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Social Security and Other Legislation Amendment (Pension Reform and Other 2009 Budget Measures) Bill 2009

Schedule 