Family Law (Superannuation) (Provision of Information - Woolworths Group Superannuation Scheme) Determination 2005

Overview

The Family Law (Superannuation) (Provision of Information – Woolworths Group Superannuation Scheme) Determination 2005 was enacted to address a specific need for tailored information requirements concerning superannuation interests within the Woolworths Group Superannuation Scheme, in alignment with the Family Law Act 1975. This determination was issued by the authority of the Attorney-General and was introduced to ensure that separating or divorcing spouses can obtain relevant information to accurately value their superannuation interests according to an approved alternative valuation method, as opposed to the default method. This measure was taken to facilitate the application of the approved alternative method, which had been authorised by the Attorney-General in a previous amendment approval. The objective of the determination is to provide clarity and specificity in the information provided to affected parties, thereby aiding in the fair and accurate valuation of superannuation interests during family law proceedings.

Scope and Application

This legislation, the Family Law (Superannuation) (Provision of Information – Woolworths Group Superannuation Scheme) Determination 2005, applies to the trustees of the Woolworths Group Superannuation Scheme and the members of that scheme, particularly those who are separating or divorcing and have an interest in the scheme. The instrument ensures that relevant information is provided to spouses in accordance with the alternative valuation method approved by the Attorney-General, rather than the default method contained in the Family Law (Superannuation) Regulations 2001. The scope of this legislation is specifically tailored to the valuation of superannuation interests within the Woolworths Group Superannuation Scheme, and its application is confined to the Commonwealth of Australia. The instrument does not extend to any other superannuation schemes or to any other jurisdiction beyond the Commonwealth. The legislation also specifies that the trustee of the scheme is not required to provide information relevant to the default valuation method, streamlining the process for affected parties. This determination was made under the authority of the Attorney-General and was developed following consultation with relevant parties, including Mercer Human Resource Consulting and the Family Law Section of the Law Council of Australia.

Key Provisions

The Family Law (Superannuation) (Provision of Information – Woolworths Group Superannuation Scheme) Determination 2005, issued under the authority of the Attorney-General, outlines specific requirements for the provision of information regarding the Woolworths Group Superannuation Scheme, as stipulated in the Family Law Act 1975. Section 1 of the Determination mandates that the trustee of the Scheme provide information that enables the valuation of superannuation interests in accordance with an alternative method approved by the Attorney-General. This alternative method replaces the default method set out in the Family Law (Superannuation) Regulations 2001 (section 2). The information provided will be relevant to the approved valuation method, ensuring that separating or divorcing spouses receive accurate data when applying for valuation information about a superannuation interest held in the Scheme (section 3). The Determination imposes obligations on the trustee of the Woolworths Group Superannuation Scheme to furnish the necessary information about superannuation interests to the relevant parties. Specifically, section 4 of the Determination requires the trustee to provide information that facilitates the valuation of interests in accordance with the alternative method, as approved by the Attorney-General. Additionally, the trustee is relieved from the obligation of providing information relevant to the default valuation method contained in the Regulations (section 5). This ensures that the information provided is both relevant and accurate, streamlining the process for separating or divorcing spouses seeking to value their superannuation interests. In the event of non-compliance with the provisions of the Determination, there are potential civil and criminal consequences. While the Determination does not explicitly outline specific penalties, breaches of the Family Law Act 1975 or the Family Law (Superannuation) Regulations 2001 could lead to legal actions, including fines and other civil penalties. The maximum penalties for breaches of related provisions under the Family Law Act 1975 can vary depending on the nature and severity of the offence, with potential fines and imprisonment for serious violations. It is important for the trustee to adhere to the requirements set out in the Determination to avoid any adverse legal consequences.