FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 58A Amount to be paid to non - member spouse--benefits payable as allocated pension or market linked pension

FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 58A

  (1)   This regulation applies in relation to the superannuation interest if the first splittable payment that becomes payable in respect of the interest after the operative time is a payment in respect of an allocated pension or a market linked pension.

  (2)   When a splittable payment becomes payable in respect of the superannuation interest, being an interest in respect of which the whole, or a part, of the benefits are payable as an allocated pension and not as a market linked pension, the non - member spouse is entitled to be paid, from the lump sum from which the allocated pension is payable, the amount of the base amount allocated to the non - member spouse in relation to the interest.

  (3)   When a splittable payment becomes payable in respect of the superannuation interest, being an interest in respect of which the whole, or a part, of the benefits are payable as a market linked pension and not as an allocated pension, the non - member spouse is entitled to be paid, from the lump sum from which the market linked pension is payable, the amount of the base amount allocated to the non - member spouse in relation to the interest.

  (4)   When a splittable payment becomes payable in respect of the superannuation interest, being an interest in respect of which part of the benefits are payable as an allocated pension and part of the benefits are payable as a market linked pension, the non - member spouse is entitled to be paid:

  (a)   if the amount of the lump sum from which the allocated pension is payable is equal to, or more than, the amount of the base amount allocated to the non - member spouse in relation to the interest--from that lump sum, the amount of the base amount allocated to the non - member spouse in relation to the interest; or

  (b)   if the amount of the lump sum from which the allocated pension is payable is less than the amount of the base amount allocated to the non - member spouse in relation to the interest:

  (i)   the amount of the lump sum from which the allocated pension is payable; and

  (ii)   so much of the amount of the lump sum from which the market linked pension is payable as is needed to pay the balance of the amount of the base amount allocated to the non - member spouse in relation to the interest.

  (5)   Subject to subregulation (6), the non - member spouse is not entitled to be paid any amount from any other splittable payment in respect of the superannuation interest.

  (6)   If the lump sum mentioned in subregulation (2) or (3), or the total of the lump sums mentioned in subparagraphs   (4)(b)(i) and (ii), is less than the amount of the base amount applicable to the non - member spouse at the time the splittable payment becomes payable, the non - member spouse is entitled to be paid:

  (a)   the amount of the lump sum, or lump sums, as the case requires; and

  (b)   from each other splittable payment that becomes payable in respect of the superannuation interest, the amount calculated in accordance with subregulation (7).

  (7)   For paragraph   (6)(b), the amount is calculated in accordance with the following formula:

    where:

"BA" is the base amount allocated to the non - member spouse in relation to the superannuation interest.

"X" is the amount of the lump sum, or lump sums, paid to the non - member spouse under paragraph   (6)(a).

"SP" is the amount of the relevant splittable payment.

"A" has the meaning given by subregulation   50(3).