FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - SCHEDULE 3 Method for determining gross value of partially vested accumulation interest

FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - SCHEDULE 3

(regulation   32)

1   Application of Schedule   3

    This Schedule sets out the method for determining the gross value, at the relevant date, of a partially vested accumulation interest that is in the growth phase at that date.

2   Method

  (1)   The method is:

where:

"V" is the value, at the relevant date, of the actual vested benefit in respect of the interest, determined in accordance with clause   3.

"A" is the amount that would be the total amount standing to the credit of the member spouse in respect of the interest if the benefit in respect of the interest were fully vested at the relevant date, determined in accordance with clause   3A.

"f" y+m is the vesting factor at the relevant date calculated in accordance with subclause   (2).

  (2)   For subclause   (1), the vesting factor ( f y+m ) at the relevant date is:

    where:

"f" y is the vesting factor mentioned in clause   4 of this Schedule that applies to the relevant vesting period and the length of the member spouse's membership in the plan in completed years at the relevant date.

"m" is the number of completed months of the member spouse's membership in the plan at the relevant date that are not included in the completed years of membership at that date.

"f" y+1 is the vesting factor mentioned in clause   4 of this Schedule that would apply to the relevant vesting period if the member spouse's length of membership in the plan were one year more than the member spouse's length of membership in complete years at the relevant date.

3   Actual vested benefit

  (1)   For subclause   2(1), this clause sets out how to determine the value, at the relevant date, of the actual vested benefit ( V ) in respect of the superannuation interest.

  (2)   Subject to subclause   (4), if:

  (a)   a member information statement stating the value of the interest at the relevant date has been provided to the member spouse; and

  (b)   evidence of the contents of the statement is before the court in the relevant proceeding;

the value at the relevant date of the actual vested benefit in respect of the interest is the value of the interest stated in the statement.

  (3)   If:

  (a)   a statement has been issued by the trustee of the plan in which the interest is held, being a statement that states the value of the benefits (before any taxes or other charges have been deducted) that would have been payable in respect of the interest at the relevant date if the member spouse had voluntarily ceased to be a member of the plan on that date; and

  (b)   evidence of the contents of the statement is before the court in the relevant proceeding;

the value at the relevant date of the actual vested benefit in respect of the interest is the value of the interest stated in the statement.

  (4)   If:

  (a)   evidence of the contents of a member information statement mentioned in subclause   (2) and a statement of the kind mentioned in subclause   (3) is before the court in the relevant proceeding; and

  (b)   the value of the interest stated in each statement is not the same;

the value at the relevant date of the actual vested benefit in respect of the interest is the value of the interest stated in the statement mentioned in subclause   (3).

  (5)   If subclause   (2) or (3) does not apply, the value, at the relevant date, of the actual vested benefit in respect of the interest is:

where:

"V1" is the sum of:

  (a)   the value of the actual vested benefit in respect of the interest at the first valuation date; and

  (b)   the value of any benefits rolled over, or transferred, by the member spouse to the plan in which the interest is held (other than regular contributions made by or for the member spouse to the plan) in the period between the first valuation date and the relevant date (excluding both those dates), less the value of any partial payment of benefits to the member made in that period.

"V2" is the sum of:

  (a)   the value of the actual vested benefit in respect of the interest at the second valuation date; and

  (b)   the value of any partial payment of benefits made to the member in the period beginning on the day after the relevant date and ending at the end of the second valuation date, less the value of any benefits rolled over, or transferred, by the member spouse to the plan in which the interest is held (other than regular contributions made by or for the member spouse to the plan), and any interest earned on those benefits, in that period.

"X" is the number of days in the period between the first valuation date and the relevant date (excluding both those dates).

"D" is the number of days in the period beginning on the day after the first valuation date and ending at the end of the second valuation date.

  (6)   For the purpose of determining the value, at the relevant date, of the actual vested benefit in respect of the member spouse's interest under subclause   (5):

  (a)   if, in relation to the interest, evidence of the contents of one member information statement only is before the court in the relevant proceeding, and the relevant date is after the valuation date stated in that statement:

  (i)   the first valuation date is the valuation date stated in that statement; and

  (ii)   the value of the actual vested benefit in respect of the interest at the first valuation date is the value of the interest stated in that statement; and

  (iii)   the second valuation date is a date after the relevant date that is within 28 days before the date when the valuation of the interest is being carried out; and

  (iv)   the value of the actual vested benefit in respect of the interest at the second valuation date is the value of the interest at that date; and

  (b)   if, in relation to the interest, evidence of the contents of 2 member information statements is before the court in the relevant proceeding, and the relevant date is between the valuation date stated in one of those statements (the first statement ) and the valuation date stated in the other statement (the second statement ):

  (i)   the first valuation date is the valuation date stated in the first statement; and

  (ii)   the value of the actual vested benefit in respect of the interest at the first valuation date is the value of the interest stated in the first statement; and

  (iii)   the second valuation date is the valuation date stated in the second statement; and

  (iv)   the value of the actual vested benefit in respect of the interest at the second valuation date is the value of the interest stated in the second statement; and

  (c)   if, in relation to the interest, evidence of the contents of one member information statement only is before the court in the relevant proceeding, and the relevant date is before the valuation date stated in that statement:

  (i)   the first valuation date is the date when the interest was acquired by the member spouse; and

  (ii)   the value of the actual vested benefit in respect of the interest at the first valuation date is the value of the interest at that date; and

  (iii)   the second valuation date is the valuation date stated in the statement; and

  (iv)   the value of the actual vested benefit in respect of the interest at the second valuation date is the value of the interest stated in the statement; and

  (d)   in any other case:

  (i)   the first valuation date is the date when the interest was acquired by the member spouse; and

  (ii)   the value of the actual vested benefit in respect of the interest at the first valuation date is the value of the interest at that date; and

  (iii)   the second valuation date is a date after the relevant date that is within 28 days before the date when the valuation of the interest is being carried out; and

  (iv)   the value of the actual vested benefit in respect of the interest at the second valuation date is the value of the interest at that date.

