6Paragraph 24(3)(b) of the Act—method of converting lump sum amounts under sections 24, 25 and 27 of DRCA into weekly amounts#
(1)For the purposes of paragraph 24(3)(b) of the Act, this section sets out the method of converting into a weekly amount the sum of any previous payments of a lump sum to a person under sections 24, 25 and 27 of the DRCA.
Note: Subsection 14(2) of the Act provides that the maximum weekly amount of a Special Rate Disability Pension that could be payable to a person must be reduced by the sum of any previous payments of a lump sum to the person under section 24, 25 or 27 of the DRCA, converted to a weekly amount in accordance with regulations made for the purposes of paragraph 24(3)(b) of the Act.
(2)For the purposes of subsection (1), and subject to section 7, the method is:
where:
aged based numbermeans the number that is advised by the Australian Government Actuary by reference to the age of the person on the day on which the lump sum amount was paid to the person under section 24, 25 or 27 of the DRCA, and the gender of the person.
(1)For the purposes of subsection 14(2) and paragraph 24(3)(b) of the Act, the weekly amount worked out under section 6 of this instrument is the weekly amount by which the maximum weekly amount of a Special Rate Disability Pension (SRDP) must be reduced in the first financial year in which the SRDP is payable.
Note: Section 203 of the MRCA provides the day from which an SRDP is payable.
(2)In the second and subsequent financial years in which the SRDP is payable, the indexation provisions of section 404 of the MRCA apply to the weekly amount worked out under section 6 of this instrument as if a reference to dollar amount in section 404 of the MRCA were a reference to that weekly amount.
7ASubsection 122(2) of the Act—method of converting lump sum amounts under sections 24, 25 and 27 of DRCA into weekly amounts#
(1)This section is made for the purposes of subsection 122(2) of the Act and provides, for the purpose of subsection 14A(2) of the Act, a method of converting into a weekly amount the sum of any previous payments of a lump sum to a person under section 24, 25 or 27 of the DRCA.
Note: Subsection 14A(2) of the Act provides that the maximum weekly amount of Additional Disablement Amount that could be payable to a person must be reduced by the sum of any previous payments of a lump sum to the person under section 24, 25 or 27 of the DRCA, converted to a weekly amount in accordance with regulations made for the purposes of subsection 122(2) of the Act.
(2)For the purposes of subsection (1) of this section, and subject to section 7B of this instrument, the method is:
where:
aged based numbermeans the number that is advised by the Australian Government Actuary by reference to the age of the person on the day on which the lump sum amount was paid to the person under section 24, 25 or 27 of the DRCA, and the gender of the person.
(1)For the purposes of subsections 14A(2) and 122(2) of the Act, the weekly amount worked out under section 7A of this instrument is the weekly amount by which the maximum weekly amount of Additional Disablement Amount must be reduced in the first financial year in which the Additional Disablement Amount is payable.
(2)In the second and subsequent financial years in which the Additional Disablement Amount is payable, the indexation provisions of section 404 of the MRCA apply to the weekly amount worked out under section 7A of this instrument as if a reference to dollar amount in section 404 of the MRCA were a reference to that weekly amount.
the instrument continues to have effect, on and after the review pathway commencement day, as if it had been made under subsection 353P(1) of the MRCA.
(2)In this section:
old VEA has the same meaning as in section 25 of the Act.