New South Wales Consolidated Acts New South Wales Consolidated Acts(Section 3)
Insert in alphabetical order in section 3 (1):
"family law superannuation legislation" has the same meaning as it has in Part 4D.
"family law superannuation payment" has the same meaning as it has in Part 4D.
"FTC" means the FSS Trustee Corporation established under the Superannuation Administration Act 1996 .
"non-employee spouse" has the same meaning as it has in Part 4D.
Insert after section 3 (3):
(4) Notes included in this Act do not form part of this Act.
Insert after section 9 (2) (c):
, and
(d) any fees paid to STC arising under the family law superannuation legislation or Part 4D.
Insert “, including administration costs arising under the family law superannuation legislation or Part 4D” after “STC” where secondly occurring.
Insert after section 9 (3) (c):
(c1) other amounts payable by STC and arising under the family law superannuation legislation or Part 4D, and
Insert after section 10 (4) (b):
, and
(c) the whole or part (as determined by STC) of an amount arising under the family law superannuation legislation or Part 4D that is paid to, or in respect of, a spouse or former spouse of an employee or former employee who, immediately before the payment, was an employee or former employee of the employer or an employer to whom the reserve relates.
Insert after Part 4C:
27AH Definitions In this Part:
"complying superannuation fund" means:(a) a regulated superannuation fund under the Superannuation Industry (Supervision) Act 1993 of the Commonwealth, or(b) the First State Superannuation Fund."employee spouse", in relation to a superannuation interest under this Act, means the spouse who has the superannuation interest.
"family law superannuation entitlement" has the same meaning as it has in section 27AJ (2) (a).
"family law superannuation legislation" means Part VIIIB of the Family Law Act 1975 of the Commonwealth and the Family Law (Superannuation) Regulations 2001 of the Commonwealth.
"family law superannuation payment" means an amount payable under this Part to or in respect of a non-employee spouse.
"flag lifting agreement" has the same meaning as it has in Part VIIIB of the Family Law Act 1975 of the Commonwealth.
"non-employee spouse", in relation to a superannuation interest under this Act, means the spouse who is not the employee spouse in relation to that interest.
"payment split" has the same meaning as it has in Part VIIIB of the Family Law Act 1975 of the Commonwealth.
"RSA" means a retirement savings account within the meaning of the Retirement Savings Accounts Act 1997 of the Commonwealth.
"splitting order" has the same meaning as it has in Part VIIIB of the Family Law Act 1975 of the Commonwealth.
"spouse" of a person means a person who is or was married to that person.
"superannuation agreement" has the same meaning as it has in Part VIIIB of the Family Law Act 1975 of the Commonwealth.
"superannuation interest" means an interest that an employee or former employee has as a member or beneficiary of the superannuation scheme under this Act.
27AI Payment of benefits where superannuation interests affected by flagging order or payment split Nothing in this Act:(a) requires STC to pay a benefit or to make any other payment under this Act, to the extent that any such payment would contravene provisions of the family law superannuation legislation or any order or agreement made under that legislation, or(b) prevents STC from paying or reducing a benefit or making any other payment, to the extent that the payment or reduction is required to be made, or results from a requirement, under the family law superannuation legislation or any order or agreement made under that legislation.
27AJ Payment splits(1) The object of this section is to facilitate arrangements for payment splits under the family law superannuation legislation and to provide for family law superannuation payments to or in respect of non-employee spouses for the purposes of satisfying the requirements of Division 2.2 of Part 2 of the Family Law (Superannuation) Regulations 2001 of the Commonwealth.Note: The effect of satisfying those requirements is that payments to the employee spouse of a benefit under this Act will no longer be liable to be split for the purposes of the family law superannuation legislation.(2) A non-employee spouse has a family law superannuation entitlement to which this section applies if:(a) the non-employee spouse has an entitlement, that is operative, to be paid an amount under a superannuation agreement, flag lifting agreement or splitting order in respect of the superannuation interest of an employee spouse (a "family law superannuation entitlement"), and(b) the family law superannuation entitlement has not been paid to the non-employee spouse by the employee spouse, or waived by the non-employee spouse, in accordance with the family law superannuation legislation.(3) On written notice by an employee spouse or a non-employee spouse, or by any other person or court, of a family law superannuation entitlement of a non-employee spouse to which this section applies, STC must take one of the following actions:(a) pay or release to the non-employee spouse an amount of the value of the family law superannuation entitlement (less any costs chargeable by STC),(b) transfer or rollover to a complying superannuation fund or an RSA nominated by the non-employee spouse an amount, of the value of the family law superannuation entitlement (less any costs chargeable by STC), to be held for the benefit of the non-employee spouse.(4) STC may take the action set out in subsection (3) (a) only if the non-employee spouse has satisfied a condition for payment or release of a benefit of a kind that would entitle an employee to payment of a benefit under this Act if the Fund were a complying superannuation fund.(5) STC must transfer a family law superannuation payment to FTC for crediting to the First State Superannuation Fund if:(a) the payment is not payable under subsection (3) (a), and(b) a non-employee spouse fails, within the period prescribed by the regulations, to make a nomination for the purposes of subsection (3) (b) or a nominated fund or RSA does not accept the nomination.(6) For the purposes of this section, the value of a family law superannuation entitlement or a family law superannuation payment of a non-employee spouse is to be determined by STC in accordance with any applicable provisions of the regulations and the family law superannuation legislation.(7) STC must not pay a family law superannuation payment to or in respect of a non-employee spouse under this section if the value of the payment that is or would be payable to or in respect of the non-employee spouse at that time (taking into account any prior liability to pay a family law superannuation payment) is greater than the value of the employee spouse’s superannuation interest (as calculated in accordance with the regulations) at that time.
27AK Reduction of benefits of employee spouses(1) STC may reduce the amount of any benefit payable under this Act to or in respect of an employee spouse (or a spouse or de facto partner of an employee spouse) if a family law superannuation entitlement is paid or payable to or in respect of the non-employee spouse under the family law superannuation legislation or this Part or the regulations.(2) A preserved or deferred benefit may be reduced under this section.(3) The benefit is to be reduced in accordance with the regulations and any applicable provisions of the family law superannuation legislation.
27AL Regulations Regulations may be made for or with respect to the following matters:(a) elections by non-employee spouses for payment of family law superannuation entitlements,(b) the persons or bodies to whom family law superannuation payments may be paid,(c) the composition of payments made for the purposes of the family law superannuation legislation or this Part, having regard to the composition of the employee spouse’s superannuation interest under this Act before the payment is paid,(d) the payment of fees for or with respect to family law superannuation payments,(e) notice of family law superannuation entitlements and payment splits,(f) the periods for payment of family law superannuation payments,(g) the calculation of payments and entitlements for the purposes of the family law superannuation legislation or this Part,(h) the calculation of the value of superannuation interests of employee spouses for the purposes of the family law superannuation legislation or this Part,(i) the accrued benefit multiple for employee spouses, or a class of employee spouses, for the purposes of the family law superannuation legislation,(j) the reduction of benefits (including deferred or preserved benefits) payable to or in respect of employee spouses, or spouses or de facto partners of employee spouses, as a consequence of payments under the family law superannuation legislation or this Part.
Insert “or a non-employee spouse” after “former employee” wherever occurring in section 31 (1) and (3).
Insert “or family law superannuation payment” after “benefit” wherever occurring.
Insert at the end of clause 1 (1):
Superannuation Legislation Amendment (Family Law) Act 2003 (but only to the extent that it amends this Act)