  (7)   For subparagraphs   (6)(a)(iv) and (d)(iv), the value of the actual vested benefit in respect of the interest at the second valuation date includes:

  (a)   any amount payable under an earlier payment split that applies in respect of the interest; and

  (b)   the amount of any surcharge debt of the member spouse in respect of the interest.

  (8)   For this clause, a reference to the value of the interest stated in a statement:

  (a)   is a reference to the value stated in the statement, however that value is described (for example, the member's account balance, share in the plan, withdrawal benefit); and

  (b)   if 2 or more values are stated in the statement, is taken to be a reference to the value of the benefits (before any taxes or other charges have been deducted) that would have been payable in respect of the interest if the member spouse had voluntarily ceased to be a member of the plan at the date at which the value is stated.

  (9)   In this clause:

"valuation date" , in relation to a superannuation interest to which a member information statement, or similar statement, applies, means the date as at which the value of the interest is stated in the statement.

3A   Total amount standing to credit of member spouse if benefit were fully vested at relevant date

  (1)   For subclause   2(1), this clause sets out how to determine the amount ( A ) that would be the total amount standing to the credit of the member spouse in respect of the superannuation interest if the benefit in respect of the interest were fully vested at the relevant date.

  (2)   If evidence is before the court in the relevant proceeding of the contents of a member information statement that states the total member credit at the relevant date, the amount ( A ) is the total member credit stated in the statement.

  (3)   If subclause   (2) does not apply, the amount ( A ) is:

where:

"A1" is the sum of:

  (a)   the total member credit at the first valuation date; and

  (b)   the value of any benefits rolled over, or transferred, by the member spouse to the plan in which the interest is held (other than regular contributions made by or for the member spouse to the plan) in the period between the first valuation date and the relevant date (excluding both those dates), less the value of any partial payment of benefits to the member made in that period.

"A2" is the sum of:

  (a)   the total member credit at the second valuation date; and

  (b)   the value of any partial payment of benefits made to the member in the period beginning on the day after the relevant date and ending at the end of the second valuation date, less the value of any benefits rolled over, or transferred, by the member spouse to the plan in which the interest is held (other than regular contributions made by or for the member spouse to the plan), and any interest earned on those benefits, in that period.

"X" is the number of days in the period between the first valuation date and the relevant date (excluding both those dates).

"D" is the number of days in the period beginning on the day after the first valuation date and ending at the end of the second valuation date.

  (4)   For the purpose of determining the amount ( A ) under subclause   (3):

  (a)   if, in relation to the interest, evidence of the contents of one member information statement only is before the court in the relevant proceeding, and the relevant date is after the valuation date stated in that statement:

  (i)   the first valuation date is the valuation date stated in that statement; and

  (ii)   the total member credit at the first valuation date is the total member credit stated in that statement; and

  (iii)   the second valuation date is a date after the relevant date that is within 28 days before the date when the valuation of the interest is being carried out; and

  (iv)   the total member credit at the second valuation date is the total member credit at that date; and

  (b)   if, in relation to the interest, evidence of the contents of 2 member information statements is before the court in the relevant proceeding, and the relevant date is between the valuation date stated in one of those statements (the first statement ) and the valuation date stated in the other statement (the second statement ):

  (i)   the first valuation date is the valuation date stated in the first statement; and

  (ii)   the total member credit at the first valuation date is the total member credit stated in the first statement; and

  (iii)   the second valuation date is the valuation date stated in the second statement; and

  (iv)   the total member credit at the second valuation date is the total member credit stated in the second statement; and

  (c)   if, in relation to the interest, evidence of the contents of one member information statement only is before the court in the relevant proceeding, and the relevant date is before the valuation date stated in that statement:

  (i)   the first valuation date is the date when the interest was acquired by the member spouse; and

  (ii)   the total member credit at the first valuation date is the total member credit at that date; and

  (iii)   the second valuation date is the valuation date stated in the statement; and

  (iv)   the total member credit at the second valuation date is the total member credit stated in the statement; and

  (d)   in any other case:

  (i)   the first valuation date is the date when the interest was acquired by the member spouse; and

  (ii)   the total member credit at the first valuation date is the total member credit at that date; and

  (iii)   the second valuation date is a date after the relevant date that is within 28 days before the date when the valuation of the interest is being carried out; and

  (iv)   the total member credit at the second valuation date is the total member credit at that date.

  (5)   For subparagraphs   (4)(a)(iv) and (d)(iv), the total member credit at the second valuation date includes:

  (a)   any amount payable under an earlier payment split that applies in respect of the interest; and

  (b)   the amount of any surcharge debt of the member spouse in respect of the interest.

  (6)   In this clause:

"total member credit" , in relation to a superannuation interest of a member spouse and a date, means the total amount that would be standing to the credit of the member spouse in respect of the interest if the benefit in respect of the interest were fully vested at that date.

"valuation date" , in relation to a superannuation interest to which a member information statement applies, means the date as at which the total member credit in respect of the interest is stated in the statement.

4   Vesting factors

    This clause sets out the vesting factors.