FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 NO. 303 FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 NO. 303 - TABLE OF PROVISIONS PART 1--PRELIMINARY 1. Name of Regulations 2. Commencement 3. Definitions 4. Other expressions used in Part VIIIB of the Act 5. Meaning of defined benefit interest 6. Meaning of growth phase -- superannuation interests in regulated superannuation funds, approved deposit funds and RSAs 7. Meaning of growth phase -- superannuation interests in other eligible superannuation plans 8. Meaning of payment phase 9. Meaning of partially vested accumulation interest 10. Meaning of trustee (Act s 90MD) 11. Meaning of unsplittable interest (Act s 90MD) PART 2--PAYMENTS THAT ARE NOT SPLITTABLE PAYMENTS 12. Payments to member spouse that are not splittable payments (Act s 90ME) 13. Payments after death of member spouse that are not splittable payments (Act s 90ME) 14. Payments that are not splittable payments in respect of particular payments splits (Act s 90ME) PART 3--PAYMENT SPLITTING OR FLAGGING BY AGREEMENT Division 3.1--Superannuation interest that is not a percentage-only interest 15. Application of Division 3.1 (Act s 90MJ) 16. Entitlement of non-member spouse -- superannuation interest not in existence or in growth phase 17. Entitlement of non-member spouse -- superannuation interest in payment phase Division 3.2--Superannuation interest that is a percentage-only interest 18. Application of Division 3.2 (Act s 90MJ) 19. Entitlement of non-member spouse Division 3.3--Miscellaneous 20. Superannuation interests in excess of ETP threshold -- total withdrawal value (Act s 90MQ) PART 4--PAYMENT SPLITTING OR FLAGGING BY COURT ORDER Division 4.1--Superannuation interest that is not a percentage-only interest 21. Application of Division 4.1 (Act s 90MT) 22. Determination of value of certain superannuation interests 23. Entitlement of non-member spouse -- interests other than small superannuation accounts interests 24. Determination of value of small superannuation accounts interests Division 4.2--Superannuation interest that is a percentage-only interest 25. Application of Division 4.2 (Act s 90MT) 26. Entitlement of non-member spouse PART 5--DETERMINATION OF VALUE OF CERTAIN SUPERANNUATION INTERESTS Division 5.1--Superannuation interest in growth phase at relevant date 27. Application of Division 5.1 (Act s 90MT) 28. Method for determining value -- general 29. Method for determining gross value -- defined benefit interest 30. Approval of retirement age 31. Method for determining gross value -- accumulation interest (other than a partially vested accumulation interest) 32. Method for determining gross value -- partially vested accumulation interest 33. Method for determining gross value -- combination of defined benefit interest and accumulation interest 34. Method for determining gross value -- combination of defined benefit interest and partially vested accumulation interest 35. Method for determining gross value -- interest that is the greater of a defined benefit interest and an accumulation interest 36. Method for determining gross value -- interest that is the lesser of a defined benefit interest and an accumulation interest 37. Method for determining gross value -- defined benefit less other amount 38. Approval of methods and factors for valuing particular superannuation interests Division 5.2--Superannuation interest in payment phase at relevant date 39. Application of Division 5.2 (Act s 90MT) 40. Method for determining value -- general 41. Method for determining gross value -- benefits payable only as one or more lump sums 42. Method for determining gross value -- benefits paid as pension 43. Method for determining gross value -- benefits paid as pension and lump sum also payable PART 6--ENTITLEMENT OF NON-MEMBER SPOUSE IN RESPECT OF CERTAIN SUPERANNUATION INTERESTS Division 6.1--Interpretation 44. Definitions for Part 6 45. Meaning of base amount allocated to the non-member spouse Division 6.2--Superannuation interest in growth phase at date of service of agreement or date of order 46. Application of Division 6.2 (Act s 90MJ, s 90MT) 47. Adjustment of base amount 48. Interest rates for adjustment of base amount 49. Amount to be paid to non-member spouse -- benefit payable only as lump sum that is equal to or more than adjusted base amount 50. Amount to be paid to non-member spouse -- benefit payable only as lump sum that is less than adjusted base amount 51. Amount to be paid to non-member spouse -- optional lump sum from remaining benefits 52. Amount to be paid to non-member spouse -- optional lump sum -- payment of whole of adjusted base amount 53. Amount to be paid to non-member spouse -- optional lump sum -- payment of part of adjusted base amount 54. Amount to be paid to non-member spouse -- no benefit payable only as lump sum Division 6.3--Superannuation interest in payment phase at date of service of agreement or date of order 55. Application of Division 6.3 (Act s 90MJ, s 90MT) 56. Amount to be paid to non-member spouse -- first splittable payment after operative time equal to or more than base amount 57. Amount to be paid to non-member spouse -- first splittable payment after operative time less than base amount 58. Amount to be paid to non-member spouse -- optional lump sum from remaining benefits PART 7--GENERAL PROVISIONS ABOUT PAYMENT SPLITTING Division 7.1--General 59. Fees payable to trustee (Act s 90MY) 60. Waiver notice (Act s 90MZA) Division 7.2--Provision of information to and by trustee 61. Definitions for Division 7.2 62. Application to trustee for information -- accompanying declaration (Act s 90MZB) 63. Information about certain accumulation interests (Act s 90MZB) 64. Information about certain defined benefit interests (Act s 90MZB) 65. Information about certain defined benefit interests -- meaning of accrued benefit multiple 66. Information about certain percentage-only interests (Act s 90MZB) 67. Information about interests in self managed superannuation funds (Act s 90MZB) 68. Information about small superannuation accounts interests (Act s 90MZB) 69. Secondary government trustee not required to provide information (Act s 90MZB) 70. Information to be provided by trustee following service of agreement or order (Act s 90MZB) 71. Information to be provided by trustee at end of financial year 72. Notice to trustee by non-member spouse SCHEDULE 1 Forms SCHEDULE 2 Method for determining gross value of defined benefit interest SCHEDULE 3 Method for determining gross value of partially vested accumulation interest SCHEDULE 4 Method for determining gross value of superannuation interest payable as life pension SCHEDULE 5 Method for determining gross value of superannuation interest payable as fixed-term pension SCHEDULE 6 Method for determining gross value of superannuation interest payable as pension and future lump sum FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 1 Name of Regulations These Regulations are the Family Law (Superannuation) Regulations 2001. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 2 Commencement These Regulations commence on the commencement of the Family Law Legislation Amendment (Superannuation) Act 2001. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 3 Definitions In these Regulations, unless the contrary intention appears: "accumulation fund" means an eligible superannuation plan that is not a defined benefit fund. "accumulation interest" means a superannuation interest that is not a defined benefit interest or a small superannuation accounts interest. "Act" means the Family Law Act 1975. "adjusted base amount", in relation to a non-member spouse at a particular date, means the base amount allocated to the non-member spouse, adjusted at that date in accordance with regulation 47. "allocated pension" means a pension paid, within a range of minimum and maximum payments, from an identifiable lump sum. "approved deposit fund" has the meaning given by section 90MD of the Act. "constitutionally protected fund" has the meaning given by subsection 267 (1) of the Income Tax Assessment Act 1936. "defined benefit fund" has the meaning given by subregulation 1.03 (1) of the SIS Regulations. "defined benefit interest" has the meaning given by regulation 5. "eligible superannuation plan" has the meaning given by section 90MD of the Act. "exempt public sector superannuation scheme" has the same meaning as in the SIS Act. "flag lifting agreement" has the meaning given by section 90MD of the Act. "growth phase", in relation to a superannuation interest (other than a small superannuation accounts interest) of a member spouse, has the meaning given by regulation 6 or 7. "interest" has the meaning given by section 90MD of the Act. "Judges' Pensions Act Scheme" means the scheme constituted by the Judges' Pensions Act 1968 for the provision of retirement and other benefits to and in respect of Judges, within the meaning of that Act. "member" has the meaning given by section 90MD of the Act. "member information statement", in relation to a member of an eligible superannuation plan, means a statement issued periodically to the member by the trustee of the plan that sets out information about the value of the member's interest in the plan (for example, the member's account balance, share in the plan or withdrawal benefit) at a particular date. "member spouse" has the meaning given by section 90MD of the Act. "member's retirement age", for a member who has a defined benefit interest in an eligible superannuation plan, means: (a) subject to paragraphs (b) and (c), the latest retirement age for the member specified in the governing rules of the plan; or (b) if the latest retirement age for the member specified in the governing rules of the plan is more than 65 years, or no retirement age is specified in the governing rules of the plan -- 65 years; or (c) if the Minister has, under regulation 30, approved a retirement age as the retirement age for members of the plan, or an identifiable class of members of the plan that includes the member -- the approved age. NoteRegulation 30 authorises the Minister to approve as the retirement age for members, or an identifiable class of members, who hold a defined benefit interest in an eligible superannuation plan, an age other than: (a) the retirement age specified in the governing rules of the plan; or (b) the age of 65 years. "non-member spouse" has the meaning given by section 90MD of the Act. "operative time" has the meaning given by section 90MD of the Act. "partially vested accumulation interest" has the meaning given by regulation 9. "payment flag" has the meaning given by section 90MD of the Act. "payment phase", in relation to a superannuation interest (other than a small superannuation accounts interest) of a member spouse, has the meaning given by regulation 8. "payment split" has the meaning given by section 90MD of the Act. "pension "means a pension, within the meaning of section 10 of the SIS Act, payable from an eligible superannuation plan (other than an account within the meaning of the Small Superannuation Accounts Act 1995). "percentage-only interest" means a superannuation interest in the Judges' Pensions Act Scheme. "regulated superannuation fund" has the meaning given by section 90MD of the Act. "relevant date", for the purpose of determining the value of a superannuation interest that is subject to a payment split, means: (a) in relation to a payment split under a superannuation agreement or flag lifting agreement: (i) the date agreed on for that purpose by the parties to the agreement; or (ii) if no date is agreed on by the parties to the agreement: (A) the date when the agreement is signed; or (B) in the case of an unsigned agreement, the date when a copy of the agreement is served on the trustee; and (b) in relation to a payment split under a splitting order -- the date determined by the court. "RSA" has the meaning given by section 90MD of the Act. "RSA Regulations" means the Retirement Savings Accounts Regulations 1997. "secondary government trustee" has the meaning given by section 90MD of the Act. "self managed superannuation fund" has the same meaning as in the SIS Act. "SIS Act" has the meaning given by section 90MD of the Act. "SIS Regulations" means the Superannuation Industry (Supervision) Regulations 1994. "small superannuation accounts interest" means a superannuation interest in an account within the meaning of the Small Superannuation Accounts Act 1995. "splittable payment" has the meaning given by section 90MD of the Act. "splitting order" has the meaning given by section 90MD of the Act. "superannuation agreement" has the meaning given by section 90MD of the Act. "superannuation contributions surcharge" means superannuation contributions surcharge under the Superannuation Contributions Tax (Assessment and Collection) Act 1997. "superannuation fund" has the same meaning as in the SIS Act. "superannuation interest" has the meaning given by section 90MD of the Act. "trustee" has the meaning given by section 90MD of the Act. "unit trust" has the same meaning as in the SIS Act. withdrawal benefit: (a) for a member of a regulated superannuation fund or an approved deposit fund, has the meaning given by subregulation 1.03 (1) of the SIS Regulations; and (b) for a member of an RSA, has the meaning given by subregulation 1.03 (1) of the RSA Regulations; and (c) for a member who has a small superannuation accounts interest, means the balance of the member's account; and (d) for a member of any other eligible superannuation plan, means the total amount of benefits that would be payable to the member if the member voluntarily ceased to be a member of the plan. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 4 Other expressions used in Part VIIIB of the Act Unless the contrary intention appears, any word or expression (other than a word or expression defined in regulation 3) that is used in these Regulations and in Part VIIIB of the Act has the same meaning in these Regulations as it has in Part VIIIB of the Act. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 5 Meaning of defined benefit interest (1) Subject to subregulation (2), for these Regulations, a defined benefit interest is a superannuation interest, or a component of a superannuation interest, that a member spouse has in an eligible superannuation plan, being an interest in respect of which the member spouse is entitled, when benefits in respect of the interest become payable, to be paid a benefit that is, or may be, defined by reference to one or more of the following: (a) the amount of: (i) the member spouse's salary at the date of the termination of the member spouse's employment, the date of the member spouse's retirement, or another date; or (ii) the member spouse's salary averaged over a period; (b) a specified amount; (c) specified conversion factors. (2) A superannuation interest, or a component of a superannuation interest, is not a defined benefit interest for these Regulations if the only benefits payable in respect of the interest that are defined by reference to the amounts or factors mentioned in subregulation (1) are benefits payable on death or invalidity. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 6 Meaning of growth phase -- superannuation interests in regulated superannuation funds, approved deposit funds and RSAs (1) This regulation applies to a superannuation interest of a member spouse in any of the following eligible superannuation plans: (a) a regulated superannuation fund; (b) an approved deposit fund; (c) an RSA. (2) For these Regulations, the superannuation interest is taken to be in the growth phase at a particular date if the member spouse satisfies the requirements of subregulation (3), (4) or (5) at that date. (3) A member spouse satisfies the requirements of this subregulation at a particular date if the member spouse has not satisfied a relevant condition of release at that date. (4) A member spouse satisfies the requirements of this subregulation at a particular date if the member spouse has satisfied a relevant condition of release at that date, but no benefit has been paid in respect of the superannuation interest, and no action has been taken by or for the member spouse under the governing rules of the plan to cash any benefit that the member spouse is entitled to be paid as a result of satisfying the condition of release. (5) A member spouse satisfies the requirements of this subregulation at a particular date if: (a) the member spouse has satisfied a relevant condition of release at that date; and (b) a benefit (other than a benefit that is paid as a pension) has been paid to or for the benefit of the member spouse or, if the member spouse has died, to his or legal personal representative, but no action has been taken by or for the member spouse, or his or her legal personal representative, under the governing rules of the plan to receive any other benefit that the member spouse, or his or her estate, is entitled to be paid as a result of satisfying the condition of release. (6) In this regulation: "relevant condition of release" means: (a) for a member spouse who has a superannuation interest in a regulated superannuation fund -- a condition of release mentioned in item 101, 102, 103, 106 or 108 of Schedule 1 to the SIS Regulations; and (b) for a member spouse who has a superannuation interest in an approved deposit fund -- a condition of release mentioned in item 201, 202, 203 or 206 of Schedule 1 to the SIS Regulations; and (c) for a member spouse who has a superannuation interest in an RSA -- a condition of release mentioned in item 101, 102, 103, 106 or 107 of Schedule 2 to the RSA Regulations. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 7 Meaning of growth phase -- superannuation interests in other eligible superannuation plans (1) This regulation applies to a superannuation interest of a member spouse in: (a) an exempt public sector superannuation scheme; or (b) a superannuation fund within the meaning of the SIS Act that is not a regulated superannuation fund. (2) For these Regulations, the superannuation interest is taken to be in the growth phase at a particular date if, at that date: (a) a releasing event in relation to the member spouse has not occurred; or (b) a releasing event in relation to the member spouse has occurred, but no action has been taken by or for the member spouse under the governing rules of the plan to receive any benefit that the member spouse is entitled to be paid as a result of the occurrence of the releasing event; or (c) a releasing event in relation to the member spouse has occurred and a benefit (other than a benefit that is paid as a pension) has been paid to or for the benefit of the member spouse or, if the member spouse has died, to his or legal personal representative, but no action has been taken by or for the member spouse, or his or her legal personal representative, under the governing rules of the plan to receive any other benefit that the member spouse, or his or her estate, is entitled to be paid as a result of the occurrence of the releasing event. (3) For this regulation, a releasing event is taken to have occurred in relation to a member spouse if: (a) in the case of a member spouse other than a member spouse to whom paragraph (b) applies: (i) the member spouse has retired; or (ii) the member spouse has died; or (iii) as a result of the member spouse's ill health (whether physical or mental), the member spouse has ceased to be gainfully employed (including if the member spouse has ceased temporarily to receive any gain or reward under a continuing arrangement for the member spouse to be gainfully employed); and (b) in the case of a member spouse whose employer had contributed to the member spouse's eligible superannuation plan in relation to the member spouse: (i) the member spouse has ceased his or her employment with the employer; or (ii) any of the events mentioned in subparagraph (a) (i) to (iii) has occurred in relation to the member spouse. (4) In paragraph (3) (b): "employer" includes any associates, within the meaning of section 12 of the SIS Act, of the employer. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 8 Meaning of payment phase For these Regulations, a superannuation interest (other than a small superannuation accounts interest) of a member spouse in an eligible superannuation plan is taken to be in the payment phase at a particular date if the superannuation interest is not in the growth phase at that date. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 9 Meaning of partially vested accumulation interest For these Regulations, an accumulation interest that a member spouse has as a member of an eligible superannuation plan is a partially vested accumulation interest if the withdrawal benefit in relation to the member spouse at a particular date is less than the total amount notionally or actually allocated to the member spouse at that date, except if the withdrawal benefit is less than that notional or actual amount because of any of the following reasons: (a) the trustee of the plan has been assessed to be liable to pay superannuation contributions surcharge in respect of the member spouse, and the trustee has not debited the amount notionally or actually allocated to the member spouse in respect of that liability; (b) insurance costs have been charged against the member spouse's benefits in the plan; (c) any other fees, taxes or charges will be charged against the member spouse's benefits when the member spouse ceases to be a member of the plan. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 10 Meaning of trustee (Act s 90MD) (1) This regulation applies for paragraph (b) of the definition of trustee in section 90MD of the Act. (2) Each of the following persons is identified as a trustee of the Judges' Pensions Act Scheme: (a) in relation to a member of the Scheme who is a Presidential Member of the Australian Industrial Relations Commission -- the Industrial Registrar; (b) in relation to any other member of the Scheme -- the Secretary of the Attorney-General's Department. (3) The Parliamentary Retiring Allowances Trust established under the Parliamentary Contributory Superannuation Act 1948 is identified as the trustee of the scheme constituted by that Act. (4) An RSA provider that has accepted contributions to an RSA is identified as the trustee of that RSA. (5) The Commissioner of Taxation is identified as the trustee of an account within the meaning of the Small Superannuation Accounts Act 1995. (6) In this regulation: "Industrial Registrar" means the Industrial Registrar of the Australian Industrial Relations Commission appointed under section 67 of the Workplace Relations Act 1996. "Presidential Member" has the meaning given by section 4 of the Workplace Relations Act 1996. "RSA provider" has the same meaning as in the Retirement Savings Accounts Act 1997. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 11 Meaning of unsplittable interest (Act s 90MD) For the definition of unsplittable interest in section 90MD of the Act, a superannuation interest of a member spouse with a withdrawal benefit in relation to the member spouse of less than $5 000 is prescribed. