ACT Who is an Acceptable Valuer for Public Sector Superannuation Valuation?

[Ted Sherwood]

I have searched and searched, but cannot find the answer: who is allowed to do a valuation of a PSS superannuation interest so that it will be acceptable to the court?

 

[Rod]

I don't know the answer. Maybe ask these guys: Home | Actuaries Institute

 

[Ted Sherwood]

Thanks Rod. I have asked them.

 

[Ted Sherwood]

Thanks Rod. I have asked them.

As I expected: the promotion of those of their members who offer this service.

Can anybody point me to the legislation please?

 

[Rod]

You need to be more specific.

What are you trying to do? eg

Find a valuer for superannuation
Find the Family Law legislation that defines an expert
Find the legislation that defines an accredited valuer for superannuation
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Helps knowing the background to your situation. Are you applying for court orders, already have orders saying get a valuation etc

​

 

[Ted Sherwood]

I thought, and still think, that I was specific enough in my original post: "who is allowed to do a valuation of a PSS superannuation interest so that it will be acceptable to the court? So I think that makes it number three in your list.

 

[Rod]

Hmm, looks like you can ask your fund for a valuation. Read this and download the kit:

Superannuation Information Kit - Family Court of Australia

 

[Ted Sherwood]

Hmm, looks like you can ask your fund for a valuation. Read this and download the kit:

Superannuation Information Kit - Family Court of Australia

Done that. That, I think, is the first step. Step 2 is the valuation (from the PSS guide on Family Law, pss.gov.au:

Step 2. Obtaining a valuation of a member’s super
How is information about the superannuation interest used? The information provided is used by the applicant, along with prescribed valuation factors, to calculate the value of the member’s superannuation. A valuation can be arranged by the applicant’s legal representative or by consulting an actuary or financial planner. Generally the court requires a valuation before an order can be sought. We do not undertake valuations.
What factors are used for valuing a PSS interest? Scheme-specific factors and methodology are used for valuing a superannuation interest held in PSS. The scheme-specific factors and methodology are set out in the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003 (Volume 1) as amended, available at pss.gov.au

 

[Ivan D]

Resurrecting an old thread but from what I've been told, maybe Ted is still working on this issue - I know I've been dealing with my divorce involving my ex-wife's undervalued PSS interest for a year now and haven't really made any progress.

I hope you found a suitable valuer, I know my lawyer had some recommendations of specific people. I paid one of them (who I wouldn't now recommend) over $400 for the valuation.

It is still unclear to me whether the court requires one of the valuers recommended by a lawyer or just a document giving the answer with a credible calculation - the formula is published in the legislation at Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003 after all. Unfortunately I've found the formula to seriously undervalue the PSS benefit so I'm looking at the possibility of losing a fair chunk of my superannuation.

Ivan

Done that. That, I think, is the first step. Step 2 is the valuation (from the PSS guide on Family Law, pss.gov.au:

Step 2. Obtaining a valuation of a member’s super
How is information about the superannuation interest used? The information provided is used by the applicant, along with prescribed valuation factors, to calculate the value of the member’s superannuation. A valuation can be arranged by the applicant’s legal representative or by consulting an actuary or financial planner. Generally the court requires a valuation before an order can be sought. We do not undertake valuations.
What factors are used for valuing a PSS interest? Scheme-specific factors and methodology are used for valuing a superannuation interest held in PSS. The scheme-specific factors and methodology are set out in the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003 (Volume 1) as amended, available at pss.gov.au

 

[Dan @ Super Info]

Ivan

Thanks for reposting and you are right!

The Family Law Value for the Public Sector Superannuation Scheme (PSS) is determined using factors and methodology developed by actuaries and approved by the Commonwealth Attorney-General in the Family Law (Superannuation) (Methods and Factors for Valuing Particular Superannuation Interests) Approval 2003. Schedule 1 applies to the PSS and the other major Australian Government defined benefit schemes, including the Commonwealth Superannuation Scheme, Defence Force Retirement and Death Benefits Scheme, and Military Superannuation and Benefits Scheme (also known as MilitarySuper).

The Family Law (Superannuation) Regulations 2001 prescribe how defined benefit superannuation interests are to be valued, but do not limit who may perform the valuations. In fact, the Commonwealth Attorney-General's Department has issued factsheets indicating that parties are able to use the methods and factors to determine the Family Law Value of superannuation interests themselves, i.e. the DIY option should be OK!

Individuals who are confident with their mathematical skills may be able to perform the valuation themselves, but there are also a range of professionals offering these services. They include accountants, lawyers, financial planners and actuaries as well as former ComSuper employees. The fees charged for this type of service vary and can be expensive.

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