81Amount to be paid to non‑member spouse—first splittable payment payable only as lump sum that is less than adjusted base amount

81 Amount to be paid to non‑member spouse—first splittable payment payable only as lump sum that is less than adjusted base amount

(1) This section applies for the superannuation interest if: (a) the first splittable payment that the member spouse or other person is entitled to receive is a lump sum; and (b) the lump sum is not one that the member spouse or other person may be entitled to receive because the member spouse or other person may choose, by way of a commutation of a pension or otherwise, to take the whole or a part of the benefits in respect of the interest as a lump sum; and (c) the lump sum is less than the adjusted base amount applicable to the non‑member spouse for the interest at the date the splittable payment becomes payable. (2) The amount that the non‑member spouse is entitled to be paid in respect of the superannuation interest is: (a) the amount of the lump sum; and (b) unless section 82 applies in relation to the interest—the amount, calculated under subsection (3) of this section, from each other splittable payment that becomes payable in respect of the interest. (3) For the purposes of paragraph (2)(b), the amount to be paid to the non‑member spouse from each other splittable payment that becomes payable in respect of the superannuation interest is equal to: Start formula start fraction open bracket Adjusted base amount minus Initial lump sum close bracket times Splittable payment amount times Transition factor over Deemed value of the interest were it in payment phase at adjusted date minus Initial lump sum end fraction end formula where:

adjusted base amount means the adjusted base amount applicable to the non‑member spouse for the interest at the date the first splittable payment became payable in respect of the superannuation interest.

initial lump sum means the amount of the lump sum paid to the non‑member spouse under paragraph (2)(a).

splittable payment amount means the amount of the relevant splittable payment.

transition factor means:

(a) if under section 62 or 70 the Minister has approved one or more methods or factors to be used to determine the gross value of the superannuation interest—the factor approved under, or determined using a method approved under, section 79 for the superannuation interest and this subsection; or
(b) if paragraph (a) does not apply and one or more benefits in respect of the superannuation interest are payable:
(i) as a pension for the life of the member spouse; but
(ii) not due to the member spouse’s invalidity;
the factor determined using the method set out in Schedule 11 for the superannuation interest; or
(c) if neither paragraph (a) nor (b) applies—1.