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Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2003 (No. 1)

Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2003 (No. 1)

Administered by Attorney-General's Department

Legislation au F2003B00311 Not in force Legislative Instrument

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I, PHILIP MAXWELL RUDDOCK, Attorney-General, make this instrument under regulation 38 of the Family Law (Superannuation) Regulations 2001.

Dated 12 November 2003

PHILIP RUDDOCK

Attorney-General

1 Name of instrument

This instrument is the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2003 (No. 1).

2 Commencement

This instrument commences on gazettal.

3 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 1

insert

Part 2 South Australian Local Government Superannuation Scheme

1 Interpretation

(1) In this Part:

SA Local Government Superannuation Scheme means the scheme continued in existence by subclause 3 (1) of Schedule 1 to the Local Government Act 1999 (SA).

Rules means the Rules of the SA Local Government Superannuation Scheme.

(2) An expression used in this Part and in the Rules has the same meaning in this Part as it has in the Rules.

Examples of expressions defined in the Rules

 Fund

 Member

 Member’s Credit

 Salarylink Benefit

 Salarylink Contributions

 Service.

2 Methods and factors for interests in SA Local Government Superannuation Scheme

For an interest that is in the growth phase in the SA Local Government Superannuation 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 Member of the SA Local Government Superannuation Scheme who: (a) may elect to make Salarylink Contributions to the Fund under the Rules; and (b) is entitled to a retirement benefit that is a Salarylink Benefit (other than a benefit that is payable under sub-sub-subparagraph 61 (a) (ii) (B) (4) of the Rules).	AB + DB where: AB is the value of the accumulation benefit, being the balance of the Member’s Credit at the relevant date. DB is the value of the defined benefit calculated in accordance with the method in clause 3 of Schedule 2 to the Regulations for calculating the gross value, at the relevant date, of a defined benefit interest, except that: (a) the reference, in the definition of fy, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for an active Member mentioned in Table 1 of this Part that applies at the relevant date to the person’s age in complete years; and (b) the reference, in the definition of fy+1, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for an active Member mentioned in Table 1 of this Part that would apply if the person’s age were one year more than the person’s age at the relevant date.
2	An interest that a person has as a Member of the SA Local Government Superannuation Scheme: (a) whose Service was terminated before his or her 55th birthday; and (b) who is entitled to a benefit payable under sub-sub-subparagraph 61 (a) (ii) (B) (4) of the Rules.	AB + DB where: AB is the value of the accumulation benefit, being any benefit retained by the person in the Fund under rule 73 of the Rules. DB is the value of the defined benefit calculated in accordance with the method set out in clause 3 of Schedule 2 to the Regulations, except that: (a) the definition of A, in subclause 3 (1) of Schedule 2, is substituted by the words ‘A is the preserved benefit under sub-sub-subparagraph 61 (a) (ii) (B) (4) of the Rules at the relevant date.’; and (b) the reference, in the definition of fy, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for a preserved Member mentioned in Table 1 of this Part that applies at the relevant date to the person’s age in complete years; and (c) the reference, in the definition of fy+1, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for a preserved Member mentioned in Table 1 of this Part that would apply if the person’s age were one year more than the person’s age at the relevant date.

Item

Interest in the growth phase

Method or factor

An interest that a person has as a Member of the SA Local Government Superannuation Scheme who:

(a) may elect to make Salarylink Contributions to the Fund under the Rules; and

(b) is entitled to a retirement benefit that is a Salarylink Benefit (other than a benefit that is payable under sub-sub-subparagraph 61 (a) (ii) (B) (4) of the Rules).

AB + DB

where:

AB is the value of the accumulation benefit, being the balance of the Member’s Credit at the relevant date.

DB is the value of the defined benefit calculated in accordance with the method in clause 3 of Schedule 2 to the Regulations for calculating the gross value, at the relevant date, of a defined benefit interest, except that:

(a) the reference, in the definition of fy, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for an active Member mentioned in Table 1 of this Part that applies at the relevant date to the person’s age in complete years; and

(b) the reference, in the definition of fy+1, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for an active Member mentioned in Table 1 of this Part that would apply if the person’s age were one year more than the person’s age at the relevant date.

An interest that a person has as a Member of the SA Local Government Superannuation Scheme:

(a) whose Service was terminated before his or her 55th birthday; and

(b) who is entitled to a benefit payable under sub-sub-subparagraph 61 (a) (ii) (B) (4) of the Rules.

AB + DB

where:

AB is the value of the accumulation benefit, being any benefit retained by the person in the Fund under rule 73 of the Rules.

DB is the value of the defined benefit calculated in accordance with the method set out in clause 3 of Schedule 2 to the Regulations, except that:

(a) the definition of A, in subclause 3 (1) of Schedule 2, is substituted by the words ‘A is the preserved benefit under sub-sub-subparagraph 61 (a) (ii) (B) (4) of the Rules at the relevant date.’; and

(b) the reference, in the definition of fy, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for a preserved Member mentioned in Table 1 of this Part that applies at the relevant date to the person’s age in complete years; and

(c) the reference, in the definition of fy+1, in subclause 3 (2) of Schedule 2, to the lump sum valuation factor mentioned in clause 4 of Schedule 2 to the Regulations, is taken to be a reference to the lump sum valuation factor for a preserved Member mentioned in Table 1 of this Part that would apply if the person’s age were one year more than the person’s age at the relevant date.

