Special Rate Disability Pension
As one of Australia’s leading military finance advisers, APEX Financial Services Group specialise in the Special Rate Disability Pension (SRDP). We understand the sacrifices made by our defence personnel in service to our country. That’s why we are committed to providing support to those who have been injured or disabled while serving our nation.
We have put together some of the most commonly asked questions from our clients, about the Special Rate Disability Pension. If you have a question which is not answered here, contact the friendly and professional team at APEX FSG – we are here to help.
Phone: (07) 3180 8831
Email: admin@apexfsg.com.au
FAQ’s about the Special Rate Disability Pension
What is the Special Rate Disability Pension (SRDP)?
The SRDP is a payment provided to eligible veterans who have been severely impacted by their service-related injuries or illnesses, significantly affecting their ability to work.
Who is eligible for the SRDP ?
Eligibility for the SRDP includes veterans who have an impairment rating of 50 or more points under MRCA, have a condition that prevents them from working more than 10 hours per week, and are under the age of 65.
How is the SRDP different from other disability pensions?
The SRDP specifically addresses severe impairments that significantly restrict a veteran’s capacity to work, providing a higher rate of compensation compared to other disability pensions.
How is the amount of SRDP determined?
The SRDP amount is adjusted annually in line with the Consumer Price Index (CPI).
Can SRDP recipients work while receiving the pension?
SRDP recipients can work, but their earnings must not exceed a certain threshold. Working more than 10 hours per week or exceeding the earnings limit may affect eligibility.
What is the relationship between SRDP and other veteran benefits?
Veterans eligible for SRDP may also be entitled to other benefits, such as the Totally and Permanently Disabled insurance. If a privately held policy is in force or TPD insurance is held within your retail or industry superannuation fund, you may be able to claim. You will still need to meet the requirements & definitions of the particular fund to have the insurance claim approved.
How do I apply for the SRDP?
Veterans can apply for the SRDP through the Department of Veterans’ Affairs (DVA) by submitting the necessary forms and medical evidence to support their claim.
What happens if my application for SRDP is denied?
If an application is denied, veterans can request a review of the decision or appeal to the Veterans’ Review Board (VRB) for reconsideration.
Are there any additional support services available for SRDP recipients?
Yes, SRDP recipients may have access to various support services, including medical treatment, rehabilitation programs, and financial counselling to assist with their overall well-being.
Is the SRDP taxable?
No, the SRDP is not considered taxable income, and recipients do not pay tax on this payment if elected.
If I elect to remain on Incapacity payments and decline the SRDP offer, will I still receive a TPI Gold Card?
Yes, the election between SRDP or remaining on Incapacity payments is irrelevant to the TPI gold card. The fact you are SRDP eligible allows you to retain the TPI gold card.
How does the Invalidity Service Pension interact with the election?
If you have qualifying service (warlike) and receive an SRDP offer letter, you will also be eligible for the Invalidity Service Pension (ISP). ISP is a means tested income similar to the Service Pension or Age Pension. If you have qualifying service and it is registered with DVA, you will receive an offer for ISP attached to your SRDP offer letter. It is important to seek personal financial advice in relation to the Invalidity Service Pension as there are a number of variables which can impact the amount received on both a short and long term basis.
APEX Financial Services Group can assist you with your application for the Special Rate Disability Pension
Understanding these aspects of the Special Rate Disability Pension can help veterans and their families navigate the application process and manage their entitlements more effectively. For more financial assistance and to guide you through the SRDP application process, our team of experienced advisers are here to help.
Contact APEX FSG today on to start your application process for the Special Rate Disability Pension.
Phone: (07) 3180 8831
Email: admin@apexfsg.com.au