Document ID: chunk:federal_register_of_legislation:C2025C00162:clause:1a_1221:p1
Version: federal_register_of_legislation:C2025C00162
Segment Type: clause
Provision Reference: sch 1A cl 1221 (pt 1/2)
Character Range: 2702232–2705004

1221  Pension Portability Rate Calculator
  This section sets out the Pension Portability Rate Calculator for the purposes of this Part.

Pension Portability Rate Calculator

Module A—Overall rate calculation process

Overall rate calculation process
 1221‑A1 This is how to calculate a person's portability rate:

      Method statement
           Step 1. Work out the period of the person's Australian working life residence using Module B: the result is called the residence period.
           Step 2. Use the person's residence period to work out the person's residence factor using Module C below.
           Step 3. Work out the rate that would be the person's pension or allowance rate if this Rate Calculator did not apply to the person: the result is called the person's notional domestic rate.
           Step 4. Multiply the person's notional domestic rate by the person's residence factor: the result is the person's portability rate.

Limit in portability rate
 1221‑A2 If a person's portability rate as calculated under point 1221‑A1 would exceed the rate (the notional rate) that would be the person's notional domestic rate under that point if the person had a residence factor of 1, the person's portability rate is the rate that equals the notional rate.

Former recipients of widow B pension
 1221‑A3 If:
 (a) immediately before 20 March 2020, a woman was receiving a widow B pension under Part 2.8; and
 (b) the woman had become qualified for the widow B pension because of the woman's partner's death; and
 (c) on a day on or after 20 March 2020, the woman's rate of age pension is worked out as mentioned in section 1220A; and
 (d) on that day, that partner's period of Australian working life residence (immediately before that partner's death) exceeds the woman's period of Australian working life residence on that day; and
 (e) on that day, the woman is not a member of a couple;
then, for the purposes of working out that rate of age pension, the woman's period of Australian working life residence is taken to be equal to that partner's period of Australian working life residence (immediately before that partner's death).

Former recipients of wife pension
 1221‑A4 If immediately before 20 March 2020:
 (a) either:
 (i) a woman was receiving a wife pension under Part 2.4; or
 (ii) a woman was receiving a wife pension under a scheduled international social security agreement; and
 (b) the woman was a member of a couple; and
 (c) the rate of the woman's wife pension was required to be worked out having regard to the woman's period of Australian working life residence; and
 (d) the woman's period of Australian working life residence was taken to be equal to the period of Australian working life residence of the woman's partner;
then,