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Actuary Tables Used For Age Adjusting Lump Sum Payments
Use of Actuary Tables
Life Tables, based from data provided by the Australian Government Actuary, are used for the calculations of a range of different payments available under Veterans’ Entitlements Act 1986 (VEA), the Military Rehabilitation and Compensation Act 2004 (MRCA) and the Military Rehabilitation and Compensation (Consequential and Transitional Provisions) Act 2004 (MRC(C&TP)A).
Life tables change from time to time as living conditions improve and both men and women enjoy an increasing average life expectancy. The Australian Government Actuary issues instructions and data to the Department of Veterans’ Affairs on how to apply the respective Life Tables to different calculations. These life tables are used to apply to calculating age-based lump sums and for converting lump sums to weekly payment equivalents. This helps ensure that a person receives the same amount of compensation, irrespective of the method of payment and that people are compensated appropriately.
More detailed information on the application of life tables to different payment calculations can be viewed via the CLIK Policy section on the relevant payment (for example MRCA Permanent Impairment Lump Sum use of life tables are detailed in Chapter 5 – Part 11.2, of the PI manual)
Last amended: 26 March 2013