Judges’ Pensions (Item 48) Order 2013

Link to law: https://www.comlaw.gov.au/Details/F2013L00457

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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