Document ID: chunk:federal_register_of_legislation:F2023C01077:front:0:p12
Version: federal_register_of_legislation:F2023C01077
Segment Type: other
Provision Reference: 
Character Range: 27554–29831

the operative time in respect of the original interest.
Step 6  The annual rate is to be increased in the same way, and at the same time, as the rate of parliamentary allowance is increased.

Note   If there is a decrease in the rate of parliamentary allowance, section 22T of the Act deals with the relationship between a member's retiring allowance and the member's parliamentary allowance. This is also relevant to the member spouse's annual rate of associate annuity.

       (6) However, if it is not possible to reduce the annual rate of associate deferred annuity using subsection (5), the reduction of the annual rate of associate deferred annuity is to be calculated by an actuary appointed by the Secretary for this section.

Part 3 Application, saving and transitional provisions

3.01 Amendment made by the Superannuation (Family Law — Parliamentary Contributory Superannuation Act 1948) Amendment Orders 2023

       (1) This section applies to an agreement or court order made under Part VIIIB or VIIIC of the Family Law Act 1975 on or after the commencement of the Superannuation (Family Law — Parliamentary Contributory Superannuation Act 1948) Amendment Orders 2023.

       (2) Schedule 1, as amended by that instrument, applies in relation to the determination of the value of an interest in the Scheme identified in the agreement or order, whether the operative time in relation to the relevant payment split is before, on or after that commencement.
Schedule 1 Methods and factors used to determine scheme value in relation to member spouse
(section 2.01)

Part 1 Methods

1 Definitions

  In this Part:
fraction of a year means the quotient of the number of days of the period of service in the year and 365.
Scheme means the retirement scheme constituted by the Act.

2 Methods and factors for interests of members in the Scheme — growth phase

  For an interest that is in the growth phase in the Scheme mentioned in an item in the following table, the method or factor mentioned in the item is approved for these Orders.

Item  Interest in the growth phase                                                                                                                                                                               Method or factor