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 12 Payments to member spouse that are not splittable payments (Act s 90ME) (1) For subsection 90ME (2) of the Act, each of the following payments in respect of a superannuation interest of a member spouse is not a splittable payment: (a) a payment to the member spouse that is made on compassionate grounds under subregulation 6.19A (1) of the SIS Regulations; (b) a payment to the member spouse that is made because the member spouse is taken to be in severe financial hardship; (c) a payment to the member spouse that is made because, as a result of the member spouse's ill health (whether physical or mental), the member spouse has ceased to be gainfully employed (including if the member spouse has ceased temporarily to receive any gain or reward under a continuing arrangement for the member spouse to be gainfully employed), if the benefits payable to the member spouse on his or her retirement are reduced as a result of the payment, unless: (i) the payment: (A) is one of a series of payments of that kind that have been made to the member spouse for a period of at least 2 years; and (B) is made more than 2 years after the first payment of that kind was made to the member spouse; or (ii) the payment is made on the ground that the member spouse is totally and permanently incapacitated; (d) a payment to the member spouse that is made because, as a result of the member spouse's ill health (whether physical or mental), the member spouse has ceased to be gainfully employed (including if the member spouse has ceased temporarily to receive any gain or reward under a continuing arrangement for the member spouse to be gainfully employed), if: (i) the benefits payable to the member spouse on his or her retirement are not reduced as a result of the payment; and (ii) at the date of the payment, the member spouse has not reached the age that is the member's retirement age for the member spouse; (e) if the superannuation interest is in the superannuation scheme constituted by the Superannuation Act 1976 or the Superannuation Act 1990 -- a payment to the member spouse that is made: (i) during any period in which the member spouse's health is being assessed for the purpose of determining the member spouse's eligibility for payment on the ground that the member spouse is totally and permanently incapacitated; or (ii) because the member spouse's salary or other remuneration, or hours of employment, have been reduced because of ill health; (f) if the superannuation interest is in an account within the meaning of the Small Superannuation Accounts Act 1995 -- a payment to the member spouse from the account, if: (i) in accordance with a superannuation agreement, flag lifting agreement or splitting order that has been served on the trustee of the account, the trustee has opened a separate account under the Small Superannuation Accounts Act 1995 for the non-member spouse, and has transferred an amount from the member spouse's account to that separate account; and (ii) but for the operation of this paragraph, the non-member spouse would have been entitled to be paid an amount in respect of the payment. (2) In this regulation: "gainfully employed" means employed or self-employed for gain or reward in any business, trade, profession, vocation, calling, occupation or other employment. "member's retirement age", for a member of an eligible superannuation plan, means: (a) subject to paragraph (b), the latest retirement age for the member specified in the governing rules of the plan; or (b) if the latest retirement age for the member specified in the governing rules of the plan is more than 65 years, or no retirement age is specified in the governing rules of the plan -- 65 years. "severe financial hardship" has the meaning given by subregulation 6.01 (5) of the SIS Regulations. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 13 Payments after death of member spouse that are not splittable payments (Act s 90ME) (1) For subsection 90ME (2) of the Act, each of the following payments made after the death of a member spouse in respect of a superannuation interest of the member spouse is not a splittable payment: (a) a payment to a reversionary beneficiary who is a child in relation to the member spouse if, at the date of the payment, the child has not turned 18; (b) a payment to a reversionary beneficiary who is a child in relation to the member spouse if: (i) at the date of the payment, the child has turned 18; and (ii) the payment is made to enable the child to complete his or her education or, if the child has special needs because of a physical or intellectual disability, to provide maintenance and expenses in respect of those needs; (c) a payment to a reversionary beneficiary for the benefit of a child in relation to the member spouse, if the requirements of paragraph (a) or (b) are satisfied in relation to the child and the payment. (2) In this regulation: "child", in relation to a member spouse who has a superannuation interest in an eligible superannuation plan, means: (a) a child of the member spouse, within the meaning of section 60F of the Act; or (b) a child of the member spouse under the governing rules of the plan; or (c) a child who has been determined by the trustee of the plan, under the governing rules of the plan, to be a child of the member spouse; or (d) a child for whom the member spouse had, at the time of his or her death, responsibility for the day-to-day care, welfare and development under an order made under Part VII of the Act or Part 5 of the Family Court Act 1997 of Western Australia, or under a corresponding law of a foreign country. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 14 Payments that are not splittable payments in respect of particular payments splits (Act s 90ME) (1) For subsection 90ME (2) of the Act, a payment in respect of a superannuation interest of a member spouse in an eligible superannuation plan is not a splittable payment in respect of a particular payment split if the requirements of subregulation (2), (3) or (4) are satisfied in relation to the payment and the payment split. (2) The requirements of this subregulation are satisfied in relation to a payment in respect of a superannuation interest of a member spouse in an eligible superannuation plan and a particular payment split (the spent payment split) in respect of that interest if the payment is made after the trustee of the plan has done any of the following things in respect of the spent payment split: (a) under the payment split provisions of the SIS Regulations: (i) created a new interest in the plan for the non-member spouse; or (ii) transferred or rolled over an amount equal to the value of the benefit that the non-member spouse would be required to have if a new interest had been created for the non-member spouse under the payment split provisions of the SIS Regulations; (b) under the governing rules of the plan: (i) created an interest in the plan for the non-member spouse with a value of at least the value of the benefit that the non-member spouse would be required to have if a new interest had been created for the non-member spouse under the payment split provisions of the SIS Regulations; or (ii) transferred or rolled over to another superannuation fund or an RSA an amount, to be held for the benefit of the non-member spouse, with a value of at least the value of the benefit that the non-member spouse would be required to have if a new interest had been created for the non-member spouse under the payment split provisions of the SIS Regulations. (3) The requirements of this subregulation are satisfied in relation to a payment in respect of a superannuation interest of a member spouse in an eligible superannuation plan and a particular payment split (the spent payment split) in respect of that interest if: (a) the interest is in a regulated superannuation fund, an approved deposit fund or an RSA; and (b) the payment is made after either of the following things has happened in respect of the spent payment split: (i) the non-member spouse has satisfied a relevant condition of release in relation to the superannuation interest, and the member spouse has paid to the non-member spouse an amount in satisfaction of the non-member spouse's entitlement in respect of the spent payment split; (ii) the non-member spouse has not satisfied a relevant condition of release in relation to the superannuation interest, and the member spouse has paid to a regulated superannuation fund or an RSA, an amount, to be held for the benefit of the non-member spouse, in satisfaction of the non-member spouse's entitlement in respect of the spent payment split; and (c) after the payment by the member spouse mentioned in subparagraph (b) (i) or (ii), a notice in accordance with Form 1 in Schedule 1, signed by the member spouse and non-member spouse in respect of the superannuation interest, has been served on the trustee of the plan. (4) The requirements of this subregulation are satisfied in relation to a payment in respect of a superannuation interest of a member spouse in an eligible superannuation plan and a particular payment split (the spent payment split) in respect of that interest if: (a) the interest is in an exempt public sector superannuation scheme or the superannuation scheme constituted by the Superannuation Act 1922; and (b) the payment is made after the member spouse has paid to the non-member spouse an amount in satisfaction of the non-member spouse's entitlement in respect of the spent payment split; and (c) after the payment by the member spouse mentioned in paragraph (b), a notice in accordance with Form 1 in Schedule 1, signed by the member spouse and non-member spouse in respect of the superannuation interest, has been served on the trustee of the plan. (5) In this regulation: "payment split provisions of the SIS Regulations" means the provisions of the SIS Regulations dealing with superannuation interests that are subject to a payment split. "relevant condition of release", for a non-member spouse in relation to a superannuation interest, means: (a) if the superannuation interest is in a regulated superannuation fund -- a condition of release mentioned in item 101, 102, 103 or 106 of Schedule 1 to the SIS Regulations; and (b) if the superannuation interest is in an approved deposit fund -- a condition of release mentioned in item 201, 202, 203 or 206 of Schedule 1 to the SIS Regulations; and (c) if the superannuation interest is in an RSA -- a condition of release mentioned in item 101, 102, 103 or 106 of Schedule 2 to the RSA Regulations. NoteA payment in respect of a superannuation interest of a member spouse of the kind mentioned in this regulation may nevertheless be a splittable payment in relation to any later payment split that applies in respect of the superannuation interest -- see subsection 90ME (2) of the Act. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 15 Application of Division 3.1 (Act s 90MJ) This Division applies to a payment split under a superannuation agreement or flag lifting agreement in relation to a superannuation interest of a member spouse if: (a) the interest is not a percentage-only interest; and (b) the agreement specifies: (i) an amount as a base amount in relation to the interest for the purposes of Part VIIIB of the Act; or (ii) a method by which a base amount can be calculated at the time when the agreement is served on the trustee under section 90MI of the Act. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 16 Entitlement of non-member spouse -- superannuation interest not in existence or in growth phase (1) This regulation applies if the superannuation interest: (a) is not a small superannuation accounts interest; and (b) is not in existence at the date of the agreement, or is in the growth phase at the date of the agreement and is not in the payment phase at the date when the agreement is served on the trustee under section 90MI of the Act. (2) The amount (if any) that the non-member spouse is entitled to be paid in respect of a splittable payment that becomes payable in respect of the superannuation interest is the amount calculated in accordance with Division 6.2. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 17 Entitlement of non-member spouse -- superannuation interest in payment phase (1) This regulation applies if the superannuation interest: (a) is not a small superannuation accounts interest; and (b) is in the payment phase at the date of the agreement or the date when the agreement is served on the trustee under section 90MI of the Act. (2) The agreement may state that the base amount is: (a) a total amount that relates to the whole of the superannuation interest; or (b) an amount that relates to ongoing pension payments. (3) Unless the agreement states that the base amount relates to ongoing pension payments, the base amount is taken to be a total amount that relates to the whole of the superannuation interest. (4) If the agreement states that the base amount is a total amount that relates to the whole of the superannuation interest, or the base amount is taken to be a total amount that relates to the whole of the superannuation interest, the amount that the non-member spouse is entitled to be paid in respect of a splittable payment that becomes payable in respect of the superannuation interest is the amount calculated in accordance with Division 6.3. (5) If the agreement states that the base amount is an amount that relates to ongoing pension payments, the amount that the non-member spouse is entitled to be paid in respect of a splittable payment that becomes payable in respect of the superannuation interest is the base amount. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 18 Application of Division 3.2 (Act s 90MJ) This Division applies to a payment split under a superannuation agreement or flag lifting agreement in relation to a superannuation interest of a member spouse if: (a) the interest is a percentage-only interest; and (b) the agreement specifies a percentage that is to apply for the purposes of subparagraph 90MJ (1) (b) (i) of the Act. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 19 Entitlement of non-member spouse The amount that the non-member spouse is entitled to be paid in respect of a splittable payment that becomes payable in respect of the superannuation interest is: [GRAPHIC] where: Accrued benefit multiple at separation is the member spouse's accrued benefit multiple, as defined in the governing rules of the eligible superannuation plan in which the superannuation interest is held, at the date when the member spouse and non-member spouse separated or, if there have been 2 or more separations, at the date of the most recent separation. Accrued benefit multiple at payment is the member spouse's accrued benefit multiple, as defined in the governing rules of the eligible superannuation plan in which the superannuation interest is held, at the date when the splittable payment becomes payable in respect of the superannuation interest. X is the percentage specified in the agreement. SP is the amount of the splittable payment. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 20 Superannuation interests in excess of ETP threshold -- total withdrawal value (Act s 90MQ) For subsection 90MQ (3) of the Act, the total withdrawal value for all the superannuation interests of a member spouse at a particular time is the amount determined by adding together the withdrawal benefits for each superannuation interest the member spouse has in any eligible superannuation plan at that time. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 21 Application of Division 4.1 (Act s 90MT) This Division applies to a payment split under a splitting order in relation to a superannuation interest of a member spouse that is not a percentage-only interest. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 22 Determination of value of certain superannuation interests (1) Subject to subregulation (2), the court must determine the value of the superannuation interest at the relevant date: (a) if the interest is in the growth phase at the relevant date -- in accordance with Division 5.1; and (b) if the interest is in the payment phase at the relevant date -- in accordance with Division 5.2. (2) Subregulation (1) does not apply if the superannuation interest is: (a) a small superannuation accounts interest; or (b) an interest in a self managed superannuation fund; or (c) an interest in a regulated superannuation fund in relation to which the trustee of the fund has, under Division 2.5 of the SIS Regulations, given information to each member of the fund that the fund is to be reconstructed or terminated. Note 1The value of a small superannuation accounts interest is to be determined by the Court under regulation 24. Note 2The value of a superannuation interest of the kind mentioned in paragraph (2) (b) or (c) is to be determined by the Court by such method as it considers appropriate -- see paragraph 90MT (2) (b) of the Act. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 23 Entitlement of non-member spouse -- interests other than small superannuation accounts interests (1) This regulation applies if: (a) the splitting order is made under paragraph 90MT (1) (a) of the Act; and (b) the superannuation interest in respect of which the order is made is not a small superannuation accounts interest. (2) The amount that the non-member spouse is entitled to be paid in respect of a splittable payment that becomes payable in respect of the superannuation interest is: (a) if the interest is in the growth phase at the date of the splitting order -- the amount calculated in accordance with Division 6.2; and (b) if the interest is in the payment phase at the date of the splitting order -- the amount calculated in accordance with Division 6.3. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 24 Determination of value of small superannuation accounts interests (1) This regulation applies if the superannuation interest is a small superannuation accounts interest. (2) The Court must determine the value of the superannuation interest at the relevant date to be the account balance that the Commissioner of Taxation would be required to transfer to a specified RSA, or to the trustee of a complying fund, for the benefit of the member spouse, if the Commissioner had received a transfer request from the member spouse under section 61 of the Small Superannuation Accounts Act 1995. (3) In this regulation: "complying fund" means a fund that passes the compliance test in subsection 61 (2) of the Small Superannuation Accounts Act 1995. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 25 Application of Division 4.2 (Act s 90MT) This Division applies to a payment split under a splitting order in relation to a superannuation interest of a member spouse that is a percentage-only interest. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 26 Entitlement of non-member spouse The amount that the non-member spouse is entitled to be paid in respect of a splittable payment that becomes payable in respect of the superannuation interest is: [GRAPHIC] where: Accrued benefit multiple at separation is the member spouse's accrued benefit multiple, as defined in the governing rules of the eligible superannuation plan in which the superannuation interest is held, at the date when the member spouse and non-member spouse separated or, if there have been 2 or more separations, at the date of the most recent separation. Accrued benefit multiple at payment is the member spouse's accrued benefit multiple, as defined in the governing rules of the eligible superannuation plan in which the superannuation interest is held, at the date when the splittable payment becomes payable in respect of the superannuation interest. X is the percentage specified in the splitting order. SP is the amount of the splittable payment. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 27 Application of Division 5.1 (Act s 90MT) For paragraph 90MT (2) (a) of the Act and paragraph 22 (1) (a) of these Regulations, this Division sets out the method for determining the value of a superannuation interest of a member spouse at the relevant date if the interest: (a) is not a percentage-only interest; and (b) is in the growth phase at the relevant date. NoteThis Division does not apply to a superannuation interest of a kind mentioned in subregulation 22 (2). FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 28 Method for determining value -- general (1) The method for determining the value of the superannuation interest at the relevant date is as follows: Step 1 Determine the gross value of the superannuation interest at the relevant date. Step 2 Deduct from the amount determined under Step 1 any amount payable under a payment split that applies to a splittable payment in respect of the superannuation interest and has an operative time that is before the relevant date. Step 3 Deduct from the amount determined under Step 2: (a) if the superannuation interest is in a superannuation fund that is not a constitutionally protected fund -- the amount (if any) of any surcharge debt of the member spouse as stated in the most recent member information statement provided by the fund to the member spouse before the relevant date; or (b) if the superannuation interest is in a superannuation fund that is a constitutionally protected fund -- the amount (if any) stated in the surcharge debt account maintained for the member spouse by the Commissioner of Taxation at the relevant date. The resulting amount is the value of the superannuation interest at the relevant date. (2) For Step 1 of the table in subregulation (1), the gross value of the superannuation interest at the relevant date is the gross value of the interest as determined in accordance with the regulation in this Division that applies to the interest. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 29 Method for determining gross value -- defined benefit interest If the whole of the superannuation interest is a defined benefit interest, the gross value at the relevant date of the interest is to be determined using: (a) if, under regulation 38, the Minister has approved a method or factors to be used to determine the value of the interest -- the approved method or factors; or (b) in any other case -- the method of valuation set out in Schedule 2. