Social Security Exempt Lump Sum (Compensation paid by Aviva Australia) (FaCSIA) Determination 2007 (Cth)

Social Security Exempt Lump Sum (Compensation paid by Aviva Australia) (FaCSIA) Determination 2007

Social Security Act 1991

I, Nick Hartland, Branch Manager, Seniors and Means Test Branch and a delegate of the Secretary of the Department of Families, Community Services and Indigenous Affairs, make this determination under paragraph 8(11)(d) of the Social Security Act 1991[1].

[1]This determination has effect in relation to provisions of the Social Security Act 1991 in so far as they relate to matters for which the Minister for Families, Community Services and Indigenous Affairs has responsibility under the Administrative Arrangements Order.

Dated             29 June              2007

N Hartland

Branch Manager, Seniors and Means Test Branch

Part 1        Preliminary

1   Name of determination

This determination is the Social Security Exempt Lump Sum (Compensation paid by Aviva Australia) (FaCSIA) Determination 2007.

2   Commencement

This determination commences on the day after registration with the Federal Register of Legislative Instruments.

3   Interpretation

In this determination:

Act means the Social Security Act 1991;

Compensation payment means:

a one-off compensation payment paid by Aviva Australia to certain people whose social security payments were affected (directly or indirectly) as a result of Aviva Australia incorrectly recording the purchase price amount which was recorded for one or more of the following income stream products:

(i) Navigator Personal Retirement Plan - Allocated Pension;

(ii) Navigator Personal Retirement Plan - Growth Pension;

(iii) the PremiumChoice Retirement Service - Allocated Pension.

Social security payment has the same meaning as in the Social Security Act 1991.

Part 2        Exempt Lump Sums

4   Amount or class of amounts

(1) Paragraph 8(11)(d) of the Act provides that the Secretary may determine that an amount or class of amounts received by a person, is an exempt lump sum.

(2)        If a person receives a compensation payment, any amount of that compensation payment received by the person is an exempt lump sum.

5   Application—Exempt Lump Sums

An amount received on or after the date of commencement of this determination, by a person referred to in subsection 4(2) of this determination, is an exempt lump sum for the purposes of paragraph 8(11)(d) of the Act from the date that the amount was received.