Victorian Current Acts Victorian Current Acts(1) This section applies to a person who, immediately before the commencement of section 13 of the Transport Accident (Amendment) Act 2004 —
(a) was receiving periodic payments in accordance with section 48 as then in force; or
(b) had an accrued entitlement to such payments, regardless of whether or not the person's impairment benefit had been assessed.
(2) Unless the periodic payments are redeemed in accordance with this section or the person accepts an offer made under subsection (4), the person is entitled to continue to receive periodic payments in accordance with section 48 as if sections 11 and 13 of the Transport Accident (Amendment) Act 2004 had not been enacted.
(3) The Commission must make an offer to each person who is, or on attaining the age of 65, will be, entitled to periodic payments in accordance with section 48 as in force immediately before the commencement of section 13 of the Transport Accident (Amendment) Act 2004 to redeem those payments and pay to the person an amount determined in accordance with subsection (5).
S. 56A(4) amended by No. 18/2022 s. 29.
(4) Until a person to whom an offer is made under subsection (3) accepts the offer, the person continues to be entitled to periodic payments in accordance with subsection (2) as calculated in accordance with this Act and the regulations (if any).
(5) The amount payable to a person on redemption of periodic payments is the amount determined in accordance with the formula—
A × B
where—
A is the weekly payment of impairment annuity to which the person is or would become entitled under this section;
B is the number of weeks in respect of which the person would be entitled to periodic benefits but for the redemption—
and qualified by adopting a discount rate of 3 per centum in order to make appropriate allowance for inflation, the income from investment of the sum awarded and the effect of taxation on that income.
(6) In determining the number of weeks for the purposes of subsection (5), a period of less than one week is to be taken to be a complete week.
S. 57 (Heading) inserted by No. 27/2001 s. 4(Sch. 2 item 4.6).