Div 4Rate of Pensions.

Division 4.—Rate of Pensions. Rate of pension. 28.—(1.) Subject to this Part, the rate of an age or invalid pension shall in each case be a rate determined by the Director-General as being reasonable and sufficient, having regard to all the circumstances of the case, but shall not exceed the rate of Ninety-seven pounds ten shillings per annum. (2.) The annual rate at which an age or invalid pension is determined shall be reduced— (a) except in the case of a permanently blind claimant or pensioner, by the amount (if any) by which the income of the claimant or pensioner, apart from the pension, exceeds Fifty-two pounds per annum; and (b) by One pound for every complete Ten pounds of that portion of the value of the property of the claimant or pensioner which exceeds Fifty pounds but does not exceed Four hundred pounds, and by Two pounds for every complete Ten pounds of the remainder (if any) of the value of that property. Computation of income. 29.—(1.) In the computation of income for the purposes of this Part— (a) the value of board or lodging, or of board and lodging, received by a person shall not exceed Thirty-two pounds ten shillings per annum; and (b) where a child under the age of sixteen years is dependent on a person, the income of that person shall be reduced by the amount of Twenty-six pounds per annum, less the annual amount of any payment received by that person for or in respect of that child. (2.) For the purposes of this Part, the income of a husband or wife shall— (a) except where they are living apart in pursuance of a separation agreement in writing or of a decree, judgment or order of a court; or (b) unless, for any special reason, in any particular case, the Director-General otherwise determines, be deemed to be half the total income of both. Computation of value of property. 30.—(1.) In the computation of the value of property for the purposes of this Part— (a) there shall be disregarded— (i) the value of any property which is owned by a claimant or pensioner or by his spouse and is the permanent home of the claimant or pensioner; (ii) the value of any furniture and personal effects; (iii) the surrender value (not exceeding Two hundred pounds in the aggregate) of any life insurance policy or policies; (iv) the capital value of any life interest or annuity; (v) the value of any contingent interest; (vi) the present value (not exceeding Five hundred pounds in the aggregate) of any reversionary interest or interests; (vii) the value of any property (not being a contingent or reversionary interest) to which a person is entitled from the estate of a deceased person but which has not been received by that person; and (viii) the amount of any war gratuity under the War Gratuity Acts 1920 or the War Gratuity Act 1945; (b) there shall be deducted the amount of any charge or encumbrance lawfully existing on the property, other than property the value of which is disregarded under the last preceding paragraph; (c) the Director-General may disregard the value of an interest in property, other than property the value of which is disregarded under paragraph (a) of this sub-section, where— (i) a charge or encumbrance is lawfully existing on the property; and (ii) in the opinion of the Director-General, the property cannot be realized except at a considerable loss; and (d) where a person has sold his home on terms and has purchased another home, also on terms, there shall be set off against the amount of the balance due to him from time to time in respect of the sale of the former home the amount of the balance due by him from time to time in respect of the purchase of the latter home. (2.) For the purposes of this Part, the value of the property of a husband or wife shall— (a) except where they are living apart in pursuance of a separation agreement in writing or of a decree, judgment or order of a court; or (b) unless, for any special reason, in any particular case, the Director-General otherwise determines, be deemed to be half the sum of the value of the property of the husband and the value of the property of the wife, as computed, in any case in which the last preceding sub-section is applicable, in accordance with that sub-section.