EXPLANATORY
STATEMENT
FAMILY
LAW (SUPERANNUATION) (METHODS AND FACTORS FOR VALUING PARTICULAR SUPERANNUATION
INTERESTS) AMENDMENT APPROVAL 2006 (No. 3)
ISSUED
BY THE AUTHORITY OF THE ATTORNEY-GENERAL
In this instrument, the Attorney-General, under regulations
38 and 43A of the Family Law (Superannuation) Regulations 2001, amends
the Family Law (Superannuation) (Methods and Factors for Valuing Particular
Superannuation Interests) Approval 2003 (the 2003 Approval).
The 2003 Approval contains methods for valuing, for the
purpose of the provisions of the Family Law Act 1975 allowing
superannuation to be split on marriage breakdown, superannuation interests held
by spouses.
Methods were approved in 2003 for valuing superannuation
interests held by spouses in several Victorian public sector superannuation
schemes.
The amendments made by the Attorney-General in this
instrument reflect changed arrangements for those schemes in Victoria.
Parts 1, 2 , 3 and 5 of Schedule 3 of the 2003 Approval
contain methods for determining the gross value of superannuation interests
within categories of interests in:
·
the revised scheme within the superannuation scheme established
by the State Superannuation Act 1988 (Vic);
·
the new scheme within the superannuation scheme established by
the State Superannuation Act 1988 (Vic);
·
the superannuation scheme established by the State Employees
Retirement Benefits Act 1979 (Vic.); and
·
the superannuation scheme established by the Transport
Superannuation Act 1988 (Vic).
which, before the change in arrangements, were within the
Victorian State Superannuation Fund.
On 1 December 2005, the Victorian State Superannuation Fund integrated
with the Victorian Emergency Services Superannuation Scheme.
The four schemes for which methods were approved in 2003 are
now within the Victorian Emergency Services Superannuation Scheme.
With the changed arrangements, the Victorian Emergency
Services Superannuation Board has become the trustee of the four schemes.
The instrument makes the necessary amendments to the 2003
Approval following the changed arrangements. Most of the changes relate to references
in 43 of the 45 methods approved for the four schemes by the 2003 Approval to
the Victorian State Superannuation Fund which, since 1 December 2005, has no
longer existed.
The instrument also makes further amendments to:
- omit an unnecessary reference in one of the methods
contained in Part 2 of Schedule 3 of the 2003 Approval to a provision of
the State Superannuation Act 1988 (Vic);
- omit a method for a category of interests in the
superannuation scheme established by the State Employees Retirement
Benefits Act 1979 (Vic.) for which there are no longer any members; and
·
clarify the description of interests covered by methods contained
in Parts 2 and 3 of Schedule 3 of the 2003 Approval.
The instrument incorporates by reference:
·
the Emergency Services Superannuation Act 1986 (Vic),
containing the governing rules for the provision of superannuation benefits
under the Victorian Emergency Services Superannuation Scheme; and
·
State Superannuation Act 1988 (Vic), containing the governing
rules for the provision of superannuation benefits under schemes established by
that Act.
These Acts can be viewed at the
following website:
http://www.dms.dpc.vic.gov.au/
The instrument also refers to the
Public Sector Management Act 1992 (Vic.), the State Employees
Retirement Benefits Act 1979 (Vic.) and the Transport Superannuation Act
1989 (Vic.) which can also be viewed at that website.
Copies of the Acts may also be purchased from Information
Victoria, at Ground Level, 356 Collins Street, Melbourne, Victoria 3000
(Telephone: 1300 366 356) or through the following website:
http://www.bookshop.vic.gov.au/
Consultation on the content of the instrument was undertaken
under section 17 of the Legislative Instruments Act 2003 with the Victorian
Emergency Services Superannuation Board, by way of exchange of correspondence
and discussions.