Superannuation Valuations in Family Law


Legislative Background

TheFamily Law (Superannuation) Regulations 2001 provides the mechanism and formulas for the valuation of superannuation interests under the Family Law Act 1975.

The regulations provide the family law default basis for the valuation of defined benefit schemes. Many superannuation funds have now applied for alternate methods of valuation to be applied. The Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003, now in 5 volumes, details the mechanisms and formula for the valuation of defined benefit schemes.

What Funds Are Required To Be Valued.

The trustees of most superannuation schemes now provide Family Law valuations as part of the Form 6 Information request. Where the trustee has provided the Family Law valuation, you do not need to obtain a valuation from a forensic accountant.

At present, the only major funds where we are providing superannuation valuations are the Commonwealth funds such as Commonwealth Superannuation Schemes (CSS), Public Sector Superannuation (PSS), Military Superannuation Benefits Scheme (MSBS) and Defence Force Retirement & Death Befits Scheme (DFRDB). The trustees for the NSW Government schemes now provide valuations with the Form 6 Information request.

If you are unsure whether the trustee has valued the interest, please call Arnold Shields and we can talk you through the information.

Fees

Our fees for the valuation of Australian defined benefit superannuation interests are $550 (inc GST). Where the valuation is required for more than one date (such as date of separation and current value), there is no additional charge where the valuations are included within one report.

We are often asked to examine other issues in respect of the Family Law superannuation such as:

  • Valuation of overseas pension and superannuation interests.
  • The effect of splitting orders and taxation consequences of same.
  • Valuation of self-managed superannuation schemes.

In these instances we are happy to provide fee estimates prior to commencing the job.

Information Required

The only information we require is the completed Form 6 Information Request from the trustee of the fund and instructions to value the interest.

If you require an affidavit to support the valuation report, please provide the relevant case details as part of the instructions. There is no additional charge for an affidavit.

Single Expert

We have been providing single expert reports for many years and approximately half of our superannuation valuation reports are preformed as a single expert.

Call us on (02) 9411 5422 or email ashields@dolmanbateman.com.au