EXPLANATORY STATEMENT
FAMILY LAW (SUPERANNUATION) (RETIREMENT AGE – S.A. METROPOLITAN FIRE SERVICE SUPERANNUATION FUND) APPROVAL 2005
ISSUED BY THE AUTHORITY OF THE ATTORNEY-GENERAL
In this instrument the Attorney-General approves the age of 60 years as the retirement age, for the purpose of the family law and superannuation reforms, for all members of the S.A. Metropolitan Fire Service Superannuation Fund (the Fund).
The family law and superannuation reforms enable future superannuation payments to separated or divorcing spouses to be split in property settlements under the Family Law Act 1975.
The Attorney-General’s approval is for the purpose of valuing, in accordance with default methods that apply under the Family Law (Superannuation) Regulations 2001 for the purpose of the reforms, interests that such spouses, who are employed by the South Australian Metropolitan Fire Service, have in the Fund. Those default methods assume a retirement age of 65 years.
The experience of the Fund over the last 10 years is that most members of the Fund retire at around age 55 years, and nearly all are retired at age 60.
The instrument refers to the Trust Deed by which the Fund is established. A copy of the Trust Deed may be obtained by contacting the S.A. Metropolitan Fire Service Superannuation Fund Pty Ltd, the Trustee of the Fund, at Level 4, 99 Wakefield Street, Adelaide, South Australia (telephone: 08 8204 3826).
Consultation about the content of the instrument was undertaken under section 17 of the Legislative Instruments Act 2003 with the Australian Government Actuary and the S.A. Metropolitan Fire Service Superannuation Fund Pty Ltd, by way of the exchange of correspondence and discussions.