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 30 Approval of retirement age (1) For the purpose of determining the value of a defined benefit interest in accordance with the method of valuation set out in Schedule 2, the Minister may approve, in writing, as the retirement age for all members of the eligible superannuation plan in which the interest is held, or an identifiable class of members of the plan, an age other than: (a) the retirement age specified in the governing rules of the plan; or (b) the age of 65 years. (2) An approval by the Minister under subregulation (1) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 31 Method for determining gross value -- accumulation interest (other than a partially vested accumulation interest) (1) If the whole of the superannuation interest is an accumulation interest (other than a partially vested accumulation interest), the gross value at the relevant date of the interest is to be determined in accordance with this regulation. (2) If a member information statement that states the value of the interest at the relevant date has been provided to the member spouse, the gross value of the interest at the relevant date is the value stated in the statement. (3) If subregulation (2) does not apply, the gross value of the interest at the relevant date is: [GRAPHIC] where: V1 is the sum of: (a) the value 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 interest at the second valuation date; and (b) the value of any partial payment of benefits made to the member in the period between the relevant date and the second valuation date (excluding both those dates), 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 first valuation date and ending at the end of the day before the second valuation date. (4) For the purpose of determining the gross value of a member spouse's interest at the relevant date under subregulation (3), the first valuation date and the second valuation date, in relation to the interest, are as follows: (a) if at least one member information statement in relation to the interest has been provided to the member spouse, and the relevant date is after the valuation date stated in the most recent statement: (i) the first valuation date is the valuation date stated in the most recent statement; and (ii) the second valuation date is the date when the valuation of the interest is being carried out; (b) if 2 or more member information statements in relation to the interest have been provided to the member spouse, and the relevant date is between the valuation date stated in one statement (the earlier statement) and the valuation date stated in the next statement (the next statement): (i) the first valuation date is the valuation date stated in the earlier statement; and (ii) the second valuation date is the valuation date stated in the next statement; (c) if at least one member information statement in relation to the interest has been provided to the member spouse, and the relevant date is before the valuation date stated in the first statement (the first statement): (i) the first valuation date is the date when the interest was acquired by the member spouse; and (ii) the second valuation date is the valuation date stated in the first statement; (d) if no member information statement in relation to the interest has been provided to the member spouse: (i) the first valuation date is the date when the interest was acquired by the member spouse; and (ii) the second valuation date is the date when the valuation of the interest is being carried out. (5) In this regulation: "valuation date", in relation to a superannuation interest to which a member information statement applies, means the date as at which the value of the interest is stated in the statement. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 32 Method for determining gross value -- partially vested accumulation interest If the whole of the superannuation interest is a partially vested accumulation interest, the gross value at the relevant date of the interest is to be determined using: (a) if, under regulation 38, the Minister has approved a method or factors to be used to determine the value of the interest -- the approved method or factors; or (b) in any other case -- the method of valuation set out in Schedule 3. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 33 Method for determining gross value -- combination of defined benefit interest and accumulation interest If the superannuation interest is made up of a component that is a defined benefit interest and a component that is an accumulation interest (other than a partially vested accumulation interest), the gross value at the relevant date of the interest is to be determined by adding: (a) the gross value at the relevant date of the defined benefit interest, determined in accordance with the method set out in regulation 29; and (b) the gross value at the relevant date of the accumulation interest, determined in accordance with the method set out in regulation 31. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 34 Method for determining gross value -- combination of defined benefit interest and partially vested accumulation interest If the superannuation interest is made up of a component that is a defined benefit interest and a component that is a partially vested accumulation interest, the gross value at the relevant date of the interest is to be determined by adding: (a) the gross value at the relevant date of the defined benefit interest, determined in accordance with the method set out in regulation 29; and (b) the gross value at the relevant date of the partially vested accumulation interest, determined in accordance with the method set out in regulation 32. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 35 Method for determining gross value -- interest that is the greater of a defined benefit interest and an accumulation interest If the superannuation interest is the greater of a defined benefit interest and an accumulation interest (other than a partially vested accumulation interest), the gross value at the relevant date of the interest is to be determined to be the greater of: (a) the gross value at the relevant date of the defined benefit interest, determined in accordance with the method set out in regulation 29; and (b) the gross value at the relevant date of the accumulation interest, determined in accordance with the method set out in regulation 31. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 36 Method for determining gross value -- interest that is the lesser of a defined benefit interest and an accumulation interest If the superannuation interest is the lesser of a defined benefit interest and an accumulation interest (other than a partially vested accumulation interest), the gross value at the relevant date of the interest is to be determined to be the lesser of: (a) the gross value at the relevant date of the defined benefit interest, determined in accordance with the method set out in regulation 29; and (b) the gross value at the relevant date of the accumulation interest, determined in accordance with the method set out in regulation 31. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 37 Method for determining gross value -- defined benefit less other amount (1) If the superannuation interest is a defined benefit interest the benefit in respect of which is, under the governing rules of the eligible superannuation plan in which the interest is held, the amount of a defined benefit less any other amount (other than an amount of superannuation contributions surcharge that the trustee is liable to pay in respect of the interest), the gross value at the relevant date of the interest is to be determined as the difference between: (a) the gross value at the relevant date of the defined benefit interest, determined in accordance with the method set out in regulation 29; and (b) the value at the relevant date of the other amount. (2) For the purpose of determining the value at the relevant date of the other amount under paragraph (1) (b), if the other amount is in respect of a superannuation interest in respect of which a method of valuation is provided in this Division, the value at the relevant date of the other amount is to be determined in accordance with that method of valuation. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 38 Approval of methods and factors for valuing particular superannuation interests (1) The Minister may approve, in writing, for the purposes of this regulation, methods or factors that are to be used to determine the gross value of any of the following superannuation interests: (a) a defined benefit interest; (b) a partially vested accumulation interest. (2) A method or factors approved by the Minister under subregulation (1) may relate to any of the following: (a) the valuation of a superannuation interest in a particular eligible superannuation plan; (b) the valuation of a superannuation interest in a particular category of superannuation interests in a particular eligible superannuation plan; (c) the valuation, in particular circumstances, of a superannuation interest, or a superannuation interest in a particular category of superannuation interests, in a particular eligible superannuation plan; (d) the valuation, in particular circumstances, of a particular component of a superannuation interest in a particular eligible superannuation plan. (3) An approval by the Minister under subregulation (1) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901. NoteIf the Minister approves a method or factors to be used to determine the value of a defined benefit interest, or a partially vested accumulation interest, in an eligible superannuation plan, the approved method or factors are to be used to determine the value of the interest instead of the method of valuation set out in Schedule 2 or 3 to these Regulations -- see regulations 29 and 32. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 39 Application of Division 5.2 (Act s 90MT) For paragraph 90MT (2) (a) of the Act and paragraph 22 (1) (b) of these Regulations, this Division sets out the method for determining the value of a superannuation interest of a member spouse at the relevant date if the interest: (a) is not a percentage-only interest; and (b) is in the payment phase at the relevant date. NoteThis Division does not apply to a superannuation interest of a kind mentioned in subregulation 22 (2). FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 40 Method for determining value -- general (1) The method for determining the value of the superannuation interest at the relevant date is as follows: Step 1 Determine the gross value of the superannuation interest at the relevant date. Step 2 Deduct from the amount determined under Step 1 any amount payable under a payment split that applies to a splittable payment in respect of the superannuation interest and has an operative time that is before the relevant date. The resulting amount is the value of the superannuation interest at the relevant date. (2) For Step 1 of the table in subregulation (1), the gross value of the superannuation interest at the relevant date is the gross value of the interest as determined in accordance with the regulation in this Division that applies to the interest. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 41 Method for determining gross value -- benefits payable only as one or more lump sums If the whole, or the remaining part, of the benefits in respect of the superannuation interest is payable only as one or more lump sums, the gross value at the relevant date of the interest is to be the withdrawal benefit in relation to the member spouse at that date. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 42 Method for determining gross value -- benefits paid as pension (1) This regulation applies to the superannuation interest if the benefits in respect of the interest are being paid as a pension at the relevant date. (2) If the pension is payable for the life of the member spouse, the gross value of the superannuation interest at the relevant date is to be determined using the method of valuation set out in Schedule 4. (3) If the pension is payable for a fixed term only, the gross value of the superannuation interest at the relevant date is to be determined using the method of valuation set out in Schedule 5. (4) If the pension is an allocated pension, the gross value of the superannuation interest at the relevant date is to be the withdrawal benefit in relation to the member spouse at that date. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 43 Method for determining gross value -- benefits paid as pension and lump sum also payable (1) This regulation applies to the superannuation interest if: (a) part of the benefits in respect of the interest is being paid as a pension at the relevant date; and (b) the remaining part of the benefits is payable as a lump sum (whether at the relevant date or at any time after that date) that is not a commutation of the pension. (2) If the lump sum is payable at the relevant date, the gross value of the superannuation interest at the relevant date is to be determined by adding: (a) the gross value of the pension, determined using the relevant method of valuation set out in subregulation 42 (2), (3) or (4); and (b) the amount of the lump sum. (3) If the lump sum is payable at any time after the relevant date, the gross value of the superannuation interest at the relevant date is to be determined using the method of valuation set out in Schedule 6. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 44 Definitions for Part 6 In this Part: "accrual period", for a superannuation interest that is subject to a payment split, means: (a) if the superannuation interest is in a regulated superannuation fund that has a year of income, within the meaning of subsection 10 (1) of the SIS Act: (i) the period beginning at the relevant operative time in a year of income and ending at the end of that year of income; and (ii) after that period, a year of income; and (b) in any other case: (i) the period beginning at the relevant operative time in a financial year and ending at the end of 30 June in that financial year; and (ii) after that period, a financial year. "gainful employment" means employment or self-employment for gain or reward in any business, trade, profession, vocation, calling, occupation or other employment. "lump sum" means any amount (other than an amount of a pension payment) that is paid to a member in respect of a superannuation interest. Examples 1A transfer of money. 2A rollover of benefits under the SIS Act. "relevant condition of release" means: (a) for a member spouse who has a superannuation interest in a regulated superannuation fund -- a condition of release mentioned in item 101, 102, 103 or 106 of Schedule 1 to the SIS Regulations; and (b) for a member spouse who has a superannuation interest in an approved deposit fund -- a condition of release mentioned in item 201, 202, 203 or 206 of Schedule 1 to the SIS Regulations; and (c) for a member spouse who has a superannuation interest in an RSA -- a condition of release mentioned in item 101, 102, 103 or 106 of Schedule 2 to the RSA Regulations; and (d) for a member spouse who has a superannuation interest in an exempt public sector superannuation scheme or the superannuation scheme constituted by the Superannuation Act 1922 -- any of the following: (i) the retirement of the member spouse; (ii) the death of the member spouse; (iii) the termination of gainful employment by the member spouse, because of his or her ill health, if it is unlikely that the member spouse will later engage in gainful employment for which he or she is reasonably qualified by reason of education, training or experience. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 45 Meaning of base amount allocated to the non-member spouse (1) For this Part, the base amount allocated to the non-member spouse, in relation to a superannuation interest, is: (a) in the case of an interest that is identified in a superannuation agreement or flag lifting agreement: (i) the base amount specified in the agreement in relation to the interest for the purposes of Part VIIIB of the Act, rounded, if necessary, in accordance with subregulation (2); or (ii) the base amount calculated in accordance with a method specified in the agreement, rounded, if necessary, in accordance with subregulation (2); and (b) in the case of an interest in relation to which a splitting order applies -- the base amount allocated to the non-member spouse by the court under subsection 90MT (4) of the Act, rounded, if necessary, in accordance with subregulation (2). (2) For subregulation (1): (a) a base amount that includes a part of a dollar that is less than 50 cents is to be rounded down to the nearest dollar; and (b) a base amount that includes a part of a dollar that is 50 cents or more is to be rounded up to the nearest dollar. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 46 Application of Division 6.2 (Act s 90MJ, s 90MT) For section 90MJ of the Act and regulation 16, and paragraph 90MT (1) (a) of the Act and paragraph 23 (2) (a) of these Regulations, this Division sets out how to calculate the amount (if any) that the non-member spouse is entitled to be paid under a payment split in respect of a splittable payment that becomes payable in respect of a superannuation interest of a member spouse if: (a) the interest is not a percentage-only interest; and (b) in the case of an interest that is identified in a superannuation agreement or flag lifting agreement -- the interest was in the growth phase at the date when the agreement was served on the trustee under section 90MI of the Act; and (c) in the case of an interest in relation to which a splitting order applies -- the interest was in the growth phase at the date of the order. NoteThis Division does not apply to a payment split in respect of a small superannuation accounts interest -- see paragraphs 16 (1) (a) and 23 (1) (b) of these Regulations. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 47 Adjustment of base amount (1) For the purpose of calculating the amount (if any) that the non-member spouse is entitled to be paid in respect of a splittable payment that becomes payable in respect of the superannuation interest, the base amount allocated to the non-member spouse in relation to the superannuation interest must be adjusted by the trustee of the eligible superannuation plan in which the interest is held in accordance with this regulation. (2) After each accrual period in relation to the superannuation interest, the trustee must adjust the base amount by the amount of interest (if any) that has accrued to the base amount in that accrual period. (3) For subregulation (2), interest accrues to the base amount in an accrual period at the rate that applies under regulation 48. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 48 Interest rates for adjustment of base amount (1) The rate at which interest accrues in an accrual period to the base amount allocated to the non-member spouse in relation to a superannuation interest is the rate that applies to the superannuation interest for the accrual period under this regulation. (2) If the superannuation interest is in a unit trust, the interest rate for the accrual period is the percentage change in the unit price in the accrual period. (3) Subject to subregulation (5), if the whole of the superannuation interest is an accumulation interest (other than an accumulation interest in a unit trust), the interest rate for the accrual period is the crediting rate for the eligible superannuation plan in which the superannuation interest is held. (4) Subject to subregulation (5), if any component of the superannuation interest is a defined benefit interest, the interest rate for the accrual period is: (a) if paragraph (b) does not apply -- the percentage change in average weekly ordinary time earnings, as published by the Australian Bureau of Statistics, for the preceding 12 months, plus 2.5 percentage points; and (b) if, for the accrual period, the amount of the total benefits payable in respect of the defined benefit interest is calculated by applying a growth factor to a specified amount -- that growth factor. Example for paragraph (4) (b) The interest rate mentioned in paragraph (4) (b) would apply for an accrual period to a defined benefit interest of a member spouse in respect of which the benefit is defined by reference to the member spouse's final salary and length of service if, in the accrual period, the interest is converted to a withdrawal or resignation benefit and subsequently adjusted annually by the interest earned by the plan in which the interest is held, or another factor such as the consumer price index or average weekly ordinary time earnings. (5) If different interest rates apply to different components of the superannuation interest (including an accumulation interest) in the accrual period, the interest rate for the accrual period is the weighted average crediting rate that applies to the superannuation interest in the accrual period, expressed as a percentage, being the total amount of interest that accrued in respect of all components of the superannuation interest in the accrual period divided by the total value of the benefits in respect of all components of the superannuation interest at the beginning of the accrual period. Example A member of an eligible superannuation plan has a superannuation interest the value of which, at the beginning of an accrual period, is $60 000 (made up of personal contributions and interest valued at $20 000 and employer-financed benefits on resignation valued at $40 000). If the amount of the personal contributions and interest earned interest at the rate of 10% in an accrual period, and the amount of the employer-financed benefits earned interest at the rate of 3% (the rate of the CPI) in the accrual period, the weighted average crediting rate that would apply to the superannuation interest for the accrual period would be 5.33% calculated as follows: * The value of the interest that accrued to the personal contributions and interest in the accrual period was $2 000 (ie, $20 000 × 10%). * The value of the interest that accrued to the employer-financed benefits in the accrual period was $1 200 (ie, $40 000 × 3%). * The total interest earned in the accrual period was therefore $3 200 (ie, $2 000 + $1 200). * The weighted average crediting rate that applies to the superannuation interest for the accrual period is the total interest for the accrual period ($3 200) divided by the total benefits at the beginning of the accrual period ($60 000), expressed as a percentage -- 5.33%. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 49 Amount to be paid to non-member spouse -- benefit payable only as lump sum that is equal to or more than adjusted base amount (1) This regulation applies in relation to the superannuation interest if, on satisfying a relevant condition of release in relation to the interest, the member spouse receives a lump sum (other than a lump sum received because the member spouse has chosen, by way of a commutation of a pension payable to him or her, or otherwise, to take the whole, or a part, of the benefits in respect of the interest, as a lump sum) that is equal to or more than the amount of the adjusted base amount applicable to the non-member spouse at that time. (2) The amount that the non-member spouse is entitled to be paid from the lump sum is the amount that is equal to the amount of the adjusted base amount applicable to the non-member spouse at that time. (3) The non-member spouse is not entitled to be paid any amount from any other splittable payment in respect of the superannuation interest. