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 4A.
"Non-contributor spouse" has the same meaning as it has in Part 4A.
Insert after section 3 (13):
(14) Notes included in this Act do not form part of this Act.
Insert after section 4 (3) (c):
(c1) fees paid to STC arising under the family law superannuation legislation or Part 4A, and
Insert “, including administration costs arising under the family law superannuation legislation or Part 4A” after “Fund”.
Insert after section 4 (4) (c):
(c1) amounts payable by STC and arising under the family law superannuation legislation or Part 4A, and
Insert after section 6 (2):
(3) STC must ensure that there is debited to the contributors’ reserve that portion of any amount arising under the family law superannuation legislation or Part 4A that is payable to or in respect of a non-contributor spouse from the contributors’ reserve in accordance with section 33B (2A).
Insert after section 7 (1):
(1A) STC must ensure that there is credited to the appropriate employer reserve any fees paid to STC arising under the family law superannuation legislation or Part 4A.
Insert “or the family law superannuation legislation or Part 4A” after “ 1996 ”.
Insert after section 7 (2) (c):
(c1) the portion of any amount under the family law superannuation legislation or Part 4A that is payable to or in respect of a non-contributor spouse from the employer reserve in accordance with section 33B (2A), and
Insert after section 33B (2):
(2A) When an amount under the family law superannuation legislation or Part 4A becomes payable to or in respect of a non-contributor spouse, STC must, in accordance with the regulations, determine the portion of the payment that is payable from the contributors’ reserve and the portion that is payable from the appropriate employer reserve.
Insert after Part 4:
61W 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."contributor 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 61WB (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-contributor spouse.
"flag lifting agreement" has the same meaning as it has in Part VIIIB of the Family Law Act 1975 of the Commonwealth.
"non-contributor spouse", in relation to a superannuation interest under this Act, means the spouse who is not the contributor 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 a contributor or former contributor or other person has as a contributor to or beneficiary of the superannuation scheme under this Act.
61WA 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.
61WB 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-contributor 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 contributor 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-contributor spouse has a family law superannuation entitlement to which this section applies if:(a) the non-contributor 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 a contributor spouse (a "family law superannuation entitlement"), and(b) the family law superannuation entitlement has not been paid to the non-contributor spouse by the contributor spouse, or waived by the non-contributor spouse, in accordance with the family law superannuation legislation.(3) On written notice by a contributor spouse or a non-contributor spouse, or by any other person or court, of a family law superannuation entitlement of a non-contributor spouse to which this section applies, STC must take one of the following actions:(a) pay or release to the non-contributor 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-contributor 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-contributor spouse.(4) STC may take the action set out in subsection (3) (a) only if the contributor spouse is in receipt of a pension under this Act or the non-contributor spouse has satisfied a condition for payment or release of a benefit of a kind that would entitle a contributor to payment of a benefit 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-contributor 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 family law superannuation payment of a non-contributor 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-contributor spouse under this section if the value of the payment that is or would be payable to or in respect of the non-contributor spouse at that time (taking into account any prior liability to pay a family law superannuation payment) is greater than the value of the contributor spouse’s superannuation interest (as calculated in accordance with the regulations) at that time.
61WC Reduction of benefits of contributor spouses(1) STC may reduce the amount of any benefit payable under this Act to or in respect of a contributor spouse (or a spouse or de facto partner of a contributor spouse) if a family law superannuation entitlement is paid or payable to or in respect of the non-contributor 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) A pension may be reduced under this section even though payment of the pension first commenced before the payment of the amount to or in respect of the non-contributor spouse.(4) The benefit is to be reduced in accordance with the regulations and any applicable provisions of the family law superannuation legislation.
61WD Regulations Regulations may be made for or with respect to the following matters:(a) elections by non-contributor spouses for payment of family law superannuation entitlements,(b) the persons or bodies to whom a family law superannuation payment 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 contributor 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 contributor spouses for purposes relating to the family law superannuation legislation or this Part,(i) the accrued benefit multiple for contributor spouses, or a class of contributor 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 contributor spouses, or spouses or de facto partners of contributor spouses, as a consequence of payments under the family law superannuation legislation or this Part,(k) without limiting paragraph (j), the commutation of pensions or parts of pensions for the purposes of the reduction of benefits as a consequence of payments under the family law superannuation legislation or this Part.
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)