EXPLANATORY
STATEMENT
FAMILY
LAW (SUPERANNUATION) (METHODS AND FACTORS FOR VALUING PARTICULAR SUPERANNUATION
INTERESTS) AMENDMENT APPROVAL 2006 (No. 1)
ISSUED
BY THE AUTHORITY OF THE ATTORNEY-GENERAL
In this instrument, the Attorney-General, under regulation
38 of the Family Law (Superannuation) Regulations 2001, approves in
writing, for the purpose of the provisions in the Family Law Act 1975
(the Act) allowing superannuation to be split on marriage breakdown, methods
for determining the gross value of superannuation interests held by local
government employees in Queensland who are defined benefit Members of the
Queensland Local Government Superannuation Scheme (the Scheme).
The gross value is one element in the determination of an
amount which is taken to be the value of superannuation in property settlement
proceedings under the Act.
Three methods are approved for interests held by defined
benefit Members in the Scheme, which each depend on the age of the Member at
the time when the gross value of the interest is determined.
The method approved for an interest held by a defined
benefit Member who is less than 55 years of age at the time when the gross
value of the interest is determined is the value of the benefit that would be
payable to the Member if he or she were to resign as a Queensland local
government employee at that time.
The method approved for an interest held by a defined
benefit Member who is aged 55 years, or aged between 55 and 70 years, at the
time when the gross value of the interest is determined is the value of the
benefit that would be payable to the Member if he or she were to retire at that
time.
The method approved for an interest held by a defined
benefit Member who is aged 70 years or more at the time when the gross value of
the interest is determined is the value of the benefit that would be payable to
the Member if he or she were to cease employment at that time.
The instrument incorporates by reference the Trust Deed made
on 23 June 1998 by the Queensland Local Government Superannuation Board, as
amended. The Trust Deed contains the rules governing the operation of the
Scheme. A copy of the Trust Deed can be obtained from LG Super, at Level 10,
10 Market Street, Brisbane, Queensland 4000 (Telephone: 07 3244 4300).
The instrument also refers to the Local Government Act
1993 (Qld) which may be viewed at the following website:
http://www.legislation.qld.gov.au/LEGISLTN/CURRENT/L/LocGovA93_009_R.pdf
A copy of that Act may also be purchased from Goprint,
through its bookshop, which is located at 371 Vulture Street, Woolloongabba,
Queensland 4102 (Telephone: 07 3246 3399).
Consultation on the content of the instrument was undertaken
under section 17 of the Legislative Instruments Act 2003 with the
Australian Government Actuary, Sunsuper Financial Services Pty Ltd (the
actuaries for the Queensland Local Government Superannuation Scheme) and the
Queensland Local Government Superannuation Board, the trustee of the Queensland
Local Government Superannuation Scheme, by way of exchange of correspondence
and discussions.