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 50 Amount to be paid to non-member spouse -- benefit payable only as lump sum that is less than adjusted base amount (1) This regulation applies in relation to the superannuation interest if, on satisfying a relevant condition of release in relation to the interest, the member spouse receives a lump sum (other than a lump sum received because the member spouse has chosen, by way of a commutation of a pension payable to him or her, or otherwise, to take the whole, or a part, of the benefits in respect of the interest, as a lump sum) that is less than the amount of the adjusted base amount applicable to the non-member spouse at that time. (2) The amount that the non-member spouse is entitled to be paid in respect of the superannuation interest is: (a) the amount of the lump sum; and (b) unless regulation 51 applies in relation to the interest, the amount, calculated in accordance with subregulation (3), from each other splittable payment that becomes payable in respect of the interest. (3) For paragraph (2) (b), the amount to be paid to the non-member spouse from each other splittable payment that becomes payable in respect of the superannuation interest is calculated in accordance with the following formula: [GRAPHIC] where: ABA is the adjusted base amount applicable to the non-member spouse at the date when the first splittable payment becomes payable in respect of the superannuation interest. X is the amount of the lump sum paid to the non-member spouse under paragraph (2) (a). SP is the amount of the relevant splittable payment. V is the value of the superannuation interest at the date when the first splittable payment became payable in respect of the superannuation interest, determined in accordance with the relevant method of valuation set out in Division 5.2, as if references in that Division to `the relevant date' were references to `the date when the first splittable payment became payable in respect of the superannuation interest'. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 51 Amount to be paid to non-member spouse -- optional lump sum from remaining benefits (1) This subregulation 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 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 to be paid the amount requested by the non-member spouse will not cause the member spouse 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 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: [GRAPHIC] 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, under the governing rules of the plan, a pension to a lump sum at the member spouse's age at the time the member spouse satisfies the relevant condition of release. Py+m is the pension valuation factor under Schedule 4 that applies to the particular pension payable to the member spouse at the member spouse's age at the time the member spouse satisfies the relevant condition of release. (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 must choose to be paid, as a lump sum, an amount that is at least the amount calculated in accordance with subregulation (5); and (b) the non-member spouse is entitled to be paid: (i) that amount; and (ii) the amount, calculated in accordance with subregulation (6), from each other splittable payment that becomes payable in respect of the superannuation interest. (5) For paragraph (4) (a), the amount of the lump sum is calculated in accordance with the following formula: [GRAPHIC] 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 is the commutation factor for converting, under the governing rules of the plan, a pension to a lump sum at the member spouse's age at the time the member spouse satisfies the relevant condition of release. Py+m is the pension valuation factor under Schedule 4 that applies to the particular pension payable to the member spouse at the member spouse's age at the time the member spouse satisfies the relevant condition of release. (6) For subparagraph (4) (b) (ii), the amount to be paid to the non-member spouse from each other splittable payment that becomes payable in respect of the superannuation interest is calculated in accordance with the following formula: [GRAPHIC] 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. SP is 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: [GRAPHIC] where: V is the value of the superannuation interest at the date when the first splittable payment became payable in respect of the superannuation interest, determined in accordance with the relevant method of valuation set out in Division 5.2, as if references in that Division to `the relevant date' were references to `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). Y is the amount of the lump sum paid to the non-member spouse under subparagraph (4) (b) (i) of this regulation. Py+m is the pension valuation factor under Schedule 4 that applies to the particular pension payable to the member spouse at the member spouse's age at the time the member spouse satisfies the relevant condition of release. Comm is the commutation factor for converting, under the governing rules of the plan, a pension to a lump sum at the member spouse's age at the time the member spouse satisfies the relevant condition of release. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 52 Amount to be paid to non-member spouse -- optional lump sum -- payment of whole of adjusted base amount (1) This regulation applies in relation to the superannuation interest if: (a) on satisfying a relevant condition of release in relation to the interest, the member spouse 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 a lump sum that is at least the amount of the adjusted base amount applicable to the non-member spouse at that time, without losing the right to take the remaining part of the benefits in respect of the interest as a pension; and (b) the non-member spouse has served a request, in accordance with Form 3 in Schedule 1, on the trustee of the plan requesting that the non-member spouse be paid, as a lump sum, the whole of the adjusted base amount applicable to the non-member spouse at that time. (2) The member spouse must choose to be paid, as a lump sum, an amount that is at least the amount calculated in accordance with the following formula: [GRAPHIC] where: ABA is the amount of the adjusted base amount applicable to the non-member spouse at the date when the first splittable payment becomes payable in respect of the superannuation interest. Comm is the commutation factor for converting, under the governing rules of the plan, a pension to a lump sum at the member spouse's age at the time the member spouse satisfies the relevant condition of release. Py+m is the pension valuation factor under Schedule 4 that applies to the particular pension payable to the member spouse at the member spouse's age at the time the member spouse satisfies the relevant condition of release. (3) The amount that the non-member spouse is entitled to be paid in respect of the superannuation interest is the amount calculated in accordance with subregulation (2). (4) The non-member spouse is not entitled to be paid any amount from any other splittable payment in respect of the superannuation interest. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 53 Amount to be paid to non-member spouse -- optional lump sum -- payment of part of adjusted base amount (1) This regulation applies in relation to the superannuation interest if: (a) on satisfying a relevant condition of release in relation to the interest, the member spouse 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 a lump sum that is at least the amount of the adjusted base amount applicable to the non-member spouse at that time, without losing the right to take the remaining part of the benefits in respect of the interest as a pension; and (b) the non-member spouse has served a request, in accordance with Form 3 in Schedule 1, on the trustee of the plan requesting that the non-member spouse be paid, as a lump sum, a proportion of the adjusted base amount applicable to the non-member spouse at that time. (2) The member spouse must choose to be paid, as a lump sum, an amount that is at least the amount calculated in accordance with the following formula: [GRAPHIC] where: ABA is the amount of the adjusted base amount applicable to the non-member spouse at the date when the first splittable payment becomes payable in respect of the superannuation interest (the applicable adjusted base amount). Prop. is the proportion of the applicable adjusted base amount 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 is the commutation factor for converting, under the governing rules of the plan, a pension to a lump sum at the member spouse's age at the time the member spouse satisfies the relevant condition of release. Py+m is the pension valuation factor under Schedule 4 that applies to the particular pension payable to the member spouse at the member spouse's age at the time the member spouse satisfies the relevant condition of release. (3) The amount that the non-member spouse is entitled to be paid in respect of the superannuation interest is: (a) the amount of the lump sum, calculated in accordance with subregulation (2); and (b) the amount, calculated in accordance with subregulation (4), from each other splittable payment that becomes payable in respect of the interest. (4) For paragraph (3) (b), the amount to be paid to the non-member spouse from each other splittable payment that becomes payable in respect of the superannuation interest is calculated in accordance with the following formula: [GRAPHIC] 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 (the applicable adjusted base amount). Prop. is the proportion of the applicable adjusted base amount 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. SP is the amount of the relevant splittable payment. V is the value of the superannuation interest at the date when the first splittable payment became payable in respect of the superannuation interest, determined in accordance with the relevant method of valuation set out in Division 5.2, as if references in that Division to `the relevant date' were references to `the date when the first splittable payment became payable in respect of the superannuation interest'. Y is the amount of the lump sum paid to the non-member spouse under paragraph (3) (a). Py+m is the pension valuation factor under Schedule 4 that applies to the particular pension payable to the member spouse at the member spouse's age at the time the member spouse satisfies the relevant condition of release. Comm is the commutation factor for converting, under the governing rules of the plan, a pension to a lump sum at the member spouse's age at the time the member spouse satisfies the relevant condition of release. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 54 Amount to be paid to non-member spouse -- no benefit payable only as lump sum (1) This regulation applies in relation to the superannuation interest if, on satisfying a relevant condition of release in relation to the interest, no benefit is payable to the member spouse as a lump sum (other than a lump sum that the member spouse may choose to take, by way of a commutation of a pension payable to him or her, or otherwise, in respect of the whole, or a part, of the benefits in respect of the interest). (2) The amount that the non-member spouse is entitled to be paid in respect of each splittable payment that becomes payable in respect of the superannuation interest is: [GRAPHIC] where: ABA is the adjusted base amount applicable to the non-member spouse at the date when the first splittable payment becomes payable in respect of the superannuation interest. SP is the amount of the relevant splittable payment. V is the value of the superannuation interest at the date when the first splittable payment becomes payable in respect of the superannuation interest, determined in accordance with the relevant method of valuation set out in Division 5.2 as if references in that Division to `the relevant date' were references to `the date when the first splittable payment becomes payable in respect of the superannuation interest'. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 55 Application of Division 6.3 (Act s 90MJ, s 90MT) For section 90MJ of the Act and subregulation 17 (4), and paragraph 90MT (1) (a) of the Act and paragraph 23 (2) (b) of these Regulations, this Division sets out how to calculate the amount (if any) that the non-member spouse is entitled to be paid under a payment split in respect of a splittable payment that becomes payable in respect of a superannuation interest of a member spouse if: (a) the interest is not a percentage-only interest; and (b) in the case of an interest that is identified in a superannuation agreement or flag lifting agreement: (i) the agreement states that the base amount is a total amount that relates to the whole of the superannuation interest, or the base amount is taken to be a total amount that relates to the whole of the superannuation interest; and (ii) the interest was in the payment phase at the date when the agreement was served on the trustee under section 90MI of the Act; and (c) in the case of an interest in relation to which a splitting order under paragraph 90MT (1) (a) of the Act applies -- the interest was in the payment phase at the date of the order. NoteThis Division does not apply to a payment split in respect of a small superannuation accounts interest -- see paragraphs 17 (1) (a) and 23 (1) (b) of these Regulations. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 56 Amount to be paid to non-member spouse -- first splittable payment after operative time equal to or more than base amount (1) This regulation applies in relation to the superannuation interest if the amount of the first splittable payment that becomes payable in respect of the interest after the operative time is equal to or more than the amount of the base amount allocated to the non-member spouse in relation to the interest. (2) The amount that the non-member spouse is entitled to be paid from the first splittable payment is the amount that is equal to the base amount allocated to the non-member spouse in relation to the superannuation interest. (3) The non-member spouse is not entitled to be paid any amount from any other splittable payment in respect of the superannuation interest. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 57 Amount to be paid to non-member spouse -- first splittable payment after operative time less than base amount (1) This regulation applies in relation to the superannuation interest if the amount of the first splittable payment that becomes payable in respect of the interest after the operative time is less than the amount of the base amount allocated to the non-member spouse in relation to the interest. (2) The amount that the non-member spouse is entitled to be paid in respect of the superannuation interest is: (a) the amount of the first splittable payment; and (b) unless regulation 58 applies in relation to the interest, the amount, calculated in accordance with subregulation (3), from each other splittable payment that becomes payable in respect of the interest. (3) For paragraph (2) (b), the amount to be paid to the non-member spouse from each other splittable payment that becomes payable in respect of the superannuation interest is calculated in accordance with the following formula: [GRAPHIC] where: BA is the base amount allocated to the non-member spouse in relation to the superannuation interest. X is the amount of the first splittable payment paid to the non-member spouse under paragraph (2) (a). SP is the amount of the relevant splittable payment. V is the value of the superannuation interest at the date when the first splittable payment became payable in respect of the superannuation interest after the operative time, determined in accordance with the relevant method of valuation set out in Division 5.2, as if references in that Division to `the relevant date' were references to `the date when the first splittable payment became payable in respect of the superannuation interest after the operative time'. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 58 Amount to be paid to non-member spouse -- optional lump sum from remaining benefits (1) This subregulation applies in relation to the superannuation interest if: (a) the non-member spouse is entitled to be paid the amount of the first splittable payment in respect of the interest after the operative time under paragraph 57 (2) (a); and (b) the member spouse 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 4 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 base amount allocated to the non-member spouse in relation to the interest; and (d) any choice by the member spouse to be paid the amount requested by the non-member spouse will not cause the member spouse 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 base amount allocated to the non-member spouse in relation to the superannuation interest: (a) the member spouse 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: [GRAPHIC] where: BA is the base amount allocated to the non-member spouse in relation to the superannuation interest. X is the amount of the first splittable payment paid to the non-member spouse under paragraph 57 (2) (a). Comm is the commutation factor for converting, under the governing rules of the plan, a pension to a lump sum at the member spouse's age at the date of the first splittable payment to the member spouse in respect of the interest after the operative time. Py+m is the pension valuation factor under Schedule 4 that applies to the particular pension payable to the member spouse at the member spouse's age at the date of the first splittable payment to the member spouse in respect of the interest after the operative time. (4) If the non-member spouse has requested to be paid, as a lump sum, a proportion of the remaining base amount allocated to the non-member spouse in relation to the superannuation interest: (a) the member spouse must choose to be paid, as a lump sum, an amount that is at least the amount calculated in accordance with subregulation (5); and (b) the non-member spouse is entitled to be paid: (i) that amount; and (ii) the amount, calculated in accordance with subregulation (6), from each other splittable payment that becomes payable in respect of the superannuation interest. (5) For paragraph (4) (a), the amount of the lump sum is calculated in accordance with the following formula: [GRAPHIC] where: BA is the base amount allocated to the non-member spouse in relation to the superannuation interest. X is the amount of the first splittable payment paid to the non-member spouse under paragraph 57 (2) (a). Prop. is the proportion of the remaining base amount allocated to the non-member spouse in relation to the interest 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 is the commutation factor for converting, under the governing rules of the plan, a pension to a lump sum at the member spouse's age at the date of the first splittable payment to the member spouse in respect of the interest after the operative time. Py+m is the pension valuation factor under Schedule 4 that applies to the particular pension payable to the member spouse at the member spouse's age at the date of the first splittable payment to the member spouse in respect of the interest after the operative time. (6) For subparagraph (4) (b) (ii), the amount to be paid to the non-member spouse from each other splittable payment that becomes payable in respect of the superannuation interest is calculated in accordance with the following formula: [GRAPHIC] where: BA is the base amount allocated to the non-member spouse in relation to the superannuation interest. X is the amount of the first splittable payment paid to the non-member spouse under paragraph 57 (2) (a). Prop. is the proportion of the remaining base amount allocated to the non-member spouse in relation to the interest 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. SP is 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 57 (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 57 (2) (a) and subparagraph (4) (b) (ii) of this regulation is calculated in accordance with the following formula: [GRAPHIC] where: V is the value of the superannuation interest at the date when the first splittable payment became payable in respect of the superannuation interest after the operative time, determined in accordance with the relevant method of valuation set out in Division 5.2, as if references in that Division to `the relevant date' were references to `the date when the first splittable payment became payable in respect of the superannuation interest after the operative time'. X is the amount of the lump sum paid to the non-member spouse under paragraph 57 (2) (a). Y is the amount of the lump sum paid to the non-member spouse under subparagraph (4) (b) (i) of this regulation. Py+m is the pension valuation factor under Schedule 4 that applies to the particular pension payable to the member spouse at the member spouse's age at the date of the first splittable payment to the member spouse in respect of the interest after the operative time. Comm is the commutation factor for converting, under the governing rules of the plan, a pension to a lump sum at the member spouse's age at the date of the first splittable payment to the member spouse in respect of the interest after the operative time. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 59 Fees payable to trustee (Act s 90MY) (1) The trustee of an eligible superannuation plan may charge reasonable fees in respect of any of the following: (a) a payment split; (b) a payment flag; (c) flag lifting under a flag lifting agreement that does not provide for a payment split; (d) an order under section 90MM of the Act terminating the operation of a payment flag; (e) an application under section 90MZB of the Act for information about a superannuation interest. (2) A fee payable in respect of a matter mentioned in paragraph (1) (a), (b), (c) or (d) is payable: (a) subject to paragraph (b), by the member spouse and the non-member spouse in equal parts; or (b) if the fee is in respect of a payment split under which the non-member spouse is entitled to be paid the whole of the amount of each splittable payment that becomes payable -- by the non-member spouse. (3) A fee payable in respect of an application mentioned in paragraph (1) (e) is payable by the person who makes the application. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 60 Waiver notice (Act s 90MZA) For subsection 90MZA (2) of the Act, a waiver notice must be in accordance with Form 5 in Schedule 1. