66Gross value—benefits paid as pension

66 Gross value—benefits paid as pension

(1) This section applies for the superannuation interest if item 2 of the table in section 64 applies for the interest. Pension payable for the life of the member spouse (2) If the pension is payable for the life of the member spouse, the gross value of the superannuation interest at the relevant date is to be determined using: (a) if, under section 70, the Minister has approved a method or factors to be used to determine the gross value of the interest—the approved method or factors; or (b) if paragraph (a) does not apply and the pension is payable due to the member spouse’s invalidity—the method set out in Schedule 7; or (c) if neither paragraph (a) nor (b) applies—the method set out in Schedule 5. Pension payable for fixed term (other than market linked pension) (3) If the pension is payable for a fixed term only and the pension is not a market linked pension, the gross value of the superannuation interest at the relevant date is to be determined using: (a) if, under section 70, the Minister has approved a method or factors to be used to determine the gross value of the interest—the approved method or factors; or (b) if paragraph (a) does not apply—the method set out in Schedule 8. Allocated pension (4) If the pension is an allocated pension, the gross value of the superannuation interest at the relevant date is to be the withdrawal benefit in relation to the member spouse at that date. Market linked pension (5) If the pension is a market linked pension, the gross value of the superannuation interest at the relevant date is the market linked pension account balance at that date.