Commonwealth Consolidated Regulations

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FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 3

Definitions

                   In these Regulations, unless the contrary intention appears:

"accumulation interest" means a superannuation interest, or a component of a superannuation interest, that is not a defined benefit interest or a small superannuation accounts interest.

"Act" means the Family Law Act 1975 .

"adjusted base amount" , in relation to a non-member spouse at a particular date, means the base amount allocated to the non-member spouse, adjusted at that date in accordance with Division 6.1A.

"allocated annuity" means an annuity that is paid, within a range of minimum and maximum payments, from an identifiable lump sum and includes an annuity that arises under a contract that meets the standards of subregulation 1.05(4) of the SIS Regulations.

"allocated pension" means a pension paid, within a range of minimum and maximum payments, from an identifiable lump sum, including:

                     (a)  a pension provided under rules of a superannuation fund that meet the standards of subregulation 1.06(4) of the SIS Regulations; and

                     (b)  a pension provided under terms and conditions of an RSA that meet the standards of subregulation 1.07(2) of the RSA Regulations.

"annuity provider" means a person, body or organisation that has entered into a contract to provide an annuity.

"approved deposit fund" has the meaning given by section 90MD of the Act.

"constitutionally protected fund" has the meaning given by subsection 995-1(1) of the Income Tax Assessment Act 1997 .

"Deed" means the trust Deed as existing at the time this definition commences governing the scheme continued in existence under section 5 of the Superannuation (State Public Sector) Act 1990 (Qld).

"deferred annuity" means an annuity that is not presently payable.

"defined benefit interest" has the meaning given by regulation 5.

"eligible superannuation plan" has the meaning given by section 90MD of the Act.

"exempt public sector superannuation scheme" has the same meaning as in the SIS Act.

"fixed term annuity" means an annuity that:

                     (a)  is not a market linked annuity; and

                     (b)  is paid for a fixed period.

"flag lifting agreement" has the meaning given by section 90MD of the Act.

"Government Division Rules" means the Division Rules (within the meaning of the Deed) as existing at the time this definition commences that relate to the Government Division referred to in clause 2.1 of the Deed.

"growth phase" , in relation to a superannuation interest (other than a small superannuation accounts interest) of a member spouse, has the meaning given by regulation 6 or 7.

"interest" has the meaning given by section 90MD of the Act.

"Judges' Pensions Act Scheme" means the scheme constituted by the Judges' Pensions Act 1968 for the provision of retirement and other benefits to and in respect of Judges, within the meaning of that Act.

"market linked annuity" means an annuity, other than an allocated annuity, that:

                     (a)  is paid from an identifiable lump sum; and

                     (b)  arises under a contract that meets the standards of subregulation 1.05(10) of the SIS Regulations.

market linked pension means a pension, other than an allocated pension, paid from an identifiable lump sum that meets the standards of subregulation 1.06(8) of the SIS Regulations or subregulation 1.07(3A) of the RSA Regulations.

"member" has the meaning given by section 90MD of the Act.

"member information statement" , in relation to a member of an eligible superannuation plan, means a statement issued periodically to the member by the trustee of the plan that sets out information about the value of the member's interest in the plan (for example, the member's account balance, share in the plan or withdrawal benefit) at a particular date.

"member spouse" has the meaning given by section 90MD of the Act.

"member's retirement age" , for a member who has a defined benefit interest in an eligible superannuation plan, means:

                     (a)  subject to paragraphs (b) and (c), the latest retirement age for the member specified in the governing rules of the plan; or

                     (b)  if the latest retirement age for the member specified in the governing rules of the plan is more than 65 years, or no retirement age is specified in the governing rules of the plan--65 years; or

                     (c)  if the Minister has, under regulation 30, approved a retirement age as the retirement age for members of the plan, or an identifiable class of members of the plan that includes the member--the approved age.

