Social Security (Exempt Lump Sum – BT Funds Management Limited Remediation Payments) Determination 2022 (Cth)

Social Security (Exempt Lump Sum – BT Funds Management Limited Remediation Payments) Determination 2022

I, Andrea Wallace-Green, Acting Branch Manager of the Payment Structures and Seniors Branch in the Department of Social Services, make the following Determination.

Dated   12 September 2022                             

Andrea Wallace-Green

Acting Branch Manager of the Payment Structures and Seniors Branch

Delegate of the Secretary of the Department of Social Services

Contents

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Definitions................................................................................................................................ 1

5  Exempt Lump Sums................................................................................................................. 2

1  Name

This instrument is the Social Security (Exempt Lump Sum – BT Funds Management Limited Remediation Payments) Determination 2022.

2  Commencement

(1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1.  The whole of this instrument	1 December 2021	1 December 2021

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

(2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

This instrument is made under paragraph 8(11)(d) of the Social Security Act 1991.

4  Definitions

Note: A number of expressions used in this instrument are defined in section 23 of the Act, including the following:

(a)   exempt lump sum;

(b)   Secretary;

(c)    social security law;

(d)    social security payment.  

In this instrument:

Act means the Social Security Act 1991.

BT Funds Management Limited means BT Funds Management Limited (Australian Company Number 002 916 458) as the trustee of Retirement Wrap (Australian Business Number 39 827 542 991, Unique Superannuation Identifier BTA0287AU).

BT Funds Management Limited Remediation Payment means a lump sum payment made by BT Funds Management Limited to, or on behalf of, a person whose social security payments were affected by BT Funds Management Limited incorrectly reporting gross annual income amounts to the Secretary, or his or her delegate, for the purposes of the social security law.

Relevant period means 1 December 2021 to 30 June 2023.

5  Exempt Lump Sums

For the purposes of paragraph 8(11)(d) of the Act, the amount of a BT Funds Management Limited Remediation Payment, made in the relevant period, is an exempt lump sum.