§ 90XI (1) (b) allows split superannuation if the agreement defines a method for calculating the base amount. A formula may be inserted into the agreement, even if the future interests of the parties are unknown. A court may, pursuant to section 90XS of the Family Law Act 1975, issue an injunction in respect of a pension interest rate which has ordered the agent not to make a divisible payment in respect of interest without the permission of the court; and to require Sunsuper to inform the member`s spouse and non-member spouse, within a period set out in the order, of the next date on which a divisible payment is to be made in respect of interest. Okay – our lawyers have designed the following agreement specifically for a married couple who have separated, but have not yet divorced. The Family Law Legislation Amendment (Superannuation) Act 2001 (“DER FL Superannuation Act”) and its rules began on 28 December 2002. This document deals with the practical aspects of drawing up pension contracts and agreements, not the valuation of pension shares and the percentage distribution among the non-member. The amount to be paid to the non-member spouse is calculated in accordance with Regulations 45A, 45B and 45D (3) and (4) of the FSL Rules. The FSL rules require that at the time of payment, the amount to be paid to the spouse be the base amount set out in the court order or in the maintenance contract, which is adjusted from the operating term contract to the date of payment with interest. The interest rate applied to the basic amount is set by the Australian Act of Government and published in the Commonwealth Gazette. The rate is 2.5% higher than the percentage change in the initial estimate of full-time adult income for all people in Australia, released by the Australian Bureau of Statistics in the year ending with the November quarter, just before the start of the adjustment period. (b) the interest on pension [name of member] to which the divisible payment would have been made without this Agreement shall be reduced accordingly. The superannuation splitting law treats superannuation as another type of property. It allows separating couples to assess their superannuation and distribute superannuation payments, although this is not mandatory. Splitting does not turn into cash – it is still subject to pension legislation (for example, it is usually maintained until retirement age).
Superannuation is considered an asset and the Family Law Act 1975 (Cth) allows Super to be divided into separate parts.. . . .