to make an election and the consequences of a failure to do so within 28 days; and

(ii)the value of the interest; and

(iii)the basis of any adjustments that have been, or will be, applied to the interest; and

(c)notify the non-member spouse that the interest cannot be retained in the Scheme.

(2)If a non-member spouse interest is rolled over to the credit of the non-member spouse in the Southern State Superannuation Fund because an election has not been made, the Board must, within 14 days of the interest being rolled over—

(a)advise the non-member spouse that his or her interest has been rolled over to the Southern State Superannuation Fund; and

(b)provide the non-member spouse with a membership identification number, a copy of the most recent annual report prepared in respect of the Southern State Superannuation Fund and any other information that, according to a determination of the Board, may be of assistance to the non-member spouse.

30B—Procedure for payment of pension

For the purposes of section 43AP(4) of the Act, if the interest of a non-member spouse following service of a splitting instrument is a pension, and the non-member spouse has not directed that the pension be commuted to a lump sum, the following provisions apply:

(a)the Board must—

(i)split the relevant pension within 14 days of receipt of the splitting instrument; and

(ii)advise the non-member spouse of the value of the interest and the basis of any adjustments that have been, or will be, applied to the interest;

(b)the non-member spouse must, before the Board can commence payment of the pension—

(i)advise the Board of his or her name, address, date of birth and bank account details; and

(ii)provide any other relevant information at the request of the Board (including documents verifying the non-member spouse's personal details).

30C—Associate pension

(1)For the purposes of section 43AO(2)(a)(ii) of the Act, notice of an election by a non-member spouse to have the whole of his or her share of a superannuation interest converted to, and taken as, an associate pension must be given in writing within 3 months of the date on which notification of the non-member spouse's right to make the election is given by the Board.

(2)For the purposes of section 43AO(3) of the Act, the amount of an associate pension will be determined by applying the following method:

Where:

AP is the amount of the associate pension payable for the life of the non-member spouse

P is the amount of the non-member spouse's share of the pension determined under section 43AO(1) of the Act

Mx+m is the conversion factor relating to the member spouse at age x completed years and m completed months and is derived by interpolating between age x and x+1, the factors from the table in Schedule 1 for the relevant type of pension interest and gender of the member spouse

Ny+n is the conversion factor relating to the non-member spouse at age y completed years and n completed months and is derived by interpolating between age y and y+1, the factors from the table in Schedule 1 for the relevant type of pension interest and gender of the non-member spouse.

7—Insertion of Schedule 1

After Part 5 insert:

Schedule 1—Factors for determination of associate pension

Schedule 1—Transitional provision

1—Transitional provision

If the Board has, before the commencement of these regulations, been served with a splitting instrument in respect of a pension that is in the payment phase, the relevant non-member spouse may make an election under section 43AO(2)(b) of the Act within 3 months after the day on which these regulations come into operation.

Note—

As required by section 10AA(2) of the Subordinate Legislation Act 1978, the Minister has certified that, in the Minister's opinion, it is necessary or appropriate that these regulations come into operation as set out in these regulations.

Made by the Governor

with the advice and consent of the Executive Council

on 18 December 2003

No 261 of 2003

AGO 0304/03 CS