Document ID: chunk:federal_register_of_legislation:F2012C00542:body:0:p2
Version: federal_register_of_legislation:F2012C00542
Segment Type: other
Provision Reference: 
Character Range: 2613–5370

2 Orders for the calculation of certain amounts

2.01 Scheme value

  For the definition of scheme value in section 49A of the Act, the scheme value in relation to a member spouse is determined as follows:

Step 1  Identify the methodology and factors used to determine the family law value in relation to the member spouse in accordance with section 90MT of the Family Law Act.

        Note   The family law value is determined in accordance with the FLS Regulations that are made for paragraph 90MT (2) (a) of the Family Law Act. The process of determining the family law value may include reliance on methodology and factors approved by the Attorney-General under subsection 90MT (3) of that Act.
Step 2  Substitute the factors with factors nominated by an actuary for these Orders.
Step 3  Use the methodology identified in step 1, and the factors substituted in step 2, to determine the scheme value in relation to the member spouse.

2.02 Annual rate of associate pension

 (1) For subsection 49B (2) of the Act, the annual rate of associate pension payable to a non-member spouse to whom that subsection applies is calculated as follows:

Step 1  Identify the transfer amount in relation to the non-member spouse.

        Note   Subsection 49B (2) of the Act requires the rate of associate pension to be calculated by reference to the transfer amount.
Step 2  Identify a pension factor, nominated by an actuary for these Orders, based on the non‑member spouse's age and gender.

        Note   Schedule 4 to the FLS Regulations sets out general pension factors based on age and gender, but those factors are not specific to benefits payable under the Act.
Step 3  Divide the transfer amount by the pension factor.

  The result is the annual rate of the associate pension.

Note   The associate pension does not include a reversionary component.

2.03 Indexation of associate pension

 (1) This section applies if the all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the first quarter of the half‑year immediately preceding a prescribed half-year (the CPI index number) exceeds the highest all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the first quarter of any earlier half-year.

 (2) A person to whom an associate pension was payable immediately before the commencement of the prescribed half‑year is entitled, at the commencement of the prescribed half‑year, to an increase in the rate at which the associate pension was payable to him or her immediately before the commencement of the prescribed half-year (the relevant rate of associate pension).

 (3) The increase is the