​
0409018021
Family law superannuation valuations (superannuation splitting)
John Tellyros
+61 3 6110 9925
john@tcwactuarial.com.au
Superannuation assets can be divided between a separating couple, like other assets. Dividing superannuation assets is referred to as "super splitting".
When superannuation is split between a separating couple, it is still subject to the standard restrictions around accessing superannuation. But funds can be moved from the superannuation account of one party into a separate superannuation account in the name of the other party.
When considering such a split of superannuation assets, there may however be some uncertainty concerning the value of a superannuation account. This is particularly true for defined benefit superannuation funds. The Family Law (Superannuation) Regulations 2001 and Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003 provide methods for valuing superannuation assets.
TCW Actuarial provides a range of superannuation valuation services for family law purposes. These include the valuation of: accumulation accounts and defined benefit accounts; interests in the growth phase and the payment phase; scheme specific valuation methods and factors, for funds such as the CSS, and DFRDB.
Family law superannuation helping you through family superannuation laws
The Family Law (Superannuation) Act 2001 treats a superannuation interest as property, which is able to be split on the breakdown of a marriage. Prior to this Act, superannuation assets were allowed for in a property settlement, but a superannuation account could not be split.
The Family Law Superannuation Regulations prescribe the method that must be used to value superannuation assets. This is particularly important for accounts in defined benefit funds, where there was always the potential for disagreement on the value of an account.
Family law superannuation calculations
In order for the court to split a superannuation interest, the superannuation assets must be valued. Where parties agree to a superannuation split, the superannuation assets do not need to be valued, but the method outlined in the regulations may provide an independent means of valuing the asset. TCW Actuarial provides expert family law superannuation consulting services so you are fully informed of your options and rights. TCW can also prepare valuations of accumulation accounts and defined benefit accounts, and of interests in the growth phase and the payment phase. Specific valuation methods and factors are used where the Attorney-General has given approval for a fund to use a valuation method different to that in the Regulations. The Attorney-General’s Department has published some basic information about superannuation and family law. It includes Frequently Asked Questions and valuation examples, and can be found at www.ag.gov.au