Table 1 Lump sum valuation factors

Item	Age at relevant date (in complete years)	Active Members	Preserved Members
1	16	0.4518	0.4893
2	17	0.4606	0.4989
3	18	0.4695	0.5087
4	19	0.4785	0.5187
5	20	0.4876	0.5289
6	21	0.4961	0.5388
7	22	0.5056	0.5489
8	23	0.5151	0.5592
9	24	0.5247	0.5695
10	25	0.5342	0.5801
11	26	0.5436	0.5906
12	27	0.5537	0.6014
13	28	0.5639	0.6124
14	29	0.5743	0.6237
15	30	0.5849	0.6353
16	31	0.5945	0.6462
17	32	0.6043	0.6573
18	33	0.6142	0.6688
19	34	0.6241	0.6805
20	35	0.6340	0.6925
21	36	0.6438	0.7048
22	37	0.6550	0.7173
23	38	0.6664	0.7302
24	39	0.6779	0.7434
25	40	0.6895	0.7568
26	41	0.7016	0.7708
27	42	0.7145	0.7854
28	43	0.7277	0.8002
29	44	0.7410	0.8154
30	45	0.7542	0.8307
31	46	0.7673	0.8461
32	47	0.7809	0.8618
33	48	0.7944	0.8776
34	49	0.8079	0.8938
35	50	0.8213	0.9103
36	51	0.8345	0.9271
37	52	0.8484	0.9444
38	53	0.8624	0.9623
39	54	0.8767	0.9808
40	55	0.8912	1.0000
41	56	0.8995	1.0000
42	57	0.9089	1.0000
43	58	0.9194	1.0000
44	59	0.9281	1.0000
45	60	0.9383	1.0000
46	61	0.9465	1.0000
47	62	0.9566	1.0000
48	63	0.9692	1.0000
49	64	0.9852	1.0000
50	65	1.0000	1.0000

Overview

The Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2003 (No. 1) was enacted to amend the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003, particularly to introduce new valuation methods for specific superannuation interests within the South Australian Local Government Superannuation Scheme. This legislative instrument was made under the authority of the Attorney-General, Philip Maxwell Ruddock, in accordance with regulation 38 of the Family Law (Superannuation) Regulations 2001. The primary objective of this amendment is to ensure that the valuation methods for certain superannuation interests in the South Australian Local Government Superannuation Scheme align with the requirements set forth by the Family Law Act, thus providing clarity and consistency in the valuation process during family law proceedings. This amendment addresses a gap in the previous legislation by introducing specific valuation methods for interests in the South Australian Local Government Superannuation Scheme that were not previously covered, thereby ensuring that these superannuation interests are appropriately valued for the purposes of family law. By setting out these specific methods and factors, the amendment aims to facilitate more accurate and equitable outcomes in family law matters involving superannuation interests.

Scope and Application

The Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2003 (No. 1) applies to the valuation of superannuation interests within the South Australian Local Government Superannuation Scheme, as defined in the Local Government Act 1999 (SA). This instrument approves specific methods and factors for determining the value of superannuation interests in the growth phase for members of the SA Local Government Superannuation Scheme, with particular attention given to members who may elect to make Salarylink Contributions and those whose service was terminated before their 55th birthday. The approved methods involve calculating the value of the accumulation benefit and the defined benefit, with certain modifications to the existing valuation methods detailed in the Family Law (Superannuation) Regulations 2001. The instrument is applicable to all relevant members of the SA Local Government Superannuation Scheme, and its provisions are designed to ensure consistency and fairness in the valuation process for family law purposes. The instrument comes into effect on the date of its gazette, and it amends the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003 by adding specific rules for the SA Local Government Superannuation Scheme.

Key Provisions

The Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2003 (No. 1) amends the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003, introducing new methods and factors for valuing particular superannuation interests under the South Australian Local Government Superannuation Scheme. Specifically, it addresses interests in the growth phase of this scheme and specifies the approved methods and factors for calculating their value (section 3). Under this legislation, there are specific obligations imposed on the parties involved. For instance, it mandates that the valuation of superannuation interests within the South Australian Local Government Superannuation Scheme must follow the methods and factors outlined in the amended approval. This includes calculating the value of the accumulation benefit and the defined benefit using the specified formulae and lump sum valuation factors. The legislation also stipulates that these calculations must adhere to the definitions and methods set out in the Rules of the South Australian Local Government Superannuation Scheme. Failure to comply with the provisions of this legislation could result in penalties or other consequences. However, the specific penalties or consequences for non-compliance are not detailed within the text provided. Generally, breaches of legislative requirements in Australia can lead to various civil or criminal penalties, depending on the severity of the breach and the specific provisions of the legislation. Civil penalties may include fines, while criminal penalties could involve imprisonment, particularly if the breach is considered to be of a serious nature or if it involves fraudulent or deliberate actions. It is important for legal practitioners to ensure that their clients are aware of these obligations and the potential consequences of non-compliance. Understanding and adhering to the approved methods and factors for valuing superannuation interests will be crucial to avoid any legal repercussions.

Area of Law: Family Law
Instrument: Legislative Instrument
Concepts: Definitions & Interpretation; Commencement Provisions; Regulatory Standards

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.

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