FAMILY LAW (SUPERANNUATION) (PROVISION OF INFORMATION – WOOLWORTHS GROUP 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 Woolworths Group Superannuation Scheme (the Scheme) is required to provide information, under the provisions of the Family Law Act 1975 allowing superannuation to be split on marriage breakdown, in respect of interests in the Scheme.
The Attorney-General, in the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Amendment Approval 2005 (No. 6), approved an alternative method for valuing interests in the Scheme replacing, for those interests, the default method contained in the Family Law (Superannuation) Regulations 2001 (the Regulations).
The making of this instrument ensured that separating or divorcing spouses, when applying for valuation information about a superannuation interest one of them has in the Scheme, receive information that is relevant to the alternative valuation method that the Attorney-General has approved. The information which the trustee of the Scheme is required to provide will enable such spouses to value that interest in accordance with that alternative method.
In the instrument, the Attorney-General also provides that the trustee of the Scheme is not required to provide information that is relevant to valuing an interest in accordance with the default method contained in the Regulations.
Consultation on the content of the instrument was undertaken under section 17 of the Legislative Instruments Act 2003 with Mercer Human Resource Consulting (the actuaries for the Scheme) and the Family Law Section of the Law Council of Australia, by way of exchange of correspondence and discussions.