NetActuary has been building a database of information that will be useful for practitioners (there is a link under the Lawyer services tab_. A big thank you to people who have supplied information – either via the comments box on the database application or separately by email.
At times, the situation can be quite complex. Take UniSuper (for example). Special valuation methods and factors apply for certain deferred pensions and disability benefits, but not for other defined benefits. The member may have pure accumulation benefits or a mixture of a defined benefit and accumulation component. The administrator may supply the value that can be used for the matrimonial property pool – or simply the information for a valuation. Also, where there is a value shown, it could be the value of a voluntary withdrawal and not the prescribed Family Law value. The database helps with issues such as this, besides fees; which form to request information; addresses etc.
Another thing we are working on is a generic calculator which will assist people to understand the impact of a splitting agreement. Further benefits continue to accrue as normal and eventual Age Pension entitlements may be larger due to reduced assets. One is tempted to say: “settle first and work out the future after that”, however, some people’s willingness to settle seems to need a knowledge beforehand of the future financial impact.
Brian Bendzulla
Comments