FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 51 Amount to be paid to non - member spouse--optional lump sum from remaining benefits
FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 51
Amount to be paid to non - member spouse--optional lump sum from remaining benefits(1) This regulation applies in relation to the superannuation interest if:
(a) the non - member spouse is entitled to be paid the amount of a lump sum in respect of the interest under paragraph 50(2)(a); and
(b) the member spouse or other person may, under the governing rules of the relevant eligible superannuation plan, choose (by way of a commutation of a pension payable to him or her, or otherwise) to take the whole, or a part, of the remaining benefits in respect of the interest as a lump sum; and
(c) the non - member spouse has served a request, in accordance with Form 2 in Schedule 1, on the trustee of the plan requesting that the non - member spouse be paid, as a lump sum, the whole, or a proportion, of the remaining adjusted base amount applicable to the non - member spouse at that time; and
(d) any choice by the member spouse or other person to be paid the amount requested by the non - member spouse will not cause the member spouse or other person to lose the right to take the remaining part of the benefits in respect of the interest as a pension.
(2) If the non - member spouse has requested to be paid, as a lump sum, the whole of the remaining adjusted base amount applicable to the non - member spouse at that time:
(a) the member spouse or other person must choose to be paid, as a lump sum, an amount that is at least the amount calculated in accordance with subregulation (3); and
(b) the non - member spouse is entitled to be paid that amount; and
(c) the non - member spouse is not entitled to be paid any amount from any other splittable payment in respect of the superannuation interest.
(3) For paragraph (2)(a), the amount of the lump sum is calculated in accordance with the following formula:
where:
"ABA" is the adjusted base amount applicable to the non - member spouse at the date when the first splittable payment became payable in respect of the superannuation interest.
"X" is the amount of the lump sum paid to the non - member spouse under paragraph 50(2)(a).
"Comm" is the commutation factor for converting to a lump sum, under the governing rules of the plan, a pension payable to the member spouse or other person, if the pension were to be converted to a lump sum at:
(a) if the relevant splittable payment in respect of the superannuation interest is payable to the member spouse--the date of the first splittable payment to the member spouse in respect of the superannuation after the operative time; or
(b) if the relevant splittable payment in respect of the superannuation interest is payable to another person for the benefit of the member spouse--the earliest date when the pension could be commuted to a lump sum; or
(c) if the relevant splittable payment in respect of the superannuation interest is payable to a reversionary beneficiary after the death of the member spouse--the date of the member spouse's death; or
(d) if the relevant splittable payment in respect of the superannuation interest is payable to the legal personal representative of the member spouse after the death of the member spouse, or the legal personal representative of a reversionary beneficiary covered by paragraph 90XE(1)(d) or 90YD(1)(d) of the Act after the death of that reversionary beneficiary--the earliest date at which the legal personal representative could choose to take the remaining benefits in respect of the interest as a lump sum.
"P" y+m is the pension valuation factor that applies to the particular pension payable to the member spouse or other person at the date that applies under the definition of the factor Comm in this subregulation, being:
(a) if, under regulation 43A, the Minister has approved a method or factors to be used to determine the gross value of a superannuation interest the benefits in respect of which are being paid as a pension that is payable for the life of the member spouse--the approved factor or the factor that applies under the approved method; or
(b) in any other case--the pension valuation factor under Schedule 4 or 5.
(4) If the non - member spouse has requested to be paid, as a lump sum, a proportion of the remaining adjusted base amount applicable to the non - member spouse at that time:
(a) the member spouse or other person must choose to be paid, as a lump sum, an amount that is at least the amount calculated in accordance with subregulation (5) (the minimum lump sum ); and
(b) the non - member spouse is entitled to be paid:
(ii) the amount, calculated in accordance with subregulation (6), from:
(A) if the member spouse or other person chooses to be paid, as a lump sum, an amount that is more than the minimum lump sum--the amount that is the difference between the actual lump sum paid and the minimum lump sum; and
(B) each other splittable payment that becomes payable in respect of the superannuation interest.
(5) For paragraph (4)(a), the amount of the minimum lump sum is calculated in accordance with the following formula:
where:
"ABA" is the amount of the adjusted base amount applicable to the non - member spouse at the date when the first splittable payment became payable in respect of the superannuation interest.
"X" is the amount of the lump sum paid to the non - member spouse under paragraph 50(2)(a).
"Prop." is the proportion of the remaining adjusted base amount applicable to the non - member spouse that the non - member spouse has requested to be paid, as a lump sum, to him or her in the request served on the trustee.
"Comm" has the same meaning as in subregulation (3).
"P" y+m has the same meaning as in subregulation (3).
(6) For subparagraph (4)(b)(ii), the amount is calculated in accordance with the following formula:
where:
"ABA" is the amount of the adjusted base amount applicable to the non - member spouse at the date when the first splittable payment became payable in respect of the superannuation interest.
"X" is the amount of the lump sum paid to the non - member spouse under paragraph 50(2)(a).
"Prop." is the proportion of the remaining adjusted base amount applicable to the non - member spouse that the non - member spouse has requested to be paid, as a lump sum, to him or her in the request served on the trustee.
(a) if applicable, the amount of the difference between the actual lump sum paid to the member spouse and the minimum lump sum; or
(b) the amount of the relevant splittable payment.
"rV" is the remaining value of the superannuation interest after the payment of the lump sums to the non - member spouse under paragraph 50(2)(a) and subparagraph (4)(b)(ii) of this regulation, calculated in accordance with subregulation (7).
(7) For subregulation (6), the remaining value ( rV ) of the superannuation interest after the payment of the lump sums to the non - member spouse under paragraph 50(2)(a) and subparagraph (4)(b)(ii) of this regulation is calculated in accordance with the following formula:
where:
"A" has the meaning given by subregulation 50(3).
"X" is the amount of the lump sum paid to the non - member spouse under paragraph 50(2)(a).
"Y" is the amount of the lump sum paid to the non - member spouse under subparagraph (4)(b)(i) of this regulation.
"P" y+m has the same meaning as in subregulation (3).
"Comm" has the same meaning as in subregulation (3).