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FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 11 Meaning of unsplittable interest (Act s 90XD, 90YD)

FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 11

Meaning of unsplittable interest (Act s 90XD, 90YD)

  (1)   Subject to subregulation (2), for the definitions of unsplittable interest in sections   90XD and 90YD of the Act, a superannuation interest of a member spouse described in subregulation (1A) or (1B) is prescribed.

Note:   This regulation prescribes the kinds of superannuation interests that are unsplittable interests. An unsplittable interest cannot be the subject of a payment split under a superannuation agreement, a flag lifting agreement or a splitting order: see Parts VIIIB and VIIIC of the Act.

  (1A)   For subregulation (1), the superannuation interest of the member spouse must be:

  (a)   an interest other than one in respect of which the whole or remaining part of the benefits are being paid to the member spouse as:

  (i)   a lifetime pension or fixed - term pension that the member is no longer entitled to commute; or

  (ii)   a lifetime annuity or fixed - term annuity; and

  (b)   an interest with a withdrawal benefit in relation to the member spouse of less than $5   000.

  (1B)   For subregulation (1), the superannuation interest of the member spouse must be an interest in respect of which:

  (a)   the whole or remaining part of the benefits are being paid to the member spouse as:

  (i)   a lifetime pension or fixed - term pension that the member is no longer entitled to commute; or

  (ii)   a lifetime annuity or fixed - term annuity; and

  (b)   the amount of the annual benefit payable to the member is less than $2   000.

  (2)   This regulation does not apply to any of the following superannuation interests:

  (a)   a superannuation interest in the Judges' Pensions Act Scheme;

  (b)   a superannuation interest in the scheme provided under the Judges' Pensions Act 1971 of South Australia;

  (c)   a superannuation interest in the scheme constituted by the Parliamentary Contributory Superannuation Act 1948 .

  (3)   To avoid doubt, an interest that is not covered by this regulation is not an unsplittable interest only because payments in respect of that interest are not splittable payments.