Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p6
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 6/32)
Character Range: 1396611–1399234

trustee of a trust of which the person is the beneficiary.
pay to the injured person's estate includes pay to the trustee of a trust established by the *injured person's will.

54‑40  Requirement for minimum monthly level of support
 (1) Either:
 (a) the *annuity instrument must provide; or
 (b) if there is more than one *annuity provided under the *structured settlement or *structured order—the annuity instruments for all of those annuities that satisfy the other conditions in this Subdivision, taken as a whole, must provide;
that at least once a month for the life of the *injured person, he or she is to be paid an amount that equals or exceeds the minimum monthly level of support.
 (2) The minimum monthly level of support means:
 (a) for the year starting on the *date of the settlement or order—one twelfth of the amount that is, on that date, the sum of:
 (i) the maximum basic rate of age pension payable to a person in accordance with item 1 of Table B in point 1064‑B1 of Pension Rate Calculator A in section 1064 of the Social Security Act 1991; and
 (ii) the amount of a person's pension supplement, worked out (using that maximum basic rate) in accordance with Module BA of that Pension Rate Calculator; and
 (b) for any subsequent year starting on an anniversary of the date of the settlement or order:
 (i) if the indexation factor for the year (see subsection (3)) is greater than 1—the amount worked out under subsection (4); or
 (ii) otherwise—the minimum monthly level of support for the previous year.
Note: In working out the rate and amount that count for the purposes of paragraph (a), the effect of the indexation provisions in sections 1191 to 1195 of the Social Security Act 1991 must be taken into account. The indexed figures are available from the Department administered by the Minister administering the Human Services (Centrelink) Act 1997.
 (3) The indexation factor for a year is to be worked out on the anniversary of the *date of the settlement or order in accordance with the formula:
where:
base year means:
 (a) if there have been one or more previous years for which the indexation factor was greater than 1—the year ending immediately before the most recent year for which the indexation factor was greater than 1; or
 (b) otherwise—the year ending immediately before the *date of the settlement or order.
Note: This has effect subject to subsection (6).
 (4) If the indexation factor for a year is greater than 1, then the minimum monthly level of support for the year is the amount worked out in accordance with the following formula:
 (5) The results under subsections (3)