EXPLANATORY STATEMENT
FAMILY LAW (SUPERANNUATION) (METHODS AND FACTORS FOR VALUING PARTICULAR SUPERANNUATION INTERESTS) AMENDMENT APPROVAL 2009 (No. 1)
ISSUED BY THE AUTHORITY OF THE ATTORNEY-GENERAL
In this instrument, the Attorney-General amends Part 7 of Schedule 3 to the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003 (the Valuation Approval) to reflect amendments made by the Courts Legislation Amendment (Associate Judges) 2008 (Vic.) to reform the offices of Master of the Supreme Court of Victoria and master of the County Court of Victoria by their replacement by new offices of Associate Judge of the Supreme Court of Victoria and associate judge of the County Court of Victoria.
The pension entitlements, on resignation or retirement, of a person appointed to the new office of an Associate Judge of the Supreme Court or an associate judge of the County Court are identical to the pension entitlements held by Supreme Court Masters and County Court masters. Part 7 of Schedule 3 to the Valuation Approval provides methods, approved in April 2008, for determining the gross value of the pension entitlements of a Supreme Court Master or a County Court master, one element in the determination of an amount which is taken to be their value in property settlement proceedings under the Family Law Act 1975.
The instrument amends the Valuation Approval to provide for the methods approved in April 2008 in relation to the pension entitlements of a Supreme Court Master or a County Court master to now apply to the pension entitlements of Associate Judges of the Supreme Court of Victoria and associate judges of the County Court of Victoria.
The instrument incorporates by reference:
- the County Court Act 1958 (Vic.) containing, within Part I Division 3A, the provisions for the payment of pension benefits, on resignation or retirement from office, of an associate judge of the County Court of Victoria, and
- the Supreme Court Act 1986 (Vic.) containing, within Part 7 Division 1, the provisions for the payment of pension benefits, on resignation or retirement from office, of an Associate Judge of the Supreme Court of Victoria.
These Acts can be viewed at the following website:
http://www.dms.dpc.vic.gov.au/
Copies of the Acts may also be purchased from Information Victoria, at Ground Level, 505 Little Collins Street, Melbourne, Victoria 3000 (telephone: 1300 366 356) or through the following website:
http://www.bookshop.vic.gov.au/
Consultation on the content of the instrument was undertaken under section 17 of the Legislative Instruments Act 2003 with the Victorian Department of Justice, by way of exchange of correspondence and discussions.