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 61 Definitions for Division 7.2 In this Division: "appropriate date", in relation to the information that must be provided by the trustee of an eligible superannuation plan to an applicant, means: (a) the date when the application for the information is received by the trustee; or (b) if an earlier date is specified in the application, that date. "preserved benefits" means: (a) for a member of a regulated superannuation fund or an approved deposit fund -- preserved benefits in relation to the member under Subdivision 6.1.2 of the SIS Regulations; and (b) for a member of an RSA -- preserved benefits in relation to the member under Subdivision 4.1.2 of the RSA Regulations. restricted non-preserved benefits means: (a) for a member of a regulated superannuation fund -- restricted non-preserved benefits in relation to the member under Subdivision 6.1.3 of the SIS Regulations; and (b) for a member of an RSA -- restricted non-preserved benefits in relation to the member under Subdivision 4.1.3 of the RSA Regulations. "unrestricted non-preserved benefits" means: (a) for a member of a regulated superannuation fund or an approved deposit fund -- unrestricted non-preserved benefits in relation to the member under Subdivision 6.1.4 of the SIS Regulations; and (b) for a member of an RSA -- unrestricted non-preserved benefits in relation to the member under Subdivision 4.1.4 of the RSA Regulations. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 62 Application to trustee for information -- accompanying declaration (Act s 90MZB) For subsection 90MZB (2) of the Act, the declaration accompanying an application by an eligible person, under section 90MZB of the Act, to the trustee of an eligible superannuation plan for information about a superannuation interest of a member of the plan must be in accordance with Form 6 in Schedule 1. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 63 Information about certain accumulation interests (Act s 90MZB) (1) This regulation applies in relation to a superannuation interest of a member of an eligible superannuation plan if: (a) the interest is an accumulation interest or a component of the interest is an accumulation interest; and (b) the interest is not a percentage-only interest or an interest in a self managed superannuation fund. (2) For subsection 90MZB (3) of the Act, the information about the accumulation interest that must be provided to an applicant by the trustee of the plan is as follows: (a) a statement indicating whether the interest is subject to a payment split or payment flag; (b) the date of commencement of the member's eligible service period, within the meaning of subsection 27A (1) of the Income Tax Assessment Act 1936; (c) the date when the member first became a member of the plan; (d) if the interest was in the payment phase at the appropriate date and the member is receiving ongoing pension payments -- the payment phase information in relation to the interest mentioned in subregulation (3); (e) if the interest was in the growth phase at the appropriate date -- the growth phase information in relation to the interest mentioned in subregulation (4). (3) For paragraph (2) (d), the payment phase information in relation to the superannuation interest is as follows: (a) unless the ongoing pension payments in respect of the interest are in respect of an allocated pension: (i) the amount of annual pension benefit payable to the member at that date; and (ii) a statement indicating whether the pension benefit is a lifetime pension or a fixed-term pension; and (iii) if the pension is a fixed-term pension: (A) the date when the pension payments commenced; and (B) the length of the term; and (iv) a statement indicating whether the pension benefit is indexed and, if so, the method of indexation; (b) if the ongoing pension payments in respect of the interest are in respect of an allocated pension -- the withdrawal benefit in relation to the member at the appropriate date; (c) a statement indicating whether there is any reversionary beneficiary in relation to the pension benefit and, if so, the proportion of the ongoing pension payments that would be payable to the reversionary beneficiary on the death of the member. (4) For paragraph (2) (e), the growth phase information in relation to the superannuation interest is as follows: (a) if 2 or more member information statements in relation to the interest have been provided to the member, and the appropriate date is between the valuation date stated in one statement (the earlier statement) and the valuation date stated in the next statement (the next statement): (i) the value of the interest, as stated in the earlier statement; and (ii) the value of the interest, as stated in the next statement; and (iii) the amount and, if known, the date of any rollover or transfer by the member, or partial payment to the member, between the valuation dates stated in those statements; (b) if at least one member information statement in relation to the interest has been provided to the member, and the appropriate date is before the valuation date stated in the first statement: (i) the value of the interest, as stated in the first statement; and (ii) the value of the interest at the date when the interest was acquired; and (iii) the amount and, if known, the date of any rollover or transfer by the member, or partial payment to the member, between the date when the interest was acquired and the valuation date stated in the first statement; (c) if at least one member information statement in relation to the interest has been provided to the member, and the appropriate date is after the valuation date stated in the most recent statement: (i) the value of the interest, as stated in the most recent statement; and (ii) the value of the interest at the appropriate date; and (iii) the amount and, if known, the date of any rollover or transfer by the member, or partial payment to the member, between the valuation date stated in the most recent statement and the appropriate date; (d) if the interest is in a regulated superannuation fund or an RSA -- the amount, at the date when the application for information is received by the trustee, of: (i) the member's preserved benefits; and (ii) the member's restricted non-preserved benefits; and (iii) the member's unrestricted non-preserved benefits; (e) if the interest is in an approved deposit fund -- the amount, at the date when the application for information is received by the trustee, of: (i) the member's preserved benefits; and (ii) the member's unrestricted non-preserved benefits; (f) if a payment that would have been an eligible termination payment under Subdivision AA of Part III of the Income Tax Assessment Act 1936 had been made in respect of the interest at the date when the application for information is received by the trustee -- the value that the components of the payment mentioned in paragraphs 27AA (1) (a), (aa), (b), (c), (cb), (d) and (e) of that Act would have had; (g) if the trustee has given information under Division 2.5 of the SIS Regulations to each member of the plan that the plan is to be reconstructed or terminated -- a statement to this effect; (h) if the interest is a partially vested accumulation interest: (i) the value of the interest if the interest were fully vested; and (ii) the vesting term that applies to the interest; and (iii) the date when the vesting term commenced; and (iv) a statement indicating whether the Minister has approved, under regulation 38, a method or factors for determining the value of the interest and giving details of any method or factors so approved. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 64 Information about certain defined benefit interests (Act s 90MZB) (1) This regulation applies in relation to a superannuation interest of a member of an eligible superannuation plan if: (a) the interest is a defined benefit interest or a component of the interest is a defined benefit interest; and (b) the interest is not a percentage-only interest or an interest in a self managed superannuation fund. (2) For subsection 90MZB (3) of the Act, the information about the defined benefit interest that must be provided to an applicant by the trustee of the plan is as follows: (a) a statement indicating whether the interest is subject to a payment split or payment flag; (b) the date of commencement of the member's eligible service period, within the meaning of subsection 27A (1) of the Income Tax Assessment Act 1936; (c) the date when the member first became a member of the plan; (d) if the interest was in the payment phase at the appropriate date and the member is receiving ongoing pension payments -- the payment phase information in relation to the interest mentioned in subregulation (3); (e) if the interest was in the growth phase at the appropriate date -- the growth phase information in relation to the interest mentioned in subregulation (4). NoteThis information may not have to be provided by a secondary government trustee -- see regulation 69. (3) For paragraph (2) (d), the payment phase information in relation to the superannuation interest is as follows: (a) unless the ongoing pension payments in respect of the interest are in respect of an allocated pension: (i) the amount of annual pension benefit payable to the member at that date; and (ii) a statement indicating whether the pension benefit is a lifetime pension or a fixed-term pension; and (iii) if the pension is a fixed-term pension: (A) the date when the pension payments commenced; and (B) the length of the term; and (iv) a statement indicating whether the pension benefit is indexed and, if so, the method of indexation; (b) if the ongoing pension payments in respect of the interest are in respect of an allocated pension -- the withdrawal benefit in relation to the member at the appropriate date; (c) a statement indicating whether there is any reversionary beneficiary in relation to the pension benefit and, if so, the proportion of the ongoing pension payments that would be payable to the reversionary beneficiary on the death of the member. (4) For paragraph (2) (e), the growth phase information in relation to the superannuation interest is as follows: (a) the member's retirement age; NoteThe term member's retirement age is defined in regulation 3. (b) the accrued benefit multiple, within the meaning given by regulation 65, for any lump sum, or pension, payable in respect of the interest; (c) the salary figure, on which any benefit payable in respect of the interest would be based, assuming that the member were eligible to retire at the appropriate date; Example If the benefit payable in respect of a member's superannuation interest is defined by reference to the member's final average salary, the salary figure for this paragraph would be the member's final average salary. (d) if the benefit in respect of the interest is payable as a combination of a lump sum and a pension, and the maximum amount of the lump sum is specified in the governing rules of the plan -- the maximum amount of the lump sum, expressed: (i) if the amount is specified as an amount of dollars -- as an amount of dollars; and (ii) in any other case -- as a percentage of the total value of the superannuation interest; (e) if any pension payable in respect of the interest is indexed and, if so, the method of indexation; (f) if any pension payable in respect of the interest has a guarantee period and, if so, the length of the guarantee period; (g) the conversion factor for converting a lump sum to a pension that will apply at the member's retirement age; (h) the commutation factor for commuting a pension to a lump sum that will apply at the member's retirement age; (i) if there is a reversionary beneficiary in relation to the interest -- the proportion of the interest that the reversionary beneficiary would receive on the death of the member; (j) unless the interest is in a constitutionally protected fund -- the amount (if any) that was stated to be the surcharge debt of the member in the most recent member information statement provided to the member before the appropriate date; (k) if the interest is in a regulated superannuation fund or an RSA -- the amount, at the date when the application for information is received by the trustee, of: (i) the member's preserved benefits; and (ii) the member's restricted non-preserved benefits; and (iii) the member's unrestricted non-preserved benefits; (l) if the interest is in an approved deposit fund -- the amount, at the date when the application for information is received by the trustee, of: (i) the member's preserved benefits; and (ii) the member's unrestricted non-preserved benefits; (m) if a payment that would have been an eligible termination payment under Subdivision AA of Part III of the Income Tax Assessment Act 1936 had been made in respect of the interest at the date when the application for information is received by the trustee -- the value that the components of the payment mentioned in paragraphs 27AA (1) (a), (aa), (b), (c), (cb), (d) and (e) of that Act would have had; (n) a statement: (i) indicating whether the Minister has approved, under regulation 38, a method or factors for determining the value of the interest; and (ii) giving details of any method or factors so approved; (o) if the trustee has given information under Division 2.5 of the SIS Regulations to each member of the plan that the plan is to be reconstructed or terminated -- a statement to this effect. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 65 Information about certain defined benefit interests -- meaning of accrued benefit multiple (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 a member of the plan in respect of a defined benefit interest in the plan while the interest is in the growth phase, the accrued benefit multiple is that multiple. (4) 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, and the benefit in respect of the interest is payable as a lump sum, the accrued benefit multiple is: [GRAPHIC] 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. T1 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. T2 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 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 the benefit in respect of the interest is payable as a pension, the accrued benefit multiple is: [GRAPHIC] 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. T1 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. T2 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. (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. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 66 Information about certain percentage-only interests (Act s 90MZB) (1) This regulation applies in relation to a superannuation interest of a member of an eligible superannuation plan if the interest: (a) is a percentage-only interest; and (b) is not an interest in a self managed superannuation fund. (2) For subsection 90MZB (3) of the Act, the information about the superannuation interest that must be provided to an applicant by the trustee of the plan is as follows: (a) a statement indicating whether the interest is subject to a payment split or payment flag; (b) the date of commencement of the member's eligible service period, within the meaning of subsection 27A (1) of the Income Tax Assessment Act 1936; (c) the date when the member first became a member of the plan; (d) if the interest was in the payment phase at the appropriate date and the member is receiving ongoing pension payments -- the payment phase information in relation to the interest mentioned in subregulation (3); (e) if the interest was in the growth phase at the appropriate date -- the growth phase information in relation to the interest mentioned in subregulation (4). (3) For paragraph (2) (d), the payment phase information in relation to the superannuation interest is as follows: (a) unless the ongoing pension payments in respect of the interest are in respect of an allocated pension: (i) the amount of annual pension benefit payable to the member at that date; and (ii) a statement indicating whether the pension benefit is a lifetime pension or a fixed-term pension; and (iii) if the pension is a fixed-term pension: (A) the date when the pension payments commenced; and (B) the length of the term; and (iv) a statement indicating whether the pension benefit is indexed and, if so, the method of indexation; (b) if the ongoing pension payments in respect of the interest are in respect of an allocated pension -- the withdrawal benefit in relation to the member at the appropriate date; (c) a statement indicating whether there is any reversionary beneficiary in relation to the pension benefit and, if so, the proportion of the ongoing pension payments that would be payable to the reversionary beneficiary on the death of the member. (4) For paragraph (2) (e), the growth phase information in relation to the superannuation interest is as follows: (a) the member's accrued benefit multiple at separation, as defined in the governing rules of the plan, at the appropriate date; (b) the salary figure on which any benefit payable in respect of the interest would be based, at the appropriate date; (c) unless the interest is in a constitutionally protected fund -- the amount (if any) that was stated to be the surcharge debt of the member in the most recent member information statement provided to the member before the appropriate date; (d) if the interest is in a regulated superannuation fund or an RSA -- the amount, at the date when the application for information is received by the trustee, of: (i) the member's preserved benefits; and (ii) the member's restricted non-preserved benefits; and (iii) the member's unrestricted non-preserved benefits; (e) if a payment that would have been an eligible termination payment under Subdivision AA of Part III of the Income Tax Assessment Act 1936 had been made in respect of the interest at the date when the application for information is received by the trustee -- the value that the components of the payment mentioned in paragraphs 27AA (1) (a), (aa), (b), (c), (cb), (d) and (e) of that Act would have had; (f) if the trustee has given information under Division 2.5 of the SIS Regulations to each member of the plan that the plan is to be reconstructed or terminated -- a statement to this effect. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 67 Information about interests in self managed superannuation funds (Act s 90MZB) (1) This regulation applies in relation to a superannuation interest of a member of a self managed superannuation fund. (2) For subsection 90MZB (3) of the Act, the information about the superannuation interest that must be provided to an applicant by the trustee of the plan is as follows: (a) a statement indicating whether the interest is subject to a payment split or payment flag; (b) the date of commencement of the member's eligible service period, within the meaning of subsection 27A (1) of the Income Tax Assessment Act 1936; (c) the date when the member first became a member of the plan; (d) if the interest was in the payment phase at the appropriate date and the member is receiving ongoing pension payments -- the payment phase information in relation to the interest mentioned in subregulation (3); (e) if the interest was in the growth phase at the appropriate date and the trustee has given information, under Division 2.5 of the SIS Regulations, to each member of the plan that the plan is to be reconstructed or terminated -- a statement to this effect. (3) For paragraph (2) (d), the payment phase information in relation to the superannuation interest is as follows: (a) unless the ongoing pension payments in respect of the interest are in respect of an allocated pension: (i) the amount of annual pension benefit payable to the member at that date; and (ii) a statement indicating whether the pension benefit is a lifetime pension or a fixed-term pension; and (iii) if the pension is a fixed-term pension: (A) the date when the pension payments commenced; and (B) the length of the term; and (iv) a statement indicating whether the pension benefit is indexed and, if so, the method of indexation; (b) if the ongoing pension payments in respect of the interest are in respect of an allocated pension -- the withdrawal benefit in relation to the member at the appropriate date. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 68 Information about small superannuation accounts interests (Act s 90MZB) (1) This regulation applies in relation to a superannuation interest of a member in an account within the meaning of the Small Superannuation Accounts Act 1995. (2) For subsection 90MZB (3) of the Act, the information that must be provided to an applicant by the trustee of the plan is a statement setting out the amount of the account balance of the member's account at the date when the application for information is received by the trustee. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 69 Secondary government trustee not required to provide information (Act s 90MZB) (1) Subject to subregulation (2), a secondary government trustee of an eligible superannuation plan is not required to provide any information to an applicant, under section 90MZB of the Act, about a superannuation interest of a member of the plan. (2) Subregulation (1) does not apply to a secondary government trustee of the scheme constituted by the Parliamentary Contributory Superannuation Act 1948. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 70 Information to be provided by trustee following service of agreement or order (Act s 90MZB) (1) This regulation applies to the trustee of an eligible superannuation plan, other than: (a) a regulated superannuation fund; or (b) an approved deposit fund; or (c) an RSA; or (d) an account within the meaning of the Small Superannuation Accounts Act 1995. (2) For subsection 90MZB (7) of the Act, if the trustee is served with a copy of a superannuation agreement, flag lifting agreement or splitting order, that deals with a member spouse's superannuation interest in the plan, the trustee must, as soon as practicable after the operative time for the payment split under the agreement or order, give to the non-member spouse in relation to the superannuation interest a written notice stating the following information: (a) the contact details for the plan; (b) if the interest is not a percentage-only interest: (i) the base amount allocated to the non-member spouse under the agreement or order; and (ii) the method by which the base amount will be adjusted on an ongoing basis; (c) if the interest is a percentage-only interest: (i) the percentage specified in the agreement or order; and (ii) if the payment split is under a superannuation agreement or flag lifting agreement, whether the percentage is to apply for the purposes of subparagraph 90MJ (1) (b) (i) of the Act; and (iii) if the payment split is under a splitting order, whether the order is made under paragraph 90MT (1) (c) of the Act; (d) the circumstances in which the entitlement of the non-member spouse will become payable; (e) the entitlement of the non-member spouse if, at the time when the notice is given, a payment were to be made in respect of the interest that would be an eligible termination payment under Subdivision AA of Part III of the Income Tax Assessment Act 1936, and the value that the components of the payment mentioned in paragraphs 27AA (1) (a), (aa), (b), (c), (cb), (d) and (e) of that Act would have; (f) details of any fee payable by the non-member spouse in respect of the payment split, and arrangements for the payment of any such fee. