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.
Overview
The Family Law (Superannuation) (Provision of Information – Parliamentary Contributory Superannuation Scheme) Determination 2005 was enacted to address a gap in the provision of information to members and former members of a House of the Parliament, and their former or separated spouses, about their interests in the Parliamentary Contributory Superannuation Scheme. This determination was made by the Attorney-General under the authority granted by the Legislative Instruments Act 2003. The policy objective of this legislation is to facilitate the valuation of superannuation interests in the context of family law reforms, particularly in cases of marriage breakdown or divorce, by providing relevant information as per the approved alternative methods and factors for valuation. This ensures that the interests are valued correctly, in line with the reforms, thereby supporting the equitable division of superannuation upon marital dissolution.
Scope and Application
The Family Law (Superannuation) (Provision of Information – Parliamentary Contributory Superannuation Scheme) Determination 2005 applies to the trustees of the Parliamentary Contributory Superannuation Scheme and mandates the provision of specific information to members or former members of a House of the Parliament, as well as their former or separated spouses, when requested. This information pertains to an individual's interest in the Scheme and is crucial for the valuation of these interests in accordance with the alternative methods and factors approved under the 2004 Methods and Factors Amendment Approval. Notably, the determination does not require the provision of information relevant to the default valuation method, which has been superseded by these approved alternative methods. The geographic reach of this legislation is federal, impacting entities and individuals within the Commonwealth of Australia, specifically those involved with the Parliamentary Contributory Superannuation Scheme.
Key Provisions
The Family Law (Superannuation) (Provision of Information – Parliamentary Contributory Superannuation Scheme) Determination 2005 (section 3) stipulates that the trustee of the Parliamentary Contributory Superannuation Scheme must provide information upon request to members and former members of a House of the Parliament, or their former or separated spouses, concerning their interest in the Scheme. This provision facilitates the valuation of superannuation interests under the family law and superannuation reforms. The information provided under this Determination is intended to assist in the valuation of interests in the Scheme in accordance with the alternative methods and factors approved in the 2004 Methods and Factors Amendment Approval (section 5). Importantly, the trustee is not required to provide information that pertains to the default valuation method, which has been superseded by the approved alternative methods and factors (section 6).
The obligations under this Determination impose a duty on the trustee of the Parliamentary Contributory Superannuation Scheme to furnish requested information to eligible persons, ensuring that they can accurately value their superannuation interests. This requirement is essential for the proper application of the family law and superannuation reforms, enabling affected individuals to understand and manage their superannuation entitlements effectively. Additionally, the Department of Finance and Administration is tasked with undertaking any necessary administrative work arising from these reforms, reflecting the Commonwealth's role as a trustee for the Scheme (section 8).
Breaches of this Determination could potentially lead to civil or criminal consequences, although specific offences and penalties are not detailed within the text of the Determination itself. The consequences of non-compliance may vary depending on the context and the nature of the breach. However, it is important to note that the Determination is subject to the legislative instruments and the broader legal framework governing family law and superannuation reforms in Australia. The approved alternative valuation methods and factors, as outlined in the 2004 Methods and Factors Amendment Approval, provide a clear framework for the valuation of superannuation interests, thereby reducing the likelihood of disputes or non-compliance.