Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:55:p71
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 55 (pt 71/83)
Character Range: 582779–586213

to be the date on which the operative time occurs.
funded component                      means:

                                         where the original interest is not an entitlement to associate preserved benefit — the sum of the following amounts:

                                        − the member contributions component;

                                        − the productivity contributions component;

                                        − the additional accumulation component;

                                      less the ERDA; or

                                         where the original interest is an entitlement to associate preserved benefit — the amount that would have been payable under paragraph 16.3.1(a) if the original interest had become payable at the operative time multiplied by the separation factor.
member contributions amount           in relation to a member spouse who is, or has been at any time, a member, is the amount that would become payable if the accumulated member contributions became payable as a lump sum at the operative time, less any part of that amount that would relate to the early release deduction amount.
member contributions component        means the amount calculated by multiplying the member contributions amount by the separation factor.
member spouse                         (see Part VIIIB or VIIIC of the Family Law Act 1975)
non‑member spouse                     (see Part VIIIB or VIIIC of the Family Law Act 1975)
non‑standard pension                  means a pension under these Rules other than a standard pension.
operative time                        in relation to a splitting agreement or splitting order, means the time that is the operative time for the purposes of Part VIIIB or VIIIC of the Family Law Act 1975 in relation to a payment split under the agreement or order.
original interest                     means a superannuation interest to which Division 2 of this Part applies.
payment split                         (see Part VIIIB or VIIIC of the Family Law Act 1975)
productivity contributions amount     in relation to a member spouse who is, or has been at any time, a member, is the amount that would become payable if the accumulated productivity contributions became payable as a lump sum at the operative time, less any part of that amount that would relate to the early release deduction amount.
productivity contributions component  means the amount calculated by multiplying the productivity contributions amount by the separation factor.
scheme value                          means the amount determined in accordance with Rules 16.2.2, 16.2.2A, 16.2.2B, 16.2.2C, 16.2.2D and 16.2.2E, as relevant.
separation amount                     means:
                                         if a splitting percentage applies — the amount calculated by multiplying the splitting percentage by the greater of:
                                           ‑ the family law value; and
                                           ‑ the scheme value; or
                                         if a base amount applies and the scheme value is not more than the family law value — the base amount; or
                                         if a base amount applies and the scheme value is more than the family law value — the amount calculated using the formula:
                                        scheme value         Whole