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2.4 Fortnightly Incapacity Payments Redeemed Under Section 30 of the SRCA

There is a specific exception in s30C(3) of the VEA for a lump sum payment made under section 30 of the SRCA.*  These lump sum payments are made when the weekly amount of incapacity payment payable falls below a nominated amount and the person's degree of incapacity is unlikely to change.  Under this section, a lump sum is calculated of fortnightly payments that otherwise would have ceased when the person attained Age Pension Age.  A growth factor of 3 per cent is included in this calculation.  In such cases offsetting ceases at Age Pension Age and a review must be set to lift the offset amount from when the person attains Age Pension Age.

*Note: The relevant section of the VEA (30C) refers to age 65, whereas section 30 of SRCA refers to Age Pension age. This apparent anomaly is currently under review.

 

 

Age Pension Age refers to pension age as defined under the Social Security Act 1991, that is, pension age for people other than veterans.

 

 

Age Pension Age refers to pension age as defined under the Social Security Act 1991, that is, pension age for people other than veterans.

 

 

Age Pension Age refers to pension age as defined under the Social Security Act 1991, that is, pension age for people other than veterans.

 

 

Age Pension Age refers to pension age as defined under the Social Security Act 1991, that is, pension age for people other than veterans.