12.7.1.4 Conversion of SRCA lump sums | Military Compensation MRCA Manuals and Resources Library, Policy Manual, Ch 12 Transitional Provisions, 12.7 Transitional Provisions - Permanent Impairment, 12.7.1 Chapter 25 of GARP M

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12.7.1.4 Conversion of SRCA lump sums

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Last amended 
8 December 2014

In order to work out the net MRCA periodic payment for Step 7, lump sums paid to the person under SRCA sections 24, 25 and 27 must be converted to a periodic payment.

The SRCA amounts are converted to a current lump sum value (by multiplying by the ratio of the current value for maximum SRCA section 24 payment to the value when the lump sum payment was made) and each lump sum is converted to a weekly periodic payment by dividing by an age-based number provided by the Australian Government Actuary for this purpose. The age to be used in applying this age-based number is the age the person would have been on their next birthday at the time the SRCA lump sum was paid.