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 71 Information to be provided by trustee at end of financial year (1) This regulation applies in relation to a superannuation interest if: (a) the interest is any of the following eligible superannuation plans: (i) an exempt public sector superannuation scheme; (ii) a superannuation fund within the meaning of the SIS Act that is not a regulated superannuation fund; (iii) the superannuation scheme constituted by the Superannuation Act 1922; and (b) the interest is not a percentage-only interest; and (c) the interest is in the growth phase during a particular financial year. (2) The trustee of the plan must give the following information to the non-member spouse in relation to the superannuation interest for each financial year in which the interest is in the growth phase: (a) the value of the adjusted base amount applicable to the non-member spouse at the end of the financial year; (b) the amount of the adjustment in the financial year; (c) the interest rate that applied, under regulation 48, to the superannuation interest for the financial year. (3) The trustee must give the information to the non-member spouse not later than 6 months after the end of the relevant financial year. Penalty for subregulation (3):1 penalty unit. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 72 Notice to trustee by non-member spouse (1) The non-member spouse in relation to a superannuation interest that is subject to a payment split must notify the trustee of the eligible superannuation plan in which the interest is held of the following matters: (a) the non-member spouse's full name; (b) the non-member spouse's postal address; (c) the non-member spouse's date of birth; (d) whether the non-member spouse is a member of the plan and, if so, the non-member spouse's membership number, if known. (2) The notice must: (a) be in writing; and (b) be signed by the non-member spouse; and (c) state the date when it is given. (3) The non-member spouse must give the notice to the trustee as soon as practicable after the copy of the relevant superannuation agreement or flag lifting agreement is served on the trustee, or the splitting order is made. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 NO. 303 - SCHEDULE 1 Forms Form 1 Notice to trustee that non-member spouse's entitlement satisfied in respect of particular payment split (subregulations 14 (3) and (4)) NOTICE TO TRUSTEE THAT NON-MEMBER SPOUSE'S ENTITLEMENT SATISFIED IN RESPECT OF PARTICULAR PAYMENT SPLIT TO the trustee of [name of eligible superannuation plan]: IN RELATION TO the payment split, of which you were notified on [date when superannuation agreement, flag lifting agreement or splitting order was served on the trustee], in respect of the superannuation interest of [name of member spouse], date of birth [date of birth of member spouse] Part A -- Superannuation interest in a regulated superannuation fund, approved deposit fund or RSA [Complete Part A if the superannuation interest is in a regulated superannuation fund, approved deposit fund or RSA] I, [name], the non-member spouse in relation to the above superannuation interest, of [postal address], born on [date of birth], give notice that: *1. I have received from [name of member spouse] the amount of [amount] in satisfaction of my entitlement in respect of the payment split. OR *1. [Name of member spouse] has paid the amount of [amount] to a regulated superannuation fund or an RSA, to be held for my benefit, in satisfaction of my entitlement in respect of the payment split. 2. I received independent legal advice from a legal practitioner explaining that the payment to me is in substitution for: (a) any entitlement I have to receive an amount of money from a splittable payment that becomes payable in respect of the superannuation interest; or (b) any right I have to make a request under the payment split provisions of the Superannuation Industry (Supervision) Regulations 1994 to have a new interest created in the eligible superannuation plan in which the member spouse has the superannuation interest, or to request the trustee of that plan to transfer an amount to another eligible superannuation plan to be held for my benefit. Part B -- Superannuation interest in an exempt public sector superannuation scheme or the scheme constituted by the Superannuation Act 1922 [Complete Part B if the superannuation interest is in an exempt public sector superannuation scheme or the scheme constituted by the Superannuation Act 1922] I, [name], the non-member spouse in relation to the above superannuation interest, of [postal address], born on [date of birth], give notice that: 1. I have received from [name of member spouse] the amount of [amount] in satisfaction of my entitlement in respect of the payment split. 2. I received independent legal advice from a legal practitioner explaining that the payment to me is in substitution for any entitlement I have to receive an amount of money from a splittable payment that becomes payable in respect of the superannuation interest. DATED: [signature of non-member spouse] [signature of member spouse] *Omit if not applicable Form 2 Request to trustee by non-member spouse for payment, as lump sum, of all or part of remaining adjusted base amount (regulation 51) REQUEST TO TRUSTEE BY NON-MEMBER SPOUSE FOR PAYMENT, AS LUMP SUM, OF ALL OR PART OF REMAINING ADJUSTED BASE AMOUNT TO the trustee of [name of eligible superannuation plan]: IN RELATION TO the payment split, of which you were notified on [date when superannuation agreement, flag lifting agreement or splitting order was served on the trustee], in respect of the superannuation interest of [name of member spouse], date of birth [date of birth of member spouse] I, [name], the non-member spouse in relation to the above superannuation interest, of [postal address], born on [date of birth], having being paid, as a lump sum, an amount under paragraph 50 (2) (a) of the Family Law (Superannuation) Regulations 2001, request that I be paid, as a further lump sum, *the whole/*a specified proportion, being [specify the proportion that is to be paid as a lump sum], of the remaining amount of the adjusted base amount applicable to me at the date when the member spouse satisfies a relevant condition of release in relation to the superannuation interest. DATED: [signature of non-member spouse] *Omit if not applicable Form 3 Request to trustee by non-member spouse for payment, as lump sum, of all or part of adjusted base amount (regulations 52 and 53) REQUEST TO TRUSTEE BY NON-MEMBER SPOUSE FOR PAYMENT, AS LUMP SUM, OF ALL OR PART OF ADJUSTED BASE AMOUNT TO the trustee of [name of eligible superannuation plan]: IN RELATION TO the payment split, of which you were notified on [date when superannuation agreement, flag lifting agreement or splitting order was served on the trustee], in respect of the superannuation interest of [name of member spouse], date of birth [date of birth of member spouse] I, [name], the non-member spouse in relation to the above superannuation interest, of [postal address], born on [date of birth], request that I be paid, as a lump sum, *the whole/*a specified proportion, being [specify the proportion that is to be paid as a lump sum], of the amount of the adjusted base amount applicable to me at the date when the member spouse satisfies a relevant condition of release in relation to the superannuation interest. DATED: [signature of non-member spouse] *Omit if not applicable Form 4 Request to trustee by non-member spouse for payment, as lump sum, of all or part of remaining base amount (regulation 58) REQUEST TO TRUSTEE BY NON-MEMBER SPOUSE FOR PAYMENT, AS LUMP SUM, OF ALL OR PART OF REMAINING BASE AMOUNT TO the trustee of [name of eligible superannuation plan]: IN RELATION TO the payment split, of which you were notified on [date when superannuation agreement, flag lifting agreement or splitting order was served on the trustee], in respect of the superannuation interest of [name of member spouse], date of birth [date of birth of member spouse] I, [name], the non-member spouse in relation to the above superannuation interest, of [postal address], born on [date of birth], having being paid, as a lump sum, an amount under paragraph 57 (2) (a) of the Family Law (Superannuation) Regulations 2001, request that I be paid, as a further lump sum, *the whole/*a specified proportion, being [specify the proportion that is to be paid as a lump sum], of the remaining base amount allocated to me in relation to the superannuation interest. DATED: [signature of non-member spouse] *Omit if not applicable Form 5 Waiver notice in respect of payment split (regulation 60) Family Law Act 1975 subsection 90MZA (2) WAIVER NOTICE TO the trustee of [name of eligible superannuation plan]: IN RELATION TO the payment split, of which you were notified on [date when superannuation agreement, flag lifting agreement or splitting order was served on the trustee], in respect of the superannuation interest of [name of member spouse], date of birth [date of birth of member spouse] I, [name], of [postal address], born on [date of birth], give notice that I waive my entitlement to future payments under that payment split. DATED: [signature of non-member spouse] Form 6 Declaration to accompany application to trustee for information about a superannuation interest (regulation 62) Family Law Act 1975 subsection 90MZB (2) DECLARATION BY APPLICANT FOR INFORMATION ABOUT A SUPERANNUATION INTEREST I, [name], of [postal address], born on [date of birth], make the following declaration in support of my application to the trustee of [name of eligible superannuation plan from which information is sought] (the plan) for information about: *(a) my superannuation interest. *(b) a superannuation interest of [name of member spouse], born on [date of birth of member spouse], who is a member of the plan. 1. I am: *(a) a member of the plan. *(b) the spouse of [name], who is a member of the plan. *(c) intending to enter into a superannuation agreement under Part VIIIB of the Family Law Act 1975 with [name], who is a member of the plan. 2. I require the information to: *(a) assist me to properly negotiate a superannuation agreement. *(b) assist me in connection with the operation of Part VIIIB of the Family Law Act 1975. DATED: [signature of person making declaration] *Omit if not applicable FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 NO. 303 - SCHEDULE 2 Method for determining gross value of defined benefit interest (regulation 29) Part 1 Preliminary 1 Application of Schedule 2 This Schedule sets out the method for determining the gross value, at the relevant date, of a defined benefit interest that is in the growth phase at that date. 2 Method The method is: (a) if the benefit in respect of the interest is payable only as a lump sum -- the method set out in Part 2 of this Schedule; and (b) if the benefit in respect of the interest is payable only as a pension -- the method set out in Part 3 of this Schedule; and (c) if the benefit in respect of the interest is payable as a combination of a lump sum and a pension -- the method set out in Part 4 of this Schedule. Part 2 Method -- benefit payable only as lump sum 3 Method (1) The method for determining the gross value, at the relevant date, of a defined benefit interest, if the benefit in respect of the interest is payable only as a lump sum is: [GRAPHIC] where: A is the value of the lump sum benefit that has accrued in respect of the interest at the relevant date, being the product of the member spouse's accrued benefit multiple for a lump sum, as provided by the trustee under section 90MZB of the Act, and the salary figure on which benefits in respect of the interest, at that date, would be based, assuming that the member spouse were eligible to retire at that date. fy+m is the lump sum valuation factor calculated in accordance with subclause (2). (2) For subclause (1), the lump sum valuation factor (fy+m) at the relevant date is calculated as follows: [GRAPHIC] where: fy is the lump sum valuation factor mentioned in clause 4 of this Schedule that applies at the relevant date to the term remaining in complete years until the member spouse reaches the member's retirement age. m is the number of complete months of the remaining term that are not included in the remaining complete years at the relevant date. fy+1 is the lump sum valuation factor mentioned in clause 4 of this Schedule that applies to the remaining term at the completion of the next year after the year mentioned in the definition of the factor fy. 4 Lump sum valuation factors This clause sets out the lump sum valuation factors. Remaining term until retirement(in complete years) Lump sum valuation factors(all members) 44 0.3411 43 0.3497 42 0.3586 41 0.3677 40 0.3771 39 0.3869 38 0.3971 37 0.4077 36 0.4186 35 0.4301 34 0.4419 33 0.4542 32 0.4669 31 0.4800 30 0.4935 29 0.5065 28 0.5197 27 0.5333 26 0.5471 25 0.5612 24 0.5755 23 0.5903 22 0.6053 21 0.6207 20 0.6364 19 0.6525 18 0.6689 17 0.6857 16 0.7029 15 0.7204 14 0.7384 13 0.7567 12 0.7755 11 0.7947 10 0.8143 9 0.8345 8 0.8551 7 0.8763 6 0.8981 5 0.9206 4 0.9316 3 0.9446 2 0.9599 1 0.9782 0 1.0000 Part 3 Method -- benefit payable only as pension 5 Method (1) The method for determining the gross value, at the relevant date, of a defined benefit interest, if the benefit in respect of the interest is payable only as a pension is: [GRAPHIC] where: VN is the lump sum value of the accrued pension benefit in respect of the interest at the member's retirement age, calculated in accordance with subclause (2). fy+m is the lump sum valuation factor calculated in accordance with subclause 3 (2) of this Schedule. (2) For subclause (1), the lump sum value of the accrued pension benefit in respect of the interest at the member's retirement age (VN) is calculated as follows: [GRAPHIC] where: B is the value of the pension benefit that had accrued in respect of the interest at the relevant date, being the product of the member spouse's accrued benefit multiple for a pension, as provided by the trustee under section 90MZB of the Act, and the salary figure on which benefits in respect of the interest, at that date, would be based, assuming that the member spouse were eligible to retire at that date. Pra is the pension valuation factor mentioned in the relevant clause of this Part that applies to the pension and the member's retirement age. Rsa is the reversion valuation factor mentioned in the relevant clause of this Part that applies to the pension and the member spouse's age in completed years at the relevant date. r is the proportion of the superannuation interest that the reversionary beneficiary of the member spouse would receive on the death of the member spouse, as provided by the trustee under section 90MZB of the Act. 6 Valuation factors -- no guarantee period -- pension not indexed The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has no guarantee period; and (b) is not indexed. Member's retirement age Pension valuation factorsNo guarantee period -- pension not indexed Male Female 55 12.0764 12.9364 56 11.8886 12.7841 57 11.6943 12.6252 58 11.4934 12.4596 59 11.2862 12.2869 60 11.0730 12.1068 61 10.8540 11.9191 62 10.6295 11.7238 63 10.3997 11.5207 64 10.1653 11.3099 65 9.9265 11.0912 Member's age at relevant date(in completed years) Reversion valuation factorsNo guarantee period -- pension not indexed Male Female Up to 40 1.610 0.691 41 1.557 0.649 42 1.503 0.608 43 1.449 0.567 44 1.396 0.525 45 1.342 0.484 46 1.288 0.442 47 1.235 0.401 48 1.181 0.359 49 1.127 0.318 50 1.073 0.276 51 0.912 0.235 52 0.751 0.193 53 0.590 0.152 54 0.429 0.111 55 and over 0.268 0.069 7 Valuation factors -- no guarantee period -- CPI indexed pension The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has no guarantee period; and (b) is indexed in accordance with the consumer price index. Member's retirement age Pension valuation factorsNo guarantee period -- CPI indexed pension Male Female 55 15.7468 17.2848 56 15.4181 16.9910 57 15.0833 16.6899 58 14.7428 16.3814 59 14.3970 16.0652 60 14.0464 15.7414 61 13.6917 15.4099 62 13.3333 15.0707 63 12.9718 14.7241 64 12.6079 14.3703 65 12.2423 14.0096 Member's age at relevant date(in completed years) Reversion valuation factorsNo guarantee period -- CPI indexed pension Male Female Up to 40 2.761 1.189 41 2.669 1.118 42 2.577 1.046 43 2.485 0.975 44 2.393 0.904 45 2.301 0.832 46 2.209 0.761 47 2.117 0.690 48 2.025 0.618 49 1.933 0.547 50 1.841 0.476 51 1.565 0.404 52 1.288 0.333 53 1.012 0.262 54 0.736 0.190 55 and over 0.460 0.119 8 Valuation factors -- no guarantee period -- CPI indexed pension plus 1% The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has no guarantee period; and (b) is indexed in accordance with the consumer price index plus 1%. Member's retirement age Pension valuation factorsNo guarantee period -- CPI indexed pension plus 1% Male Female 55 17.7072 19.6689 56 17.2911 19.2823 57 16.8702 18.8890 58 16.4451 18.4890 59 16.0162 18.0823 60 15.5842 17.6687 61 15.1500 17.2484 62 14.7139 16.8216 63 14.2768 16.3886 64 13.8395 15.9499 65 13.4026 15.5057 Member's age at relevant date(in completed years) Reversion valuation factorsNo guarantee period -- CPI indexed pension plus 1% Male Female Up to 40 3.469 1.497 41 3.354 1.407 42 3.238 1.317 43 3.122 1.228 44 3.007 1.138 45 2.891 1.048 46 2.776 0.958 47 2.660 0.868 48 2.544 0.779 49 2.429 0.689 50 2.313 0.599 51 1.966 0.509 52 1.619 0.419 53 1.272 0.329 54 0.925 0.240 55 and over 0.578 0.150 9 Valuation factors -- no guarantee period -- CPI indexed pension plus 1% with 5% cap The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has no guarantee period; and (b) is indexed in accordance with the consumer price index plus 1% with a cap of 5%. Member's retirement age Pension valuation factorsNo guarantee periodCPI indexed pension plus 1% with 5% cap Male Female 55 17.2871 19.1547 56 16.8903 18.7889 57 16.4885 18.4163 58 16.0820 18.0367 59 15.6714 17.6501 60 15.2573 17.2564 61 14.8404 16.8558 62 14.4213 16.4483 63 14.0007 16.0344 64 13.5793 15.6143 65 13.1579 15.1883 Member's age at relevant date (in completed years) Reversion valuation factorsNo guarantee periodCPI indexed pension plus 1% with 5% cap Male Female Up to 40 3.313 1.429 41 3.202 1.343 42 3.092 1.257 43 2.981 1.172 44 2.871 1.086 45 2.760 1.000 46 2.650 0.914 47 2.540 0.829 48 2.429 0.743 49 2.319 0.657 50 2.208 0.572 51 1.877 0.486 52 1.546 0.400 53 1.215 0.314 54 0.883 0.229 55 and over 0.552 0.143 10 Valuation factors -- no guarantee period -- wage indexed pension The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has no guarantee period; and (b) is indexed in accordance with a general wage index (for example, average weekly earnings, or average weekly ordinary time earnings, published by the Australian Bureau of Statistics). Member's retirement age Pension valuation factorsNo guarantee period -- wage indexed pension Male Female 55 18.8258 21.0463 56 18.3565 20.6017 57 17.8836 20.1513 58 17.4074 19.6949 59 16.9288 19.2325 60 16.4483 18.7641 61 15.9668 18.2900 62 15.4849 17.8104 63 15.0034 17.3256 64 14.5232 16.8361 65 14.0448 16.3424 Member's age at relevant date(in completed years) Reversion valuation factorsNo guarantee period -- wage indexed pension Male Female Up to 40 3.900 1.685 41 3.770 1.584 42 3.640 1.483 43 3.510 1.382 44 3.380 1.280 45 3.250 1.179 46 3.120 1.078 47 2.990 0.977 48 2.860 0.876 49 2.730 0.775 50 2.600 0.674 51 2.210 0.573 52 1.820 0.472 53 1.430 0.371 54 1.040 0.270 55 and over 0.650 0.168 11 Valuation factors -- no guarantee period -- pension indexed at 3% The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has no guarantee period; and (b) is indexed at 3%. Member's retirement age Pension valuation factorsNo guarantee period -- pension indexed at 3% Male Female 55 16.6841 18.4198 56 16.3146 18.0830 57 15.9395 17.7392 58 15.5593 17.3881 59 15.1744 17.0298 60 14.7856 16.6641 61 14.3934 16.2910 62 13.9983 15.9108 63 13.6010 15.5236 64 13.2024 15.1299 65 12.8029 14.7298 Member's age at relevant date(in completed years) Reversion valuation factorsNo guarantee period -- pension indexed at 3% Male Female Up to 40 3.092 1.333 41 2.989 1.253 42 2.886 1.173 43 2.783 1.093 44 2.680 1.013 45 2.577 0.933 46 2.474 0.853 47 2.371 0.773 48 2.268 0.693 49 2.164 0.613 50 2.061 0.533 51 1.752 0.453 52 1.443 0.373 53 1.134 0.293 54 0.825 0.213 55 and over 0.515 0.133 12 Valuation factors -- no guarantee period -- pension indexed at 5% The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has no guarantee period; and (b) is indexed at 5%. Member's retirement age Pension valuation factorsNo guarantee period -- pension indexed at 5% Male Female 55 21.3952 24.2520 56 20.7954 23.6617 57 20.1954 23.0683 58 19.5956 22.4716 59 18.9968 21.8718 60 18.4000 21.2690 61 17.8059 20.6634 62 17.2152 20.0555 63 16.6287 19.4457 64 16.0475 18.8345 65 15.4722 18.2227 Member's age at relevant date(in completed years) Reversion valuation factorsNo guarantee period -- pension indexed at 5% Male Female Up to 40 4.953 2.145 41 4.788 2.017 42 4.623 1.888 43 4.458 1.759 44 4.293 1.631 45 4.128 1.502 46 3.963 1.373 47 3.798 1.244 48 3.633 1.116 49 3.467 0.987 50 3.302 0.858 51 2.807 0.729 52 2.312 0.601 53 1.816 0.472 54 1.321 0.343 55 and over 0.826 0.215 13 Valuation factors -- 5-year guarantee period -- pension not indexed The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 5-year guarantee period; and (b) is not indexed. Member's retirement age Pension valuation factors5-year guarantee period -- pension not indexed Male Female 55 12.1315 12.9696 56 11.9499 12.8204 57 11.7625 12.6651 58 11.5694 12.5032 59 11.3710 12.3346 60 11.1674 12.1591 61 10.9591 11.9766 62 10.7465 11.7870 63 10.5298 11.5903 64 10.3097 11.3867 65 10.0866 11.1761 Member's age at relevant date(in completed years) Reversion valuation factors5-year guarantee period -- pension not indexed Male Female Up to 40 1.539 0.662 41 1.488 0.623 42 1.436 0.583 43 1.385 0.543 44 1.334 0.503 45 1.283 0.464 46 1.231 0.424 47 1.180 0.384 48 1.129 0.344 49 1.077 0.305 50 1.026 0.265 51 0.872 0.225 52 0.718 0.185 53 0.564 0.146 54 0.410 0.106 55 and over 0.257 0.066 14 Valuation factors -- 5-year guarantee period -- CPI indexed pension The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 5-year guarantee period; and (b) is indexed in accordance with the consumer price index. Member's retirement age Pension valuation factors5-year guarantee period -- CPI indexed pension Male Female 55 15.8066 17.3207 56 15.4846 17.0304 57 15.1573 16.7331 58 