Social Security and Other Legislation Amendment (Pension Reform and Other 2009 Budget Measures) Act 2009 (60 of 2009)

Schedule 4   Pension supplements

Part 3   Seniors supplement and quarterly pension supplement

Social Security Act 1991

33   Part 2.25B

Repeal the Part, substitute:

Part 2.25B - Seniors supplement

Division 1 - Qualification and payability

1061U Qualification for seniors supplement

A person is qualified for seniors supplement if the person is the holder of a seniors health card.

1061UA When seniors supplement is payable

(1) Seniors supplement is payable to a person in relation to each day on which the person is qualified for the supplement.

(2) However, seniors supplement is not payable to the person in relation to a day if:

(a) before that day:

(i) the person had elected not to be covered by this Part; and

(ii) that election had not been withdrawn; or

(b) subsection 55(5) (failing to nominate a bank account) of the Administration Act applies to the person.

Division 2 - Rate of seniors supplement

1061UB Rate of seniors supplement

(1) The person's annual rate of seniors supplement is the amount worked out by:

(a) applying the applicable percentage in the following table to the combined couple rate of minimum pension supplement; and

(b) if:

(i) the person is not partnered; and

(ii) the amount resulting from paragraph (a) is not a multiple of $2.60;

rounding the amount up or down to the nearest multiple of $2.60 (rounding up if the amount is not a multiple of $2.60 but is a multiple of $1.30).

Note: For combined couple rate of minimum pension supplement , see subsection 20A(2).

(2) The person's daily rate of seniors supplement is worked out by dividing the person's annual rate by 364.

Part 2.25C - Quarterly pension supplement

1061V When this Part applies

(1) This Part applies to a person if:

(a) a pension supplement amount is used to work out the rate of the person's social security payment (the main payment ); and

(b) the annual rate of that pension supplement amount is more than the person's pension supplement basic amount.

Note: A pension supplement amount that is more than the person's pension supplement basic amount contains a minimum component. The person may elect under this Part to receive that minimum component on a quarterly basis as a separate social security payment.

(2) For the purposes of paragraph (1)(b), if the Rate Calculator for the main payment produces a fortnightly rate, then multiply the person's pension supplement amount by 26 to get the annual rate of that pension supplement amount.

(3) For the purposes of subsection (1), it does not matter if the rate of the person's main payment would become nil were an election by the person under subsection 1061VA(1) to come into force.

1061VA Quarterly pension supplement

(1) The person may, in a manner or way approved by the Secretary, make an election to receive the person's minimum pension supplement amount on a quarterly basis as a separate social security payment.

(2) An election comes into force as soon as practicable after it is made.

(3) The person may, in a manner or way approved by the Secretary, revoke an election. A revocation takes effect as soon as practicable after it happens.

(4) Quarterly pension supplement is payable to the person in relation to each day on which an election is in force.

1061VB Rate of quarterly pension supplement

(1) The person's annual rate of quarterly pension supplement is the person's minimum pension supplement amount.

(2) The person's daily rate of quarterly pension supplement is worked out by dividing the person's annual rate by 364.

(3) This section has effect subject to subsection 1210(3).