Background
Superannuation entitlements form part of the pool of assets in family law proceedings. While accumulation superannuation accounts and account based pension accounts are valued at face value, special considerations apply to defined benefit and life time pension entitlement.
Services
The practice’s services in this area are normally provided to lawyers or family members directly. These services include: –
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Valuation and certification of superannuation interests- the practice performs valuations required under the Family Law (Superannuation) Regulations in accordance with those regulations. These interests may be in accumulation funds, defined benefit funds or in ongoing pensions.
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Apportionment of the accrual of such benefits to the periods before during and after cohabitation.
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Provision of Bulow and Bulow information as required by the judgement in that Family Court case.
Benefits
Valuations of superannuation benefits allows parties to comply with the Family Law Act and its regulations. Supplementary benefits of actuarial advice are those which come from a deeper knowledge of the assets or interests concerned.
Experience
The practice has been continually involved in the valuation of superannuation interests since before the passage of the Family Law (Superannuation) Regulations. It has worked for numerous solicitors and barristers in helping their clients with these issues. It is the practice’s experience that most cases do not go to trial and that, for those that do, actuarial evidence is rarely challenged. Nevertheless, some cases do go to trial and the practice has experience of giving expert evidence in these matters.
Methodology
In the valuation of superannuation interests, the practice uses the methodology laid down in the Family Law (Superannuation) Regulations. For apportionment of the value of superannuation interest, the practice uses proprietary models. As in all fields, the practice gives due regard to the likely range of results as well as the central estimate of the result.
Information needs
The information that the practice needs to value superannuation interests is generally that which can be obtained from the superannuation fund trustee under Division 7.2 of the Family Law (Superannuation) Regulations. This can be supplemented by the information contained on the superannuation fund member’s statements for the previous two years. Use this link to download the form that must be submitted to the superannuation fund to request the necessary information.
Fees
Fees quoted do not include GST.
The practice believes that quality service justifies its price, but seeks to be competitive in its fee structure and will quote fixed or maximum prices if required. Hourly fees apply unless the task is solely related to the production of a standard certificate. Where the task makes substantial use of standard systems, usage charges apply.
