FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 65 Information about certain defined benefit interests--meaning of accrued benefit multiple

FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 65

  (1)   For paragraph   64(4)(b), the accrued benefit multiple for a lump sum, or pension, payable in respect of a superannuation interest of a member in an eligible superannuation plan is the accrued benefit multiple that applies under this regulation.

  (2)   If an accrued benefit multiple is defined under the governing rules of the eligible superannuation plan in which the defined benefit interest is held, the accrued benefit multiple is the multiple as defined.

  (3)   If an accrued benefit multiple is not defined under the governing rules of the eligible superannuation plan in which the defined benefit interest is held, but a multiple is, under the governing rules of the plan, used to define the benefit payable to the member at the appropriate date, the accrued benefit multiple is that multiple.

  (4)   If:

  (a)   an accrued benefit multiple is not defined under the governing rules of the eligible superannuation plan in which the defined benefit interest is held; and

  (b)   the benefit in respect of the interest is payable as a lump sum; and

  (c)   subregulation (3) does not apply in respect of the interest;

the accrued benefit multiple is:

    where:

"LSM" is the multiple that will be applied to the member's salary figure at the member's earliest retirement date to calculate the lump sum retirement benefit that will be payable to the member at that date.

"T" 1 is the period beginning on the date when the member acquired the defined benefit interest and ending at the end of the day before the appropriate date.

"T" 2 is the period beginning on the date when the member acquired the defined benefit interest and ending at the end of the day before the member's earliest retirement date.

  (5)   If:

  (a)   an accrued benefit multiple is not defined under the governing rules of the eligible superannuation plan in which the defined benefit interest is held; and

  (b)   the benefit in respect of the interest is payable as a pension; and

  (c)   subregulation (3) does not apply in respect of the interest;

the accrued benefit multiple is:

where:

"PM" is the multiple that will be applied to the member's salary figure at the member's earliest retirement date to calculate the pension benefit that will be payable to the member at that date.

"T" 1 is the period beginning on the date when the member acquired the defined benefit interest and ending at the end of the day before the appropriate date.

"T" 2 is the period beginning on the date when the member acquired the defined benefit interest and ending at the end of the day before the member's earliest retirement date.

  (6)   For the purpose of calculating the accrued benefit multiple in respect of a defined benefit interest of a member of an eligible superannuation plan under subregulation (4) or (5), if the member's benefit in respect of the interest will, under the governing rules of the plan, depend on the amount of contributions made by the member to the plan and no particular rate of contributions is required under the governing rules of plan, it is to be assumed that:

  (a)   the member has contributed to the plan at the rate that, under the governing rules of the plan, is the standard rate of contributions, unless the member has exercised any election under those rules to contribute at a different rate; or

  (b)   if, under the governing rules of the plan, a range of contribution rates is available to the member, the member has contributed to the plan at the mid - point of that range, unless the member has exercised any election under the governing rules of the plan to contribute at a different rate.

  (6A)   For the definitions of the factors T 1 and T 2 in subregulations (4) and (5), a defined benefit interest of a member of an eligible superannuation plan is acquired on the earlier of:

  (a)   the date when the member first became a member of the plan; and

  (b)   the date when a benefit began to accrue to the member in respect of the interest.

  (7)   In this regulation:

"member's earliest retirement date" , for a member of an eligible superannuation plan, means the first date when the member could retire and become eligible, under the governing rules of the plan, to be paid a retirement benefit in respect of the member's superannuation interest in the plan.