Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:55:p74
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 55 (pt 74/83)
Character Range: 591499–594338

for the purpose of the definition of separation factor in Rule 16.1.2; and
         (b) the operative time is on or after the day on which this Rule commences;
the scheme value is the value identified under Rule 16.2.2C.

16.2.2F If the operative time was before the family law commencement day, the separation factor in relation to the member spouse is to be recalculated, from the operative time, by:

         (a) identifying the scheme value that had previously been used to calculate the separation factor; and
         (b) adding to that scheme value the amount of the member spouse's surcharge debt shown in the statement; and
         (c) using the result of paragraph (b) to recalculate the separation factor from the operative time.

16.2.2G If the operative time was on or after the family law commencement day, and before the day on which this Rule commences, the separation factor in relation to the member spouse is to be recalculated, from the operative time, by:

         (a) identifying the scheme value that had previously been used to calculate the separation amount as part of calculating the separation factor; and
         (b) subtracting from that scheme value the amount of the member spouse's surcharge debt shown in the statement; and
         (c) recalculating the separation amount using the reduced scheme value calculated under paragraph (b); and
         (d) using the result of paragraph (c), and the unreduced scheme value identified under Rule 16.2.2C, to recalculate the separation factor from the operative time.

Associate pension for non‑member spouse if operative time in payment phase
16.2.3 If, at the operative time, standard pension is payable in respect of the original interest, the non‑member spouse is entitled to associate standard pension from the operative time, at the rate calculated by reference to the separation amount.
16.2.4 The annual rate of associate standard pension is calculated as follows:
         (a) work through each step in the order set out below:

Step 1  Identify the separation amount in relation to the non‑member spouse.
Step 2  Work out a pension factor (F y+m) based on the non‑member spouse's gender and age, using the formula:

        where
        Fy is the valuation factor mentioned in Table 1 of Division 7 applicable, at the operative time, to the non‑member spouse's gender and age in completed years;
        m is the number of completed months of the non‑member spouse's age, at the operative time, that are not included in the non‑member spouse's age in completed years; and
        FY + 1 is the valuation factor mentioned in Table 1 of Division 7 that would apply if the person's age in completed years at the operative time were 1 year more than it is.
        Note   The associate standard pension does not include a reversionary component.