14.8253 16.4286 59 14.4889 16.1170 60 14.1488 15.7981 61 13.8057 15.4722 62 13.4602 15.1392 63 13.1129 14.7996 64 12.7646 14.4537 65 12.4160 14.1017 Member's age at relevant date(in completed years) Reversion valuation factors5-year guarantee period -- CPI indexed pension Male Female Up to 40 2.685 1.159 41 2.595 1.090 42 2.506 1.020 43 2.416 0.950 44 2.327 0.881 45 2.237 0.811 46 2.148 0.742 47 2.058 0.672 48 1.969 0.603 49 1.879 0.533 50 1.790 0.464 51 1.521 0.394 52 1.253 0.325 53 0.984 0.255 54 0.716 0.185 55 and over 0.447 0.116 15 Valuation factors -- 5-year guarantee period -- CPI indexed pension plus 1% The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 5-year guarantee period; and (b) is indexed in accordance with the consumer price index plus 1%. Member's retirement age Pension valuation factors5-year guarantee periodCPI indexed pension plus 1% Male Female 55 17.7689 19.7060 56 17.3598 19.3230 57 16.9467 18.9337 58 16.5303 18.5379 59 16.1111 18.1357 60 15.6900 17.7273 61 15.2677 17.3127 62 14.8450 16.8924 63 14.4226 16.4666 64 14.0013 16.0359 65 13.5820 15.6008 Member's age at relevant date(in completed years) Reversion valuation factors5-year guarantee periodCPI indexed pension plus 1% Male Female Up to 40 3.391 1.467 41 3.278 1.379 42 3.165 1.291 43 3.052 1.203 44 2.939 1.115 45 2.826 1.027 46 2.713 0.939 47 2.600 0.851 48 2.487 0.763 49 2.374 0.675 50 2.261 0.587 51 1.922 0.499 52 1.583 0.411 53 1.243 0.323 54 0.904 0.235 55 and over 0.565 0.147 16 Valuation factors -- 5-year guarantee period -- CPI indexed pension plus 1% with 5% cap The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 5-year guarantee period; and (b) is indexed in accordance with the consumer price index plus 1% with a cap of 5%. Member's retirement age Pension valuation factors5-year guarantee periodCPI indexed pension plus 1% with 5% cap Male Female 55 17.3484 19.1916 56 16.9586 18.8294 57 16.5645 18.4606 58 16.1666 18.0852 59 15.7657 17.7032 60 15.3624 17.3147 61 14.9574 16.9197 62 14.5515 16.5186 63 14.1455 16.1118 64 13.7400 15.6998 65 13.3360 15.2828 Member's age at relevant date(in completed years) Reversion valuation factors5-year guarantee periodCPI indexed pension plus 1% with 5% cap Male Female Up to 40 3.235 1.399 41 3.127 1.315 42 3.019 1.231 43 2.911 1.147 44 2.803 1.063 45 2.696 0.979 46 2.588 0.895 47 2.480 0.811 48 2.372 0.727 49 2.264 0.643 50 2.157 0.559 51 1.833 0.476 52 1.510 0.392 53 1.186 0.308 54 0.863 0.224 55 and over 0.539 0.140 17 Valuation factors -- 5-year guarantee period -- wage indexed pension The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 5-year guarantee period; and (b) is indexed in accordance with a general wage index (for example, average weekly earnings, or average weekly ordinary time earnings, published by the Australian Bureau of Statistics). Member's retirement age Pension valuation factors5-year guarantee period -- wage indexed pension Male Female 55 18.8886 21.0840 56 18.4263 20.6431 57 17.9613 20.1966 58 17.4940 19.7445 59 17.0252 19.2868 60 16.5558 18.8237 61 16.0865 18.3554 62 15.6182 17.8823 63 15.1515 17.4048 64 14.6876 16.9236 65 14.2271 16.4390 Member's age at relevant date(in completed years) Reversion valuation factors5-year guarantee period -- wage indexed pension Male Female Up to 40 3.821 1.654 41 3.693 1.555 42 3.566 1.456 43 3.439 1.357 44 3.311 1.257 45 3.184 1.158 46 3.057 1.059 47 2.929 0.960 48 2.802 0.860 49 2.674 0.761 50 2.547 0.662 51 2.165 0.563 52 1.783 0.463 53 1.401 0.364 54 1.019 0.265 55 and over 0.637 0.165 18 Valuation factors -- 5-year guarantee period -- pension indexed at 3% The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 5-year guarantee period; and (b) is indexed at 3%. Member's retirement age Pension valuation factors5-year guarantee period -- pension indexed at 3% Male Female 55 16.7449 18.4563 56 16.3822 18.1231 57 16.0147 17.7831 58 15.6431 17.4362 59 15.2678 17.0824 60 14.8897 16.7217 61 14.5093 16.3543 62 14.1273 15.9804 63 13.7445 15.6004 64 13.3616 15.2146 65 12.9794 14.8234 Member's age at relevant date(in completed years) Reversion valuation factors5-year guarantee period -- pension indexed at 3% Male Female Up to 40 3.015 1.303 41 2.914 1.225 42 2.814 1.147 43 2.713 1.068 44 2.613 0.990 45 2.512 0.912 46 2.412 0.834 47 2.311 0.756 48 2.211 0.677 49 2.110 0.599 50 2.010 0.521 51 1.708 0.443 52 1.407 0.365 53 1.105 0.287 54 0.804 0.208 55 and over 0.502 0.130 19 Valuation factors -- 5-year guarantee period -- pension indexed at 5% The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 5-year guarantee period; and (b) is indexed at 5%. Member's retirement age Pension valuation factors5-year guarantee period -- pension indexed at 5% Male Female 55 21.4599 24.2910 56 20.8675 23.7045 57 20.2756 23.1151 58 19.6850 22.5228 59 19.0964 21.9279 60 18.5109 21.3304 61 17.9294 20.7309 62 17.3527 20.1297 63 16.7816 19.5275 64 16.2172 18.9248 65 15.6603 18.3224 Member's age at relevant date(in completed years) Reversion valuation factors5-year guarantee period -- pension indexed at 5% Male Female Up to 40 4.873 2.115 41 4.710 1.988 42 4.548 1.861 43 4.385 1.734 44 4.223 1.607 45 4.061 1.480 46 3.898 1.354 47 3.736 1.227 48 3.573 1.100 49 3.411 0.973 50 3.249 0.846 51 2.761 0.719 52 2.274 0.592 53 1.787 0.465 54 1.299 0.338 55 and over 0.812 0.211 20 Valuation factors -- 10-year guarantee period -- pension not indexed The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 10-year guarantee period; and (b) is not indexed. Member's retirement age Pension valuation factors10-year guarantee period -- pension not indexed Male Female 55 12.2909 13.0621 56 12.1271 12.9219 57 11.9595 12.7762 58 11.7882 12.6251 59 11.6138 12.4684 60 11.4366 12.3062 61 11.2571 12.1385 62 11.0757 11.9655 63 10.8928 11.7872 64 10.7090 11.6040 65 10.5246 11.4161 Member's age at relevant date(in completed years) Reversion valuation factors10-year guarantee period -- pension not indexed Male Female Up to 40 1.369 0.596 41 1.323 0.560 42 1.278 0.525 43 1.232 0.489 44 1.187 0.453 45 1.141 0.417 46 1.095 0.382 47 1.050 0.346 48 1.004 0.310 49 0.958 0.274 50 0.913 0.239 51 0.776 0.203 52 0.639 0.167 53 0.502 0.131 54 0.365 0.095 55 and over 0.228 0.060 21 Valuation factors -- 10-year guarantee period -- CPI indexed pension The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 10-year guarantee period; and (b) is indexed in accordance with the consumer price index. Member's retirement age Pension valuation factors10-year guarantee period -- CPI indexed pension Male Female 55 15.9998 17.4328 56 15.6993 17.1533 57 15.3960 16.8677 58 15.0903 16.5763 59 14.7830 16.2791 60 14.4749 15.9764 61 14.1666 15.6684 62 13.8589 15.3555 63 13.5525 15.0382 64 13.2481 14.7170 65 12.9464 14.3924 Member's age at relevant date(in completed years) Reversion valuation factors10-year guarantee period -- CPI indexed pension Male Female Up to 40 2.482 1.083 41 2.399 1.018 42 2.317 0.953 43 2.234 0.888 44 2.151 0.823 45 2.068 0.758 46 1.986 0.693 47 1.903 0.628 48 1.820 0.563 49 1.737 0.498 50 1.655 0.433 51 1.406 0.368 52 1.158 0.303 53 0.910 0.238 54 0.662 0.173 55 and over 0.414 0.108 22 Valuation factors -- 10-year guarantee period -- CPI indexed pension plus 1% The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 10-year guarantee period; and (b) is indexed in accordance with the consumer price index plus 1%. Member's retirement age Pension valuation factors10-year guarantee periodCPI indexed pension plus 1% Male Female 55 17.9774 19.8270 56 17.5915 19.4555 57 17.2041 19.0789 58 16.8162 18.6971 59 16.4284 18.3106 60 16.0417 17.9195 61 15.6570 17.5244 62 15.2751 17.1256 63 14.8967 16.7239 64 14.5228 16.3199 65 14.1540 15.9144 Member's age at relevant date(in completed years) Reversion valuation factors10-year guarantee periodCPI indexed pension plus 1% Male Female Up to 40 3.175 1.387 41 3.069 1.303 42 2.963 1.220 43 2.857 1.137 44 2.752 1.054 45 2.646 0.971 46 2.540 0.887 47 2.434 0.804 48 2.328 0.721 49 2.222 0.638 50 2.117 0.555 51 1.799 0.471 52 1.482 0.388 53 1.164 0.305 54 0.847 0.222 55 and over 0.529 0.139 23 Valuation factors -- 10-year guarantee period -- CPI indexed pension plus 1% with 5% cap The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 10-year guarantee period; and (b) is indexed in accordance with the consumer price index plus 1% with a cap of 5%. Member's retirement age Pension valuation factors10-year guarantee periodCPI indexed pension plus 1% with 5% cap Male Female 55 17.5537 19.3107 56 17.1868 18.9599 57 16.8181 18.6037 58 16.4483 18.2421 59 16.0783 17.8755 60 15.7088 17.5040 61 15.3409 17.1282 62 14.9752 16.7484 63 14.6125 16.3653 64 14.2537 15.9795 65 13.8995 15.5917 Member's age at relevant date(in completed years) Reversion valuation factors10-year guarantee periodCPI indexed pension plus 1% with 5% cap Male Female Up to 40 3.021 1.319 41 2.920 1.240 42 2.820 1.161 43 2.719 1.082 44 2.618 1.002 45 2.518 0.923 46 2.417 0.844 47 2.316 0.765 48 2.215 0.686 49 2.115 0.607 50 2.014 0.528 51 1.712 0.448 52 1.410 0.369 53 1.108 0.290 54 0.806 0.211 55 and over 0.504 0.132 24 Valuation factors -- 10-year guarantee period -- wage indexed pension The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 10-year guarantee period; and (b) is indexed in accordance with a general wage index (for example, average weekly earnings, or average weekly ordinary time earnings, published by the Australian Bureau of Statistics). Member's retirement age Pension valuation factors10-year guarantee period -- wage indexed pension Male Female 55 19.1050 21.2096 56 18.6669 20.7807 57 18.2286 20.3474 58 17.7909 19.9099 59 17.3547 19.4684 60 16.9210 19.0233 61 16.4907 18.5752 62 16.0647 18.1245 63 15.6439 17.6720 64 15.2290 17.2185 65 14.8210 16.7647 Member's age at relevant date(in completed years) Reversion valuation factors10-year guarantee period -- wage indexed pension Male Female Up to 40 3.597 1.572 41 3.477 1.478 42 3.357 1.383 43 3.237 1.289 44 3.118 1.195 45 2.998 1.100 46 2.878 1.006 47 2.758 0.912 48 2.638 0.817 49 2.518 0.723 50 2.398 0.629 51 2.038 0.535 52 1.679 0.440 53 1.319 0.346 54 0.959 0.252 55 and over 0.600 0.157 25 Valuation factors -- 10-year guarantee period -- pension indexed at 3% The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 10-year guarantee period; and (b) is indexed at 3%. Member's retirement age Pension valuation factors10-year guarantee period -- pension indexed at 3% Male Female 55 16.9455 18.5728 56 16.6052 18.2507 57 16.2626 17.9229 58 15.9184 17.5895 59 15.5734 17.2508 60 15.2284 16.9068 61 14.8841 16.5581 62 14.5414 16.2050 63 14.2010 15.8481 64 13.8637 15.4880 65 13.5303 15.1254 Member's age at relevant date(in completed years) Reversion valuation factors10-year guarantee period -- pension indexed at 3% Male Female Up to 40 2.805 1.224 41 2.712 1.151 42 2.618 1.077 43 2.525 1.004 44 2.431 0.931 45 2.338 0.857 46 2.244 0.784 47 2.151 0.710 48 2.057 0.637 49 1.964 0.563 50 1.870 0.490 51 1.590 0.416 52 1.309 0.343 53 1.029 0.269 54 0.748 0.196 55 and over 0.468 0.122 26 Valuation factors -- 10-year guarantee period -- pension indexed at 5% The pension valuation factors and reversion valuation factors set out in this clause apply if the pension: (a) has a 10-year guarantee period; and (b) is indexed at 5%. Member's retirement age Pension valuation factors10-year guarantee period -- pension indexed at 5% Male Female 55 21.6932 24.4263 56 21.1268 23.8528 57 20.5638 23.2776 58 20.0050 22.7011 59 19.4516 22.1236 60 18.9046 21.5456 61 18.3651 20.9678 62 17.8340 20.3908 63 17.3122 19.8154 64 16.8007 19.2427 65 16.3004 18.6734 Member's age at relevant date(in completed years) Reversion valuation factors10-year guarantee period -- pension indexed at 5% Male Female Up to 40 4.635 2.029 41 4.481 1.907 42 4.326 1.785 43 4.172 1.664 44 4.017 1.542 45 3.863 1.420 46 3.708 1.298 47 3.554 1.177 48 3.399 1.055 49 3.245 0.933 50 3.090 0.812 51 2.627 0.690 52 2.163 0.568 53 1.700 0.446 54 1.236 0.325 55 and over 0.773 0.203 Part 4 Method -- benefit payable as combination of lump sum and pension 27 Application of Part 4 This Part sets out the method for determining the gross value, at the relevant date, of a defined benefit interest, if the benefit in respect of the interest is payable as a combination of a lump sum and a pension. 28 Method -- no restriction on combination of lump sum and pension that may be taken (1) This clause applies if there is no provision in the eligible superannuation plan in which the interest is held restricting the proportion of the interest that may be taken as a lump sum or as a pension. NoteThe method is based on the assumption that 50% of the interest will be taken as a lump sum and 50% of the interest will be taken as a pension. (2) The method is: [GRAPHIC] where: PVls is the present value of the lump sum that would apply if the whole benefit could, and were to, be taken as a lump sum, calculated using the method set out in Part 2 of this Schedule. PVp is the present value of the pension that would apply if the whole benefit could, and were to, be taken as a pension, calculated using the method set out in Part 3 of this Schedule. 29 Method -- restriction on maximum amount of lump sum that may be taken (1) This clause applies if the eligible superannuation plan provides that a specific proportion only of the interest may be taken as a lump sum. (2) If the proportion specified is 50% or more, the method is the method set out in clause 28 of this Schedule. (3) If the proportion specified is less than 50%, the method is: [GRAPHIC] where: Maxls% is the maximum possible lump sum expressed as a percentage of the total value of the interest, provided by the trustee under section 90MZB of the Act. PVls is the present value of the lump sum that would apply if the whole benefit could, and were to, be taken as a lump sum, calculated using the method set out in Part 2 of this Schedule. PVp is the present value of the pension that would apply if the whole benefit could, and were, to be taken as a pension, calculated using the method set out in Part 3 of this Schedule. 30 Conversion of accrued benefit multiple (1) For the purpose of calculating the value of PVls under subclause 28 (2) or 29 (3) of this Schedule, if the accrued benefit multiple provided by the trustee under section 90MZB of the Act is expressed as a pension multiple, the multiple must be converted to a lump sum multiple using the commutation factor provided by the trustee under that section. (2) For the purpose of calculating the value of PVp under subclause 28 (2) or 29 (3) of this Schedule, if the accrued benefit multiple provided by the trustee under section 90MZB of the Act is expressed as a lump sum multiple, the multiple must be converted to a pension multiple using the conversion factor provided by the trustee under that section. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 NO. 303 - SCHEDULE 3 Method for determining gross value of partially vested accumulation interest (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: [GRAPHIC] 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. fy+m is the vesting factor at the relevant date calculated in accordance with subclause (2). (2) For subclause (1), the vesting factor (fy+m) at the relevant date is: [GRAPHIC] where: fy 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. fy+1 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 at the completion of the next year after the year mentioned in the definition of the factor fy. 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 a partially vested accumulation interest. (2) If a member information statement that states the value of the interest at the relevant date has been provided to the member spouse, the value, at the relevant date, of the actual vested benefit in respect of the interest is the value stated in the statement. (3) If subclause (2) does not apply, the value, at the relevant date, of the actual vested benefit in respect of the interest is: [GRAPHIC] where: V1 is the sum of: (a) the value 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 interest at the second valuation date; and (b) the value of any partial payment of benefits made to the member in the period between the relevant date and the second valuation date (excluding both those dates), 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 first valuation date and ending at the end of the day before the second valuation date. (4) For the purpose of determining the value of the actual vested benefit under subclause (3), the first valuation date and the "second valuation date", in relation to the interest, are as follows: (a) if at least one member information statement in relation to the interest has been provided to the member spouse, and the relevant date is after the valuation date stated in the most recent statement: (i) the first valuation date is the valuation date stated in the most recent statement; and (ii) the second valuation date is the date when the valuation of the interest is being carried out; (b) if 2 or more member information statements in relation to the interest have been provided to the member spouse, and the relevant date is between the valuation date stated in one statement (the earlier statement) and the valuation date stated in the next statement (the next statement): (i) the first valuation date is the valuation date stated in the earlier statement; and (ii) the second valuation date is the valuation date stated in the next statement; (c) if at least one member information statement in relation to the interest has been provided to the member spouse, and the relevant date is before the valuation date stated in the first statement (the first statement): (i) the first valuation date is the date when the interest was acquired by the member spouse; and (ii) the second valuation date is the valuation date stated in the first statement; (d) if no member information statement in relation to the interest has been provided to the member spouse: (i) the first valuation date is the date when the interest was acquired by the member spouse; and (ii) the second valuation date is the date when the valuation of the interest is being carried out. (5) In this clause: "valuation date", in relation to a superannuation interest to which a member information statement applies, means the date as at which the value of the interest is stated in the statement. 4 Vesting factors This clause sets out the vesting factors. Length of membership (in completed years) Vesting factors 5 year vesting period 7 year vesting period 10 year vesting period 15 year vesting period 20 year vesting period 0 0.71 0.66 0.60 0.52 0.47 1 0.77 0.72 0.65 0.57 0.52 2 0.83 0.77 0.70 0.62 0.56 3 0.88 0.82 0.75 0.66 0.60 4 0.93 0.86 0.79 0.70 0.63 5 1.00 0.90 0.82 0.72 0.66 6 0.93 0.85 0.75 0.69 7 1.00 0.88 0.78 0.71 8 0.91 0.81 0.74 9 0.94 0.84 0.77 10 1.00 0.86 0.79 11 0.89 0.82 12 0.91 0.84 13 0.94 0.87 14 0.96 0.89 15 1.00 0.91 16 0.93 17 0.95 18 0.96 19 0.98 20 1.00 FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 NO. 303 - SCHEDULE 4 Method for determining gross value of superannuation interest payable as life pension (subregulation 42 (2)) 1 Application of Schedule 4 This Schedule sets out the method for determining the gross value, at the relevant date, of a superannuation interest that is in the payment phase at the relevant date, if the benefits in respect of the interest are payable as a pension for the life of the member spouse. 2 Method (1) The method is: [GRAPHIC] where: B is the amount of the annual pension benefit payable in respect of the superannuation interest at the relevant date. Py+m is the pension valuation factor calculated in accordance with subclause (2). r is the proportion of the pension that is payable to any surviving spouse of the member spouse on the death of the member spouse, as provided by the trustee under section 90MZB of the Act. Ry+m is the reversion valuation factor calculated in accordance with subclause (3). (2) For subclause (1), the pension valuation factor (Py+m) at the relevant date is: [GRAPHIC] where: Py is the pension valuation factor mentioned in the relevant clause of this Schedule that applies to the pension and the member spouse's age in completed years at the relevant date. m is the number of completed months of the member spouse's age that are not included in the completed years at the relevant date. Py+1 is the pension valuation factor mentioned in the relevant clause of this Schedule that applies to the pension and the member spouse's age at the completion of the next year after the year mentioned in the definition of the factor Py. (3) For subclause (1), the reversion valuation factor (Ry+m) at the relevant date is: [GRAPHIC] where: Ry is the reversion valuation factor mentioned in the relevant clause of this Schedule that applies to the pension and the member spouse's age in completed years at the relevant date. m is the number of completed months of the member spouse's age that are not included in the completed years at the relevant date. Ry+1 is the reversion valuation factor mentioned in the relevant clause of this Schedule that applies to the pension and the member spouse's age at the completion of the next year after the year mentioned in the definition of the factor Ry. 3 Valuation factors -- pension not indexed The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is not indexed. Age at relevant date (in completed years) Valuation factors -- pension not indexed Males Females Pension Reversion Pension Reversion 35 14.5162 0.5413 14.8774 0.2349 36 14.4453 0.5662 14.8204 0.2465 37 14.3702 0.5926 14.7602 0.2586 38 14.2906 0.6205 14.6966 0.2713 39 14.2065 0.6497 14.6293 0.2846 40 14.1175 0.6806 14.5583 0.2986 41 14.0234 0.6894 14.4833 0.2943 42 13.9240 0.6976 14.4042 0.2889 43 13.8191 0.7050 14.3208 0.2822 44 13.7085 0.7115 14.2332 0.2740 45 13.5919 0.7170 14.1410 0.2642 46 13.4693 0.7212 14.0442 0.2528 47 13.3404 0.7240 13.9425 0.2396 48 13.2052 0.7252 13.8358 0.2245 49 13.0637 0.7245 13.7240 0.2074 50 12.9156 0.7218 13.6069 0.1882 51 12.7609 0.6413 13.4844 0.1668 52 12.5997 0.5517 13.3562 0.1431 53 12.4319 0.4524 13.2223 0.1171 54 12.2575 0.3430 13.0824 0.0885 55 12.0764 0.2233 12.9364 0.0575 56 11.8886 0.2324 12.7841 0.0597 57 11.6943 0.2416 12.6252 0.0619 58 11.4934 0.2508 12.4596 0.0642 59 11.2862 0.2601 12.2869 0.0665 60 11.0730 0.2694 12.1068 0.0688 61 10.8540 0.2785 11.9191 0.0711 62 10.6295 0.2876 11.7238 0.0735 63 10.3997 0.2965 11.5207 0.0759 64 10.1653 0.3051 11.3099 0.0783 65 9.9265 0.3134 11.0912 0.0807 66 9.6836 0.3214 10.8648 0.0831 67 9.4371 0.3289 10.6307 0.0854 68 9.1873 0.3360 10.3891 0.0878 69 8.9346 0.3426 10.1400 0.0901 70 8.6790 0.3487 9.8836 0.0923 71 8.4207 0.3542 9.6200 0.0945 72 8.1596 0.3592 9.3492 0.0966 73 7.8955 0.3636 9.0714 0.0987 74 7.6282 0.3675 8.7870 0.1008 75 7.3582 0.3708 8.4969 0.1027 76 7.0868 0.3735 8.2023 0.1046 77 6.8161 0.3753 7.9050 0.1063 78 6.5477 0.3763 7.6066 0.1079 79 6.2834 0.3763 7.3091 0.1094 80 6.0247 0.3752 7.0137 0.1106 81 5.7729 0.3732 6.7207 0.1117 82 5.5290 0.3701 6.4300 0.1127 83 5.2943 0.3660 6.1420 0.1136 84 5.0695 0.3609 5.8578 0.1144 85 4.8558 0.3549 