New Life Tables - Redemption arrangements under the SRC Act
10 November 2022
The Australian Bureau of Statistics has published new Life Tables, States, Territories and Australia 2019–2021. The Life Tables are applied to calculate redemption lump sum amounts under section 137 of the Safety, Rehabilitation and Compensation Act 1988 (SRC Act).
Section 137 provides for the redemption of weekly incapacity payments, at the request of a former employee, where those payments are $128.10 a week or less.Former employees are persons who were in receipt of weekly incapacity payments and retired before the commencement of the SRC Act on 1 December 1988.
The weekly amount of $128.10 is indexed annually by way of Consumer Price Index on 1 July.
The Life Tables for 2019-2021 were published by the ABS on 8 November 2022. This information is available on the ABS website. Please refer to the current Life Tables when calculating the 'expectation of life' component under section 137 of the SRC Act.