Note:          Regulation 30 authorises the Minister to approve as the retirement age for members, or an identifiable class of members, who hold a defined benefit interest in an eligible superannuation plan, an age other than:

(a)    the retirement age specified in the governing rules of the plan; or

(b)    the age of 65 years.

"net earnings" , in relation to a superannuation interest in a regulated superannuation fund, approved deposit fund or RSA to which the financial product disclosure provisions of the Corporations Regulations 2001 (being the provisions in Part 7.9 of those Regulations) apply, has the meaning given by regulation 7.9.01 of those Regulations.

"non-member spouse" has the meaning given by section 90MD of the Act.

"operative time" has the meaning given by section 90MD of the Act.

"partially vested accumulation interest" has the meaning given by regulation 9.

"Participation Schedule" means the part of the Government Division Rules known as the Participation Schedule.

"payment flag" has the meaning given by section 90MD of the Act.

"payment phase" , in relation to a superannuation interest (other than a small superannuation accounts interest) of a member spouse, has the meaning given by regulation 8.

"payment split" has the meaning given by section 90MD of the Act.

"pension" means a pension, within the meaning of section 10 of the SIS Act, payable from an eligible superannuation plan (other than an account within the meaning of the Small Superannuation Accounts Act 1995 ).

"percentage-only interest" has the meaning given by regulation 9A.

"public sector superannuation scheme" has the same meaning as in the SIS Act.

"regulated superannuation fund" has the meaning given by section 90MD of the Act.

"relevant date" , for the purpose of determining, under Part 5, an amount in relation to a superannuation interest that is subject to a payment split, means:

                     (a)  in relation to a payment split under a superannuation agreement or flag lifting agreement:

                              (i)  the date agreed on for that purpose by the parties to the agreement; or

                             (ii)  if no date is agreed on by the parties to the agreement and the agreement is dated--the date shown on the agreement; or

                            (iii)  if no date is agreed on by the parties to the agreement and the agreement is not dated--the date when a copy of the agreement is served on the trustee of the relevant eligible superannuation plan; and

                     (b)  in relation to a payment split under a splitting order--the date determined by the court.

"RSA" has the meaning given by section 90MD of the Act.

"RSA Regulations" means the Retirement Savings Accounts Regulations 1997 .

"secondary government trustee" has the meaning given by section 90MD of the Act.

"self managed superannuation fund" has the same meaning as in the SIS Act.

"SIS Act" has the meaning given by section 90MD of the Act.

"SIS Regulations" means the Superannuation Industry (Supervision) Regulations 1994 .

"small superannuation accounts interest" means a superannuation interest in an account within the meaning of the Small Superannuation Accounts Act 1995 .

"splittable payment" has the meaning given by section 90MD of the Act.

"splitting order" has the meaning given by section 90MD of the Act.

"superannuation agreement" has the meaning given by section 90MD of the Act.

"superannuation annuity" has the meaning given by subsection 995-1(1) of the Income Tax Assessment Act 1997 .

"superannuation contributions surcharge" means superannuation contributions surcharge under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 .

"superannuation fund" has the same meaning as in the SIS Act.

"superannuation interest" has the meaning given by section 90MD of the Act.

"trustee" has the meaning given by section 90MD of the Act.

"unflaggable interest" has the meaning given by regulation 10A.

"unsplittable interest" has the meaning given by regulation 11.

"withdrawal benefit" :

                     (a)  for a member of a regulated superannuation fund, an exempt public sector superannuation scheme or an approved deposit fund, has the meaning given by subregulation 1.03(1) of the SIS Regulations; and

                     (b)  for a member of an RSA, has the meaning given by subregulation 1.03(1) of the RSA Regulations; and

                     (c)  for a member who has a small superannuation accounts interest, means the balance of the member's account; and

                     (d)  for a member of any other eligible superannuation plan, means the total amount of benefits that would be payable to the member if the member voluntarily ceased to be a member of the plan.



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