5.5791 0.1151 86 4.6542 0.3480 5.3083 0.1156 87 4.4657 0.3403 5.0483 0.1160 88 4.2918 0.3319 4.8023 0.1162 89 4.1345 0.3228 4.5724 0.1160 90 3.9956 0.3132 4.3599 0.1154 91 3.8770 0.3031 4.1650 0.1144 92 3.7753 0.2927 3.9868 0.1129 93 3.6821 0.2824 3.8227 0.1111 94 3.5907 0.2723 3.6698 0.1087 95 3.4995 0.2623 3.5264 0.1059 96 3.4092 0.2522 3.3917 0.1026 97 3.3182 0.2417 3.2650 0.0986 98 3.2257 0.2306 3.1450 0.0938 99 3.1314 0.2184 3.0302 0.0880 4 Valuation factors -- CPI indexed pension The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is indexed in accordance with the consumer price index. Age at relevant date (in completed years) Valuation factors -- CPI indexed pension Males Females Pension Reversion Pension Reversion 35 20.7996 1.4439 21.7104 0.6222 36 20.6166 1.4862 21.5498 0.6414 37 20.4270 1.5299 21.3835 0.6612 38 20.2306 1.5751 21.2114 0.6816 39 20.0272 1.6216 21.0333 0.7024 40 19.8166 1.6695 20.8490 0.7238 41 19.5986 1.6616 20.6583 0.7009 42 19.3731 1.6518 20.4613 0.6758 43 19.1400 1.6398 20.2578 0.6484 44 18.8991 1.6254 20.0478 0.6185 45 18.6505 1.6086 19.8312 0.5861 46 18.3939 1.5890 19.6078 0.5510 47 18.1296 1.5665 19.3776 0.5133 48 17.8574 1.5409 19.1406 0.4727 49 17.5777 1.5119 18.8966 0.4293 50 17.2903 1.4794 18.6457 0.3831 51 16.9956 1.2912 18.3877 0.3339 52 16.6938 1.0912 18.1227 0.2818 53 16.3849 0.8792 17.8505 0.2267 54 16.0692 0.6552 17.5712 0.1688 55 15.7468 0.4193 17.2848 0.1079 56 15.4181 0.4289 16.9910 0.1102 57 15.0833 0.4384 16.6899 0.1126 58 14.7428 0.4477 16.3814 0.1149 59 14.3970 0.4566 16.0652 0.1172 60 14.0464 0.4653 15.7414 0.1194 61 13.6917 0.4735 15.4099 0.1216 62 13.3333 0.4812 15.0707 0.1238 63 12.9718 0.4884 14.7241 0.1259 64 12.6079 0.4951 14.3703 0.1279 65 12.2423 0.5010 14.0096 0.1299 66 11.8755 0.5063 13.6422 0.1318 67 11.5080 0.5108 13.2686 0.1336 68 11.1405 0.5145 12.8892 0.1353 69 10.7733 0.5174 12.5043 0.1369 70 10.4067 0.5194 12.1143 0.1384 71 10.0409 0.5206 11.7197 0.1397 72 9.6758 0.5210 11.3208 0.1410 73 9.3113 0.5206 10.9178 0.1421 74 8.9474 0.5195 10.5116 0.1431 75 8.5846 0.5175 10.1036 0.1440 76 8.2247 0.5147 9.6952 0.1447 77 7.8698 0.5109 9.2887 0.1453 78 7.5222 0.5062 8.8861 0.1457 79 7.1835 0.5003 8.4896 0.1459 80 6.8553 0.4933 8.1006 0.1458 81 6.5389 0.4853 7.7193 0.1457 82 6.2355 0.4763 7.3456 0.1454 83 5.9460 0.4663 6.9796 0.1449 84 5.6712 0.4553 6.6226 0.1444 85 5.4120 0.4436 6.2766 0.1438 86 5.1692 0.4311 5.9438 0.1431 87 4.9438 0.4181 5.6273 0.1422 88 4.7372 0.4045 5.3303 0.1411 89 4.5509 0.3906 5.0548 0.1396 90 4.3867 0.3764 4.8017 0.1377 91 4.2463 0.3620 4.5707 0.1354 92 4.1253 0.3475 4.3603 0.1327 93 4.0141 0.3333 4.1673 0.1294 94 3.9054 0.3196 3.9883 0.1258 95 3.7971 0.3060 3.8209 0.1216 96 3.6902 0.2925 3.6644 0.1168 97 3.5828 0.2786 3.5174 0.1114 98 3.4738 0.2640 3.3785 0.1051 99 3.3630 0.2482 3.2459 0.0977 5 Valuation factors -- CPI indexed pension plus 1% The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is indexed in accordance with the consumer price index plus 1%. Age at relevant date (in completed years) Valuation factors -- CPI indexed pension plus 1% Males Females Pension Reversion Pension Reversion 35 24.5986 2.1955 25.9499 0.9445 36 24.3262 2.2429 25.7013 0.9661 37 24.0464 2.2915 25.4463 0.9882 38 23.7591 2.3411 25.1845 1.0106 39 23.4643 2.3918 24.9159 1.0333 40 23.1617 2.4436 24.6405 1.0565 41 22.8512 2.4133 24.3580 1.0151 42 22.5327 2.3803 24.0686 0.9711 43 22.2064 2.3446 23.7720 0.9245 44 21.8720 2.3059 23.4686 0.8751 45 21.5297 2.2642 23.1581 0.8229 46 21.1795 2.2192 22.8406 0.7678 47 20.8215 2.1707 22.5159 0.7098 48 20.4559 2.1186 22.1843 0.6489 49 20.0831 2.0627 21.8457 0.5850 50 19.7030 2.0028 21.5001 0.5181 51 19.3162 1.7347 21.1476 0.4483 52 18.9230 1.4549 20.7881 0.3756 53 18.5235 1.1634 20.4218 0.3001 54 18.1182 0.8606 20.0487 0.2218 55 17.7072 0.5467 19.6689 0.1408 56 17.2911 0.5552 19.2823 0.1429 57 16.8702 0.5634 18.8890 0.1449 58 16.4451 0.5711 18.4890 0.1469 59 16.0162 0.5785 18.0823 0.1488 60 15.5842 0.5853 17.6687 0.1506 61 15.1500 0.5916 17.2484 0.1524 62 14.7139 0.5973 16.8216 0.1541 63 14.2768 0.6022 16.3886 0.1557 64 13.8395 0.6064 15.9499 0.1572 65 13.4026 0.6098 15.5057 0.1587 66 12.9668 0.6124 15.0564 0.1600 67 12.5327 0.6140 14.6027 0.1611 68 12.1009 0.6147 14.1451 0.1622 69 11.6719 0.6145 13.6841 0.1631 70 11.2460 0.6134 13.2201 0.1639 71 10.8233 0.6113 12.7537 0.1645 72 10.4037 0.6083 12.2852 0.1650 73 9.9871 0.6045 11.8151 0.1654 74 9.5735 0.5998 11.3444 0.1656 75 9.1635 0.5944 10.8745 0.1657 76 8.7588 0.5880 10.4070 0.1656 77 8.3619 0.5807 9.9443 0.1654 78 7.9748 0.5723 9.4886 0.1650 79 7.5995 0.5629 9.0422 0.1643 80 7.2373 0.5525 8.6064 0.1635 81 6.8897 0.5410 8.1814 0.1625 82 6.5576 0.5286 7.7669 0.1614 83 6.2419 0.5153 7.3629 0.1603 84 5.9432 0.5011 6.9709 0.1590 85 5.6625 0.4863 6.5925 0.1576 86 5.4003 0.4709 6.2302 0.1562 87 5.1576 0.4551 5.8871 0.1546 88 4.9356 0.4389 5.5661 0.1527 89 4.7358 0.4225 5.2694 0.1506 90 4.5599 0.4059 4.9973 0.1480 91 4.4093 0.3893 4.7496 0.1450 92 4.2792 0.3728 4.5244 0.1416 93 4.1597 0.3567 4.3181 0.1378 94 4.0428 0.3411 4.1271 0.1334 95 3.9267 0.3259 3.9489 0.1286 96 3.8121 0.3106 3.7823 0.1231 97 3.6971 0.2951 3.6262 0.1170 98 3.5806 0.2789 3.4787 0.1100 99 3.4623 0.2614 3.3381 0.1019 6 Valuation factors -- CPI indexed pension plus 1% with 5% cap The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is indexed in accordance with the consumer price index plus 1% with a cap of 5%. Age at relevant date (in completed years) Valuation factorsCPI indexed pension plus 1% with 5% cap Males Females Pension Reversion Pension Reversion 35 23.7582 2.0168 25.0058 0.8679 36 23.5069 2.0636 24.7782 0.8892 37 23.2483 2.1115 24.5443 0.9109 38 22.9822 2.1606 24.3038 0.9330 39 22.7087 2.2109 24.0566 0.9556 40 22.4275 2.2623 23.8026 0.9785 41 22.1384 2.2377 23.5418 0.9417 42 21.8414 2.2107 23.2739 0.9024 43 21.5365 2.1810 22.9991 0.8604 44 21.2236 2.1484 22.7174 0.8157 45 20.9027 2.1129 22.4287 0.7682 46 20.5738 2.0742 22.1330 0.7179 47 20.2371 2.0321 21.8301 0.6647 48 19.8927 1.9865 21.5202 0.6085 49 19.5409 1.9371 21.2033 0.5494 50 19.1818 1.8838 20.8794 0.4874 51 18.8157 1.6341 20.5484 0.4223 52 18.4430 1.3726 20.2103 0.3544 53 18.0637 1.0994 19.8654 0.2835 54 17.6783 0.8144 19.5135 0.2098 55 17.2871 0.5181 19.1547 0.1334 56 16.8903 0.5270 18.7889 0.1356 57 16.4885 0.5355 18.4163 0.1377 58 16.0820 0.5437 18.0367 0.1397 59 15.6714 0.5515 17.6501 0.1418 60 15.2573 0.5588 17.2564 0.1437 61 14.8404 0.5656 16.8558 0.1456 62 14.4213 0.5717 16.4483 0.1474 63 14.0007 0.5773 16.0344 0.1492 64 13.5793 0.5821 15.6143 0.1508 65 13.1579 0.5861 15.1883 0.1524 66 12.7369 0.5893 14.7569 0.1538 67 12.3172 0.5916 14.3207 0.1552 68 11.8992 0.5930 13.8800 0.1564 69 11.4835 0.5935 13.4354 0.1574 70 11.0702 0.5931 12.9874 0.1584 71 10.6597 0.5918 12.5365 0.1592 72 10.2517 0.5896 12.0829 0.1598 73 9.8462 0.5865 11.6272 0.1604 74 9.4431 0.5827 11.1703 0.1608 75 9.0431 0.5780 10.7135 0.1611 76 8.6479 0.5724 10.2587 0.1612 77 8.2598 0.5659 9.8079 0.1611 78 7.8811 0.5583 9.3634 0.1609 79 7.5134 0.5497 8.9275 0.1604 80 7.1584 0.5400 8.5016 0.1598 81 6.8173 0.5293 8.0858 0.1590 82 6.4912 0.5176 7.6798 0.1581 83 6.1809 0.5050 7.2838 0.1571 84 5.8872 0.4916 6.8991 0.1560 85 5.6110 0.4774 6.5275 0.1548 86 5.3528 0.4626 6.1713 0.1535 87 5.1137 0.4474 5.8337 0.1520 88 4.8949 0.4317 5.5177 0.1503 89 4.6979 0.4158 5.2254 0.1483 90 4.5245 0.3998 4.9572 0.1459 91 4.3759 0.3836 4.7130 0.1431 92 4.2477 0.3675 4.4908 0.1398 93 4.1300 0.3519 4.2873 0.1360 94 4.0148 0.3367 4.0988 0.1318 95 3.9003 0.3218 3.9228 0.1271 96 3.7873 0.3069 3.7583 0.1218 97 3.6738 0.2917 3.6041 0.1158 98 3.5588 0.2758 3.4584 0.1090 99 3.4421 0.2587 3.3193 0.1011 7 Valuation factors -- wage indexed pension The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is indexed in accordance with a general wage index (for example, average weekly earnings, or average weekly ordinary time earnings, published by the Australian Bureau of Statistics). Age at relevant date (in completed years) Valuation factors -- wage indexed pension Males Females Pension Reversion Pension Reversion 35 26.9057 2.7205 28.5590 1.1698 36 26.5721 2.7684 28.2486 1.1917 37 26.2311 2.8172 27.9314 1.2140 38 25.8824 2.8669 27.6073 1.2365 39 25.5262 2.9173 27.2764 1.2593 40 25.1622 2.9686 26.9383 1.2822 41 24.7903 2.9200 26.5933 1.2271 42 24.4106 2.8686 26.2411 1.1692 43 24.0231 2.8142 25.8820 1.1087 44 23.6279 2.7567 25.5159 1.0453 45 23.2249 2.6960 25.1430 0.9790 46 22.8144 2.6318 24.7632 0.9099 47 22.3965 2.5641 24.3764 0.8379 48 21.9715 2.4926 23.9830 0.7630 49 21.5398 2.4171 23.5828 0.6852 50 21.1015 2.3377 23.1761 0.6046 51 20.6571 2.0168 22.7628 0.5212 52 20.2070 1.6849 22.3430 0.4351 53 19.7515 1.3422 21.9170 0.3463 54 19.2910 0.9891 21.4847 0.2550 55 18.8258 0.6259 21.0463 0.1613 56 18.3565 0.6333 20.6017 0.1631 57 17.8836 0.6402 20.1513 0.1648 58 17.4074 0.6467 19.6949 0.1665 59 16.9288 0.6527 19.2325 0.1681 60 16.4483 0.6581 18.7641 0.1696 61 15.9668 0.6628 18.2900 0.1710 62 15.4849 0.6668 17.8104 0.1723 63 15.0034 0.6701 17.3256 0.1736 64 14.5232 0.6725 16.8361 0.1747 65 14.0448 0.6740 16.3424 0.1757 66 13.5691 0.6747 15.8449 0.1765 67 13.0966 0.6743 15.3442 0.1773 68 12.6279 0.6731 14.8409 0.1779 69 12.1636 0.6708 14.3356 0.1783 70 11.7039 0.6675 13.8288 0.1786 71 11.2490 0.6633 13.3211 0.1788 72 10.7986 0.6581 12.8129 0.1788 73 10.3529 0.6521 12.3046 0.1786 74 9.9114 0.6453 11.7973 0.1784 75 9.4751 0.6377 11.2925 0.1779 76 9.0457 0.6292 10.7919 0.1774 77 8.6255 0.6197 10.2979 0.1766 78 8.2168 0.6092 9.8127 0.1757 79 7.8213 0.5977 9.3386 0.1746 80 7.4407 0.5852 8.8770 0.1733 81 7.0760 0.5717 8.4279 0.1718 82 6.7283 0.5573 7.9910 0.1703 83 6.3983 0.5421 7.5664 0.1686 84 6.0869 0.5261 7.1553 0.1669 85 5.7945 0.5095 6.7594 0.1651 86 5.5219 0.4925 6.3813 0.1632 87 5.2699 0.4750 6.0237 0.1612 88 5.0397 0.4574 5.6900 0.1590 89 4.8327 0.4395 5.3818 0.1564 90 4.6505 0.4217 5.0996 0.1535 91 4.4944 0.4039 4.8430 0.1502 92 4.3595 0.3863 4.6099 0.1464 93 4.2355 0.3691 4.3966 0.1421 94 4.1143 0.3526 4.1992 0.1374 95 3.9940 0.3364 4.0152 0.1322 96 3.8753 0.3202 3.8434 0.1264 97 3.7562 0.3038 3.6824 0.1199 98 3.6357 0.2867 3.5304 0.1125 99 3.5135 0.2683 3.3855 0.1041 8 Valuation factors -- pension indexed at 3% The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is indexed at 3%. Age at relevant date (in completed years) Valuation factors -- pension indexed at 3% Males Females Pension Reversion Pension Reversion 35 22.5772 1.7775 23.6848 0.7652 36 22.3542 1.8228 23.4853 0.7858 37 22.1242 1.8694 23.2797 0.8070 38 21.8869 1.9173 23.0677 0.8285 39 21.6423 1.9664 22.8493 0.8506 40 21.3902 2.0169 22.6242 0.8730 41 21.1303 1.9997 22.3925 0.8422 42 20.8626 1.9802 22.1540 0.8089 43 20.5871 1.9582 21.9086 0.7731 44 20.3037 1.9336 21.6565 0.7347 45 20.0122 1.9061 21.3975 0.6935 46 19.7128 1.8756 21.1315 0.6496 47 19.4055 1.8419 20.8583 0.6028 48 19.0904 1.8047 20.5783 0.5531 49 18.7678 1.7640 20.2912 0.5005 50 18.4377 1.7194 19.9970 0.4450 51 18.1004 1.4950 19.6957 0.3865 52 17.7562 1.2587 19.3873 0.3250 53 17.4052 1.0104 19.0719 0.2606 54 17.0478 0.7502 18.7494 0.1933 55 16.6841 0.4783 18.4198 0.1231 56 16.3146 0.4875 18.0830 0.1254 57 15.9395 0.4965 17.7392 0.1276 58 15.5593 0.5052 17.3881 0.1298 59 15.1744 0.5135 17.0298 0.1319 60 14.7856 0.5214 16.6641 0.1340 61 14.3934 0.5289 16.2910 0.1360 62 13.9983 0.5357 15.9108 0.1380 63 13.6010 0.5420 15.5236 0.1399 64 13.2024 0.5476 15.1299 0.1417 65 12.8029 0.5524 14.7298 0.1435 66 12.4033 0.5565 14.3238 0.1451 67 12.0041 0.5597 13.9123 0.1467 68 11.6059 0.5621 13.4958 0.1481 69 11.2092 0.5636 13.0747 0.1494 70 10.8142 0.5642 12.6495 0.1505 71 10.4211 0.5639 12.2207 0.1515 72 10.0299 0.5627 11.7885 0.1524 73 9.6404 0.5607 11.3535 0.1532 74 9.2525 0.5580 10.9164 0.1539 75 8.8669 0.5544 10.4786 0.1544 76 8.4854 0.5499 10.0419 0.1548 77 8.1102 0.5445 9.6083 0.1550 78 7.7435 0.5381 9.1801 0.1550 79 7.3870 0.5305 8.7595 0.1548 80 7.0424 0.5219 8.3478 0.1544 81 6.7108 0.5123 7.9454 0.1538 82 6.3935 0.5016 7.5519 0.1532 83 6.0912 0.4900 7.1675 0.1524 84 5.8048 0.4776 6.7935 0.1515 85 5.5351 0.4644 6.4316 0.1506 86 5.2828 0.4505 6.0845 0.1495 87 5.0490 0.4361 5.7550 0.1482 88 4.8348 0.4213 5.4463 0.1468 89 4.6419 0.4062 5.1604 0.1450 90 4.4720 0.3908 4.8980 0.1428 91 4.3266 0.3753 4.6589 0.1401 92 4.2012 0.3599 4.4412 0.1371 93 4.0859 0.3448 4.2417 0.1335 94 3.9732 0.3301 4.0568 0.1295 95 3.8611 0.3158 3.8841 0.1250 96 3.7505 0.3014 3.7227 0.1199 97 3.6393 0.2867 3.5712 0.1141 98 3.5266 0.2713 3.4281 0.1075 99 3.4122 0.2547 3.2915 0.0998 9 Valuation factors -- pension indexed at 5% The pension valuation factors and reversion valuation factors set out in this clause apply if the pension is indexed at 5%. Age at relevant date (in completed years) Valuation factors -- pension indexed at 5% Males Females Pension Reversion Pension Reversion 35 32.5871 4.2137 35.0819 1.8112 36 32.0836 4.2533 34.5942 1.8300 37 31.5733 4.2932 34.1004 1.8487 38 31.0564 4.3334 33.6004 1.8675 39 30.5329 4.3739 33.0942 1.8862 40 30.0028 4.4145 32.5819 1.9048 41 29.4660 4.3068 32.0634 1.8079 42 28.9227 4.1964 31.5390 1.7086 43 28.3731 4.0832 31.0087 1.6069 44 27.8174 3.9671 30.4728 1.5027 45 27.2556 3.8480 29.9315 1.3962 46 26.6882 3.7258 29.3847 1.2872 47 26.1153 3.6003 28.8326 1.1760 48 25.5376 3.4716 28.2756 1.0624 49 24.9554 3.3394 27.7138 0.9467 50 24.3691 3.2038 27.1473 0.8289 51 23.7793 2.7421 26.5763 0.7091 52 23.1865 2.2727 26.0011 0.5874 53 22.5912 1.7963 25.4218 0.4640 54 21.9940 1.3134 24.8387 0.3392 55 21.3952 0.8247 24.2520 0.2129 56 20.7954 0.8281 23.6617 0.2137 57 20.1954 0.8309 23.0683 0.2145 58 19.5956 0.8331 22.4716 0.2151 59 18.9968 0.8346 21.8718 0.2156 60 18.4000 0.8354 21.2690 0.2160 61 17.8059 0.8354 20.6634 0.2163 62 17.2152 0.8345 20.0555 0.2164 63 16.6287 0.8328 19.4457 0.2165 64 16.0475 0.8301 18.8345 0.2164 65 15.4722 0.8264 18.2227 0.2162 66 14.9034 0.8217 17.6105 0.2158 67 14.3420 0.8160 16.9989 0.2153 68 13.7884 0.8093 16.3886 0.2146 69 13.2431 0.8016 15.7800 0.2138 70 12.7063 0.7928 15.1739 0.2128 71 12.1781 0.7831 14.5709 0.2116 72 11.6582 0.7724 13.9714 0.2103 73 11.1466 0.7609 13.3758 0.2089 74 10.6428 0.7486 12.7854 0.2074 75 10.1478 0.7356 12.2017 0.2057 76 9.6632 0.7218 11.6264 0.2039 77 9.1916 0.7071 11.0621 0.2019 78 8.7351 0.6914 10.5110 0.1997 79 8.2955 0.6749 9.9755 0.1974 80 7.8742 0.6575 9.4568 0.1949 81 7.4723 0.6393 8.9548 0.1923 82 7.0907 0.6203 8.4689 0.1896 83 6.7299 0.6007 7.9991 0.1869 84 6.3906 0.5806 7.5465 0.1842 85 6.0731 0.5600 7.1127 0.1814 86 5.7781 0.5391 6.7001 0.1785 87 5.5062 0.5182 6.3116 0.1755 88 5.2583 0.4971 5.9502 0.1724 89 5.0358 0.4762 5.6176 0.1690 90 4.8401 0.4555 5.3138 0.1652 91 4.6723 0.4350 5.0381 0.1610 92 4.5270 0.4150 4.7882 0.1564 93 4.3934 0.3956 4.5599 0.1514 94 4.2630 0.3769 4.3490 0.1459 95 4.1337 0.3586 4.1527 0.1399 96 4.0063 0.3404 3.9697 0.1333 97 3.8786 0.3220 3.7985 0.1260 98 3.7496 0.3030 3.6370 0.1178 99 3.6189 0.2827 3.4832 0.1086 FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 NO. 303 - SCHEDULE 5 Method for determining gross value of superannuation interest payable as fixed-term pension (subregulation 42 (3)) 1 Application of Schedule 5 This Schedule sets out the method for determining the gross value, at the relevant date, of a superannuation interest that is in the payment phase at the relevant date, if the benefits in respect of the interest are payable as a pension for a fixed term. 2 Method (1) The method is: [GRAPHIC] where: B is the value of the annual pension benefit payable in respect of the superannuation interest at the relevant date. Py+m is the pension valuation factor calculated in accordance with subclause (2). (2) For subclause (1), the pension valuation factor (Py+m) at the relevant date is: [GRAPHIC] where: Py is the pension valuation factor mentioned in clause 3 of this Schedule that applies to the pension and the remaining term of the pension in complete years at the relevant date. m is the number of complete months of the remaining term of the pension that are not included in the remaining complete years at the relevant date. Py+1 is the pension valuation factor mentioned in clause 3 of this Schedule that applies to the pension and the remaining term of the pension at the completion of the next year after the year mentioned in the definition of the factor Py. 3 Pension valuation factors (1) The table in this clause sets out the pension valuation factors. (2) The factors in column 2 apply if the pension is not indexed. (3) The factors in column 3 apply if the pension is indexed in accordance with the consumer price index. (4) The factors in column 4 apply if the pension is indexed in accordance with the consumer price index plus 1%. (5) The factors in column 5 apply if the pension is indexed in accordance with the consumer price index plus 1% with a cap of 5%. (6) The factors in column 6 apply if the pension is indexed in accordance with a general wage index (for example, average weekly earnings, or average weekly ordinary time earnings, published by the Australian Bureau of Statistics). (7) The factors in column 7 apply if the pension is indexed at 3%. (8) The factors in column 8 apply if the pension is indexed at 5%. Remaining term of pension (in complete years) Pension valuation factors Pension not indexed CPI indexed pension CPI indexed pension plus 1% CPI indexed pension plus 1% with 5% cap Wage indexed pension Pension indexed at 3% Pension indexed at 5% 1 0.969 0.981 0.986 0.985 0.988 0.983 0.993 2 1.879 1.925 1.944 1.940 1.953 1.935 1.972 3 2.734 2.834 2.875 2.867 2.896 2.854 2.937 4 3.536 3.709 3.780 3.765 3.816 3.744 3.889 5 4.289 4.550 4.659 4.637 4.714 4.604 4.827 6 4.996 5.360 5.514 5.483 5.592 5.437 5.752 7 5.661 6.140 6.344 6.303 6.449 6.241 6.664 8 6.284 6.891 7.151 7.098 7.286 7.020 7.563 9 6.870 7.613 7.936 7.870 8.103 7.772 8.449 10 7.420 8.308 8.698 8.618 8.901 8.500 9.323 11 7.936 8.977 9.439 9.344 9.680 9.204 10.185 12 8.421 9.621 10.159 10.048 10.441 9.885 11.035 13 8.876 10.241 10.858 10.731 11.184 10.544 11.872 14 9.303 10.837 11.538 11.394 11.910 11.181 12.698 15 9.705 11.411 12.199 12.036 12.618 11.797 13.512 16 10.081 11.963 12.841 12.659 13.310 12.393 14.315 17 10.435 12.495 13.465 13.264 13.986 12.969 15.106 18 10.768 13.007 14.072 13.850 14.646 13.526 15.886 19 11.079 13.499 14.661 14.419 15.291 14.065 16.655 20 11.372 13.973 15.234 14.970 15.920 14.586 17.414 21 11.647 14.430 15.791 15.506 16.534 15.090 18.162 22 11.906 14.869 16.332 16.025 17.134 15.578 18.899 23 12.148 15.291 16.858 16.528 17.720 16.049 19.626 24 12.376 15.698 17.369 17.016 18.293 16.505 20.342 25 12.590 16.090 17.865 17.490 18.851 16.946 21.049 26 12.790 16.466 18.348 17.949 19.397 17.373 21.745 27 12.979 16.829 18.817 18.395 19.930 17.785 22.432 28 13.156 17.178 19.272 18.827 20.450 18.184 23.109 29 13.322 17.514 19.715 19.246 20.958 18.570 23.776 30 13.478 17.837 20.146 19.653 21.455 18.943 24.434 FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 NO. 303 - SCHEDULE 6 Method for determining gross value of superannuation interest payable as pension and future lump sum (subregulation 43 (3)) 1 Application of Schedule 6 This Schedule sets out the method for determining the gross value, at the relevant date, of a superannuation interest that is in the payment phase at the relevant date, if: (a) part of the benefits in respect of the interest is being paid as a pension at the relevant date; and (b) the remaining part of the benefits is payable, at any time after the relevant date, as a lump sum that is not a commutation of the pension. 2 Definitions for Schedule 6 In this Schedule: "minimum deferral period", in relation to a lump sum that is to be paid to a member spouse at any time after the relevant date, means the minimum period until the lump sum may be paid to the member spouse. "nominal value", of a lump sum at a particular date, means: (a) subject to paragraph (b), the value of the lump sum at that date; or (b) if the value of the lump sum is expressed as an amount of dollars to be paid at a time after that date, that amount. 3 Method (1) The method is: [GRAPHIC] where: GVP is the gross value of the pension, determined using the relevant method of valuation set out in subregulation 42 (2), (3) or (4). GVLS is the gross value of the lump sum, determined using the method of valuation set out in subclause (2). (2) For subclause (1), the method of determining the gross value of the lump sum (GVLS) is: [GRAPHIC] where: LS is the nominal value of the lump sum at the relevant date. Dy+m is the discount valuation factor calculated in accordance with subclause (3). (3) For subclause (2), the discount valuation factor (Dy+m) at the relevant date is: [GRAPHIC] where: Dy is the discount valuation factor mentioned in clause 4 of this Schedule that applies to the lump sum and the minimum deferral period in complete years at the relevant date. m is the number of complete months of the minimum deferral period applicable to the lump sum that are not included in the remaining complete years of that period at the relevant date. Dy+1 is the discount valuation factor mentioned in clause 4 of this Schedule that applies to the lump sum and the minimum deferral period applicable to the lump sum at the completion of the next year after the year mentioned in the definition of the factor Dy. 4 Discount valuation factors (1) This clause sets out the discount valuation factors. (2) The factors in column 2 of the table in this clause apply if the lump sum is not indexed. (3) The factors in column 3 of the table in this clause apply if the lump sum is indexed in accordance with the consumer price index. (4) The factors in column 4 of the table in this clause apply if the lump sum is indexed in accordance with a general wage index (for example, average weekly earnings, or average weekly ordinary time earnings, published by the Australian Bureau of Statistics). (5) If the lump sum is indexed in accordance with a fund crediting rate, the factor is 1. (6) For this Schedule, a lump sum is taken to be not indexed if the nominal value of the lump sum is an amount within the meaning of paragraph (b) of the definition of nominal value in clause 2 of this Schedule. Discount valuation factors Minimum deferral period for lump sum (in complete years) Lump sum not indexed CPI indexed lump sum Wage indexed lump sum 0 1.000 1.000 1.000 1 0.939 0.963 0.977 2 0.882 0.927 0.954 3 0.829 0.892 0.932 4 0.779 0.859 0.910 5 0.733 0.828 0.889 6 0.690 0.798 0.869 7 0.649 0.769 0.850 8 0.612 0.742 0.831 9 0.577 0.716 0.813 10 0.545 0.691 0.795 11 0.515 0.668 0.779 12 0.487 0.645 0.763 13 0.461 0.625 0.748 14 0.438 0.605 0.733 15 0.416 0.587 0.720 16 0.396 0.570 0.707 17 0.378 0.554 0.695 18 0.362 0.539 0.685 19 0.348 0.526 0.675 20 0.334 0.514 0.666 1. Notified in the Commonwealth of Australia Gazette on 15 October 2001. FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 NO. 303 - NOTES Compilation Information [GRAPHIC] Family Law (Superannuation) Regulations 2001 Statutory Rules 2001 No. 3031 I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Family Law Act 1975. Dated 8 October 2001 PETER HOLLINGWORTH Governor-General By His Excellency's Command DARYL WILLIAMS Attorney-General