35Meaning of value of the non‑member spouse’s entitlement

35 Meaning of value of the non‑member spouse’s entitlement

(1) In this Subdivision, the value of the non‑member spouse’s entitlement for a superannuation interest at the time (the termination time) when the trustee carries out an action described in subsections 34(1), (2) or (3) is as described in subsection (2), (3) or (4) of this section. Superannuation interest is in an allocated annuity or market linked annuity (2) If the superannuation interest is in a superannuation annuity that is an allocated annuity or a market linked annuity, the value of the non‑member spouse’s entitlement for the interest at the termination time is equal to: Start formula Account balance of the annuity at the termination time times Specified percentage minus Any fees payable by the non-member spouse under section 98 end formula Superannuation interest is in a fixed term annuity or a lifetime annuity, and the Minister has not approved a method or factors for the interest (3) If: (a) the superannuation interest is in a superannuation annuity that is a fixed term annuity or a lifetime annuity; and (b) the non‑member spouse’s entitlement arises under a superannuation agreement, a flag lifting agreement or a splitting order; and (c) the Minister has not approved, under section 70, a method or factors for determining the gross value of the superannuation interest; the value of the non‑member spouse’s entitlement for the interest at the termination time is equal to: Start formula Value of the interest calculated under the applicable Schedule at the termination time times Specified percentage minus Any fees payable by the non-member spouse under section 98 end formula where:

applicable Schedule means:

(a) for a fixed term annuity—Schedule 9; or
(b) for a lifetime annuity—Schedule 6.

Superannuation interest is in a fixed term annuity or a lifetime annuity, and the Minister has approved a method or factors for the interest (4) If: (a) the superannuation interest is in a superannuation annuity that is a fixed term annuity or a lifetime annuity; and (b) the non‑member spouse’s entitlement arises under a superannuation agreement, a flag lifting agreement or a splitting order; and (c) the Minister has approved, under section 70, a method or factors for determining the gross value of the superannuation interest; the value of the non‑member spouse’s entitlement for the interest at the termination time is equal to: Start formula Value of the interest calculated using the approved method or factors at the termination time times Specified percentage minus Any fees payable by the non-member spouse under section 98 end formula