Family Law (Superannuation) Amendment Regulations 2003 (No. 1) 2003 No. 77
EXPLANATORY STATEMENT
STATUTORY RULES 2003 No. 77
ISSUED BY THE AUTHORITY OF THE ATTORNEY-GENERAL
FAMILY LAW ACT 1975
Family Law (Superannuation) Amendment Regulations 2003 (No. 1)
Section 125(1) of the Family Law Act 1995 (the Act) provides that the Governor-General may make regulations prescribing all matters required or permitted by the Act to be prescribed or necessary or convenient to be prescribed for carrying out or giving effect to the Act.
Part VIIIB of the Act provides for the division of superannuation interests between parties to a marriage on marriage breakdown or divorce.
The purpose of the Regulations is to amend the Family Law (Superannuation) Regulations 2001 (the Principal Regulations) to prescribe two further classes of superannuation interests as percentage-only interests for the purposes of Part VIIIB of the Act, and to make some other technical and drafting changes to reflect the Government's family law and superannuation reforms. Interests that are prescribed as percentage-only can only be split under Part VIIIB by reference to a percentage of future payments to be made to the member spouse.
Details of the Regulations are as follows:
Regulation 1 is formal.
Regulation 2 provides for the commencement of the proposed Regulations on gazettal.
Regulation 3 provides for the amendment of the Principal Regulations by Schedule 1.
Schedule 1
Item 1: Regulation 3, definition of `relevant date'
This item makes a drafting correction to the definition of `relevant date' in regulation 3 of the Principal Regulations.
Item 2: Regulation 9A
This item amends regulation 9A of the Principal Regulations to prescribe a superannuation interest in:
• the scheme constituted by the Judges' Contributory Pensions Act 1968 (Tas); and
• the Tasmanian Parliamentary Retiring Benefits Fund;
as percentage-only interests for the purposes of Part VIIIB of the Family Law Act.
Interests that are prescribed as percentage-only can only be split under Part VIIIB by reference to a percentage of future payments to be made to the member spouse.
The prescription does not include such an interest that is already subject to an order or agreement under Part VIIIB, except in relation to a second or subsequent split of the interest (for example, where the member spouse splits his or her interest a second time following the breakdown of a later marriage).
Item 3: Paragraph 12(1)(ea)
This item makes a drafting correction to regulation 12 of the Principal Regulations.
Item 4: Subregulation 43(3)
This item makes a drafting correction to regulation 43 of the Principal Regulations.
Item 5: Paragraph 63(2)(ea), note
This item makes a drafting change to the note following subparagraph 63(2)(ea) of the Principal Regulations consequential on the amendment by Item 6 of subparagraph 63(6)(a).
Item 6: Paragraph 63(6)(a)
This item amends subparagraph 63(6)(a) of the Principal Regulations to omit the requirement for the trustee, when an applicant for information under section 90MZB of the Act specifically requests the provision of information about the withdrawal benefit of the member spouse, to provide any information other than that information.
Item 7: Paragraph 64(2)(ea), note
This item makes a drafting change to the note following subparagraph 64(2)(ea) of the Principal Regulations consequential on the amendment by Item 8 of subparagraph 64(6)(a).
Item 8: Paragraph 64(6)(a)
This item amends subparagraph 64(6)(a) of the Principal Regulations to omit the requirement for the trustee, when an applicant for information under section 90MZB of the Act specifically requests the provision of information about the withdrawal benefit of the member spouse, to provide any information other than that information.
Item 9: Paragraphs 68A(2)(e) and (f)
This item makes a drafting correction to subparagraph 68A(2)(f) of the Principal Regulations, and renumbers the provision following the omission, as a consequence of that correction, of subparagraph 68A(2)(e).
Items 10 to 12 : Schedule 2, after clause 7
This item inserts clauses 7A, 14A and 21A in Schedule 2 of the Principal Regulations, which provides for the method for determining the gross value of a defined benefit superannuation interest, to provide for pension valuation factors and reversion valuation factors where pension benefits payable in respect of the interest are indexed in accordance with the consumer price index with a cap of 5%.