Defence Force Retirement and Death Benefits Amendment Regulations 2007 (No. 1)1
Select Legislative Instrument 2007 No. 348
I, PHILIP MICHAEL JEFFERY, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Defence Force Retirement and Death Benefits Act 1973.
Dated 17 October 2007
P. M. JEFFERY
Governor‑General
By His Excellency’s Command
BRUCE BILLSON
Minister for Veterans’ Affairs
1              Name of Regulations
                These Regulations are the Defence Force Retirement and Death Benefits Amendment Regulations 2007 (No. 1).
2              Commencement
                These Regulations commence on 1 January 2008 .
3              Amendment of Defence Force Retirement and Death Benefits Regulations
                Schedule 1 amends the Defence Force Retirement and Death Benefits Regulations.
Schedule 1        Amendments
(regulation 3)
  
[1]           Regulation 1
omit
Defence Force Retirement and Death Benefits Regulations.
insert
Defence Force Retirement and Death Benefits Regulations 1973.
[2]           After regulation 3
insert
3A           Prescribed rate
         (1)   For subsection 6BA (3) of the Act, the rate of $1 407.79 is prescribed.
Indexation of the prescribed rate
         (2)   On 1 July 2008, the amount mentioned in subregulation (1) is indexed in accordance with subregulation (3).
         (3)   If the all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the March quarter or September quarter of the half‑year immediately before the date of the indexation (A) exceeds the highest all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the March quarter or September quarter of any earlier half‑year, not being a half‑year earlier than the half‑year that commenced on 1 July 2007 (B), the amount is increased, at the rate calculated in accordance with subregulation (4).
         (4)   The rate is A – B expressed as a percentage of B.
         (5)   On 1 January and 1 July in each year following 2008, the indexed amount in force immediately before that date is indexed in accordance with subregulation (3).
3B           Calculating the lump sum payment
         (1)   For subsection 6BA (3) of the Act, if the annual rate of pension is less than the prescribed rate determined by regulation 3A the spouse is instead entitled to a lump sum payment worked out in accordance with this regulation.
         (2)   For the purposes of this regulation, a lump sum payment is worked out using the following formula:
where:
p means the annual rate of pension worked out in accordance with subsection 6BA (2) of the Act.
a means the spouse’s age factor.
         (3)   For subregulation (2), the spouse’s age factor is determined by:
                (a)    first — identifying the spouse’s age in the list of ages in column 1 of table 4A (for males) or table 4B (for females) in Part 4 of Schedule 1 to the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003; and
               (b)    second — adopting the figure in column 6 of table 4A (for males) or table 4B (for females) in Part 4 of Schedule 1 to the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003, which is in the same row as the spouse’s age identified using paragraph (a), as the spouse’s age factor.
Note
1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.