Judges’ Pensions (Item 48) Order 2013
I, Penelope Ying Yen Wong, Minister for Finance and Deregulation, make the following order under the Judges and Governors‑General Legislation Amendment (Family Law) Act 2012.
Dated: 12 March 2013
Penelope Ying Yen Wong
Minister for Finance and Deregulation
Contents
Part 1—Preliminary 1
1............ Name of order............................................................................................................... 1
2............ Commencement............................................................................................................. 1
3............ Authority....................................................................................................................... 1
4............ Definitions..................................................................................................................... 1
Part 2—Scheme value and pension rates 2
5............ Scheme value................................................................................................................. 2
6............ Immediate transitional pension for non‑member spouse................................................ 2
7............ Reduction of retirement pension.................................................................................... 3
Schedule 1—Methods and factors 4
Part 1—Methods 4
1............ Method.......................................................................................................................... 4
Part 2—Factors 5
Part 1—Preliminary
1 Name of order
This order is the Judges’ Pensions (Item 48) Order 2013.
2 Commencement
This order commences on 15 March 2013.
3 Authority
This order is made under the Judges and Governors‑General Legislation Amendment (Family Law) Act 2012.
4 Definitions
In this order:
Act means the Judges’ Pensions Act 1968.
Federal Court Judge’s salary means the annual salary of a Judge of the Federal Court of Australia, other than the Chief Justice.
scheme value: see subsection 5(2).
Table 1 means Table 1 of Schedule 1.
Table 2 means Table 2 of Schedule 1.
transitional provisions means Part 2 of Schedule 1 to the Judges and Governors‑General Legislation Amendment (Family Law) Act 2012.
Note: For the definitions of the following terms, see subsection 2A(2) of the Act:
(a) commencement time;
(b) member spouse;
(c) retirement pension;
(d) transfer amount.
Part 2—Scheme value and pension rates
5 Scheme value
(1) This section is made for paragraph (b) of the definition of transfer amount in item 44 of the transitional provisions.
(2) The amount (the scheme value) is determined using the methods and factors set out in Schedule 1 as in force at the commencement time.
6 Immediate transitional pension for non‑member spouse
For subitem 47(2) of the transitional provisions, the rate is calculated as follows:
Method statement
Step 1. Identify the transfer amount that was payable at the commencement time.
Step 2. Calculate an amount using the formula:
where:
Fy is the number in Table 1 that applies to the non‑member spouse’s gender, and age in whole years, at the commencement time.
Fy+1is the number in Table 1 that would apply to the non‑member spouse if the non‑member spouse’s age in whole years was one year more than it was at the commencement time.
m is the number of whole months of the non‑member spouse’s age that are not included in the non‑member spouse’s age in whole years at the commencement time.
Step 3. Divide the transfer amount identified in step 1 by the amount calculated in step 2.
Step 4. Divide the amount calculated in step 3 by the Federal Court Judge’s salary at the commencement time. Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).
Step 5. Multiply the amount calculated in step 4 by the Federal Court Judge’s salary.
7 Reduction of retirement pension
For subitem 47(5) of the transitional provisions, the amount is calculated as follows:
Method statement
Step 1. Identify the annual rate of the retirement pension that was payable at the commencement time.
Step 2. Calculate an amount using the formula:
where:
Fy is the number in Table 2 that applies to the member spouse’s gender, and age in whole years, at the commencement time.
Fy+1 is the number in Table 2 that would apply to the member spouse if the member spouse’s age in whole years was one year more than it was at the commencement time.
m is the number of whole months of the member spouse’s age that are not included in the member spouse’s age in whole years at the commencement time.
Step 3. Multiply the amount identified in step 1 by the amount calculated in step 2.
Step 4. Subtract the transfer amount from the amount calculated in step 3.
Step 5. Divide the amount calculated in step 4 by the amount calculated in step 2.
Step 6. Divide the amount calculated in step 5 by the annual rate of the applicable judicial salary at the commencement time. Round the result to 4 decimal places (rounding up if the fifth decimal place is 5 or more).
Step 7. Multiply the amount calculated in step 6 by the annual rate of the applicable judicial salary.
Schedule 1—Methods and factors
Note: See section 5.
Part 1—Methods
1 Method
The formula for calculating the scheme value is as follows:
where:
AP is the annual rate of pension payable to the member spouse at the commencement time.
Fy is the number in Table 2 that applies to the member spouse’s gender, and age in whole years, at the commencement time.
Fy+1 is the number in Table 2 that would apply to the member spouse if the member spouse’s age in whole years was one year more than it was at the commencement time.
m is the number of whole months of the member spouse’s age that are not included in the member spouse’s age in whole years at the commencement time.
Part 2—Factors
Table 1 Factors
Age
Male
Female
30 or younger
33.2882
35.2430
31
32.9153
34.8969
32
32.5340
34.5436
33
32.1433
34.1835
34
31.7437
33.8162
35
31.3352
33.4410
36
30.9169
33.0586
37
30.4893
32.6683
38
30.0519
32.2701
39
29.6046
31.8636
40
29.1478
31.4491
41
28.6813
31.0265
42
28.2054
30.5955
43
27.7202
30.1563
44
27.2259
29.7090
45
26.7226
29.2540
46
26.2104
28.7906
47
25.6898
28.3195
48
25.1606
27.8407
49
24.6233
27.3540
50
24.0785
26.8602
51
23.5262
26.3590
52
22.9670
25.8512
53
22.4013
25.3363
54
21.8298
24.8143
55
21.2538
24.2857
56
20.6735
23.7500
57
20.0902
23.2075
58
19.5043
22.6580
59
18.9153
22.1017
60
18.3239
21.5383
61
17.7307
20.9681
62
17.1358
20.3913
63
16.5395
19.8080
64
15.9459
19.2187
65
15.3558
18.6243
66
14.7700
18.0249
67
14.1892
17.4213
68
13.6142
16.8133
69
13.0476
16.2036
70
12.4902
15.5925
71
11.9427
14.9802
72
11.4062
14.3676
73
10.8808
13.7552
74
10.3605
13.1432
75
9.8457
12.5326
76
9.3377
11.9249
77
8.8379
11.3213
78
8.3475
10.7240
79
7.8727
10.1364
80
7.4143
9.5606
81
6.9723
8.9993
82
6.5466
8.4536
83
6.1375
7.9252
84
5.7514
7.4177
85
5.3885
6.9320
86
5.0493
6.4695
87
4.7341
6.0314
88
4.4413
5.6184
89
4.1659
5.2237
90
3.9062
4.8463
91
3.6601
4.4844
92
3.4257
4.1362
93
3.2000
3.7986
94
2.9781
3.4821
95
2.7716
3.1851
96
2.5795
2.9056
97
2.4010
2.6407
98
2.2283
2.3863
99
2.0594
2.1451
100
1.8961
1.9162
101
1.7244
1.6967
102
1.5371
1.4798
103
1.3112
1.2515
104
1.0000
0.9596
105 or older
0.4928
0.4928
Table 2 Factors
Age
Male
Female
60
20.6553
22.0992
61
20.0494
21.5219
62
19.4383
20.9364
63
18.8222
20.3433
64
18.2031
19.7430
65
17.5819
19.1362
66
16.9592
18.5233
67
16.3356
17.9048
68
15.7121
17.2814
69
15.0907
16.6531
70
14.4723
16.0201
71
13.8504
15.3936
72
13.2320
14.7642
73
12.6175
14.1327
74
12.0080
13.4985
75
11.4045
12.8626
76
10.8094
12.2370
77
10.2254
11.6120
78
9.6547
10.9883
79
9.1002
10.3751
80
8.5633
9.7744
81
8.0448
9.1885
82
7.5458
8.6171
83
7.0669
8.0623
84
6.6140
7.5275
85
6.1881
7.0148
86
5.7715
6.5219
87
5.3849
6.0489
88
5.0283
5.5956
89
4.6985
5.1722
90
4.3956
4.7802
91
4.1201
4.4158
92
3.8591
4.0854
93
3.6098
3.7920
94
3.3716
3.5123
95
3.1418
3.2425
96
2.9164
2.9776
97
2.7000
2.7104
98
2.4825
2.4304
99
2.2571
2.1550
100
2.0173
1.8786
101
1.8378
1.6584
102
1.6442
1.4486
103
1.4140
1.2294
104
1.1014
0.9497
105 or older
0.6077
0.5002
