Workers with a date of injury on or after 5 April 2010 who access pensions from an insured source (income protection insurance) for a compensable injury will have their weekly payment amount calculated taking into account the pension.
Benefits that will not impact on weekly payments:
- any redundancy or severance payments received by the worker (for injuries on or after 5 April 2010 only).
Benefits that will impact on weekly payments:
- income protection or disability pension from an insured source for the compensable injury
- retirement or superannuation disability pension received by the worker that is paid from the worker’s superannuation funds (as long as it is not derived from an insurance policy In this Act — workers compensation cover means insurance or registration required under a law of another State or of a Territory in respect of liability for statutory workers compensation under that law held by the worker) for the injury employer
- superannuation lump sum payment for the worker’s retirement from or cessation or termination of, the injury employer.
Disability pensions (income protection payments)
The worker will be able to access weekly payments, CWE Current Weekly Earnings and insured pension amounts as long as their combined weekly income does not exceed their supplemental pension limit.
Supplemental pension limit
The supplemental pension limit amount is equal to the 100% of the worker’s PIAWE including overtime and shift allowances. For every dollar that the worker’s combined income exceeds the supplemental pension limit, their weekly payments will be reduced by one dollar.
Workers must give notice of receiving pension
Workers must give written notice to the Agent within 14 days of first receiving pension and advise:
- the nature of the pension
- the source of the pension
- the amount of the pension.
The Agent may ask the worker by letter for their consent to contact the insurer directly to obtain this advice. If signed by the worker the consent form is sent to the insurer with a letter to request the required information.