EXPLANATORY STATEMENT
FAMILY LAW (SUPERANNUATION) (PROVISION OF INFORMATION – PARLIAMENTARY CONTRIBUTORY SUPERANNUATION SCHEME) DETERMINATION 2005
ISSUED BY THE AUTHORITY OF THE ATTORNEY-GENERAL
In this instrument the Attorney-General provides, by written determination, for the matters about which the trustee of the Parliamentary Contributory Superannuation Scheme must provide information, when requested to do so under the family law and superannuation reforms enabling superannuation to be divided on marriage breakdown or divorce, to:
- a member or former member of a House of the Parliament; or
- a former or separated spouse of such a member or former member;
about an interest in the Scheme.
On 12 May 2004, in the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval Amendment 2004 (No.4) (the 2004 Methods and Factors Amendment Approval), alternative methods and factors were approved for determining the gross value of interests in the Parliamentary Contributory Superannuation Scheme.
The 2004 Methods and Factors Amendment Approval was tabled in the House of Representatives on 24 May 2004 and in the Senate on 15 June 2004.
Information provided in accordance with the Family Law (Superannuation) (Provision of Information –Parliamentary Contributory Superannuation Scheme) Determination 2005 (the 2005 Information Determination) will enable members and former members of a House of the Parliament, and their former or separated spouses, to value an interest in the Parliamentary Contributory Superannuation Scheme in accordance with the alternative valuation methods and factors that have been approved.
In the 2005 Information Determination, the Attorney-General also provides that the trustee of the Parliamentary Contributory Superannuation Scheme is not required to provide information relevant to valuing an interest in accordance with the default valuation method under the reforms, which the alternative methods and factors in the 2004 Methods and Factors Amendment Approval replace.
The Department of Finance and Administration, in the context of:
- the Minister for Finance’s portfolio responsibility for the Parliamentary Contributory Superannuation Scheme; and
- the Commonwealth being a trustee, for the purposes of the family law and superannuation reforms, of the Scheme;
undertakes any administrative work arising under the reforms for the Scheme.
The Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003 (the Methods and Factors Approval) is incorporated by reference in the 2005 Information Determination. The Methods and Factors Approval provides for the alternative methods and factors for valuing, for the purpose of the family law and superannuation reforms, interests in the Scheme and interests in other superannuation funds. The Methods and Factors Approval is a legislative instrument and has been registered on the Federal Register of Legislative Instruments and can be viewed on the website:
http://www.comlaw.gov.au/ComLaw/Legislation/LegislativeInstrumentCompilation1.nsf/framelodgmentattachments/1B58E878BE486668CA256FB200207A96
Consultation was undertaken under section 17 of the Legislative Instruments Act 2003 before the 2005 Information Determination was made with the Department of Finance and Administration.