Superannuation and family law
Superannuation law and family law facilitate the splitting of superannuation interests between parties to a marriage in the event of a breakdown of marriage. The laws deal with the valuation of superannuation interests and splitting interests between parties as a result of an agreement or as a result of a court order, and also provides for accounts to be on "hold" status until certain issues are resolved between the parties.
The Commonwealth Government has recently enacted legislation to extend the federal family law regime to certain opposite-sex and same-sex de facto couples, including facilitating financial agreements and superannuation splitting on the breakdown of such relationships. The amendments generally apply to relationships that break down after 1 March 2009.
The trustee may create a separate interest in the Fund for the non-member spouse, or transfer the non-member's entitlements to the Super Safeguard Eligible Rollover Fund, in line with the provisions of the Superannuation Industry (Supervision) Act 1993 (SIS) legislation. In accordance with the law, we may charge an administration fee in relation to such arrangements.
