SOCIAL SECURITY (INTERNATIONAL AGREEMENTS) ACT 1999

PART 3 - CALCULATION OF INTERNATIONAL AGREEMENT PORTABILITY RATES  

Division 1 - Overall rate calculation process  

SECTION 13   OVERALL CALCULATION PROCESS  

13(1)    
A person's international agreement portability rate is worked out as follows:

(a) the period of the person's Australian working life residence in Australia (the residence period ) is worked out according to Division 2;

(b) the person's residence factor is worked out according to Division 3;

(c) the person's notional agreement pension rate is worked out by calculating the rate that would be the person's social security payment rate if this section did not apply to the person but taking into account section 14;

(d) if the person's notional agreement pension rate is nil, the international agreement portability rate is also nil;

(e) if the person's notional agreement pension rate is not nil, add the additional child amount or amounts (that are applicable in accordance with section 14A) to the person's notional agreement pension rate. This new amount is the person's total notional rate ;

(f) multiply the person's total notional rate by the person's residence factor: the result is the person's international agreement portability rate .

(g) (Omitted)

13(2)    

If a person's international agreement portability rate as calculated under subsection (1) would exceed the rate (the notional rate ) that would be the person's notional agreement pension rate under that subsection if the person had a residence factor of 1, the person's international agreement portability rate is the rate that equals the notional rate.