Commonwealth Numbered Regulations

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FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 2001 No. 303 - REG 50

Amount to be paid to non-member spouse — benefit payable only as lump sum that is less than adjusted base amount
(1)
This regulation applies in relation to the superannuation interest if, on satisfying a relevant condition of release in relation to the interest, the member spouse receives a lump sum (other than a lump sum received because the member spouse has chosen, by way of a commutation of a pension payable to him or her, or otherwise, to take the whole, or a part, of the benefits in respect of the interest, as a lump sum) that is less than the amount of the adjusted base amount applicable to the non-member spouse at that time.

(2)
The amount that the non-member spouse is entitled to be paid in respect of the superannuation interest is:

(a)
the amount of the lump sum; and

(b)
unless regulation 51 applies in relation to the interest, the amount, calculated in accordance with subregulation (3), from each other splittable payment that becomes payable in respect of the interest.

(3)
For paragraph (2) (b), the amount to be paid to the non-member spouse from each other splittable payment that becomes payable in respect of the superannuation interest is calculated in accordance with the following formula:


where:

ABA is the adjusted base amount applicable to the non-member spouse at the date when the first splittable payment becomes payable in respect of the superannuation interest.

X is the amount of the lump sum paid to the non-member spouse under paragraph (2) (a).

SP is the amount of the relevant splittable payment.

V is the value of the superannuation interest at the date when the first splittable payment became payable in respect of the superannuation interest, determined in accordance with the relevant method of valuation set out in Division 5.2, as if references in that Division to `the relevant date' were references to `the date when the first splittable payment became payable in respect of the superannuation interest'.


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