Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) the Commonwealth is liable to make weekly payments of compensation to a former employee in respect of an injury resulting in an incapacity; and
(b) the amount of those payments if $62.99 per week or less; and
(c) the MRCC is satisfied that the degree of the former employee's incapacity is unlikely to change;
the MRCC must, on written request by the former employee, make a determination that the liability of the Commonwealth to make further payments to the former employee be redeemed by the payment to the former employee of a lump sum.
(2) The amount of the lump sum is the sum of:
(a) the amount worked out using the formula in subsection (3); and
(b) the amount worked out using the formula in subsection (4).
(3) The formula for the purposes of paragraph (2)(a) is:
(4) The formula for the purposes of paragraph (2)(b) is:
(5) For the purposes of this section:
"amount per week" means the amount of compensation per week payable to the former employee.
"specified number" means the number specified by the Minister for the purposes of subsection 30(2).
"n" means the number worked out using the formula:
where:
"number of days" means the number of days in the period beginning on the day after the day on which the determination is made and ending on the day immediately before the day on which the employee reaches pension age.
"reduced amount per week" means the amount per week less the amount calculated under the formula in section 134.
"l" means the number worked out in using the formula:
"expectation of life" means the number of years in the complete expectation of life of the former employee at the date of the determination, as ascertained by reference to the latest Australian Life Tables published by the Australian Statistician.
"age" means the number of completed years in the age of the former employee at the date of the determination.