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.