73AReduction of invalidity pensions because of earnings

73A Reduction of invalidity pensions because of earnings

(1) In this section:

earnings rate, in relation to an invalidity pensioner, means the amount per annum last estimated by CSC under subsection (3) as the annual rate of the personal earnings of the pensioner.

invalidity pensioner means a person to whom invalidity pension is payable and who has not attained the age of 65 years.

personal earnings, in relation to an invalidity pensioner, means salary, wages, fees or other amounts received by the pensioner for services rendered, or work performed, by the pensioner, and includes:

(a) remuneration paid to the pensioner as the director of a company; and
(b) commission received by the pensioner for canvassing, collecting or similar activities.

prescribed maximum rate means:

(a) immediately before 1 January 2002—the rate that was the prescribed maximum rate under this section immediately before the commencement of item 1 of Schedule 2 to the Superannuation Legislation Amendment (Indexation) Act 2001; or
(b) on or after 1 January 2002—the rate that is the prescribed maximum rate because of subsection (2).

prescribed percentage, in relation to a prescribed half‑year, means the prescribed percentage in relation to that half‑year for the purposes of section 148.

prescribed half‑year means a prescribed half‑year within the meaning of Part X.

relevant maximum rate, in relation to an invalidity pensioner, means:

(a) the prescribed maximum rate; or
(b) 75% of the amount per annum worked out by increasing the final annual rate of salary of the pensioner by the same percentage as any overall percentage increase in AWOTE that occurred during the period since the pensioner ceased to be an eligible employee (being an overall increase worked out from estimates of changes in AWOTE in respect of the period published by the Australian Statistician, other than estimates published in substitution for earlier estimates);

whichever is the greater.

relevant pension rate, in relation to an invalidity pensioner, means:

(a) where the pensioner did not make an election under section 68 or 71—the annual rate of the invalidity pension of the pensioner; or
(b) where the pensioner made such an election—the rate that would have been the annual rate of that pension if the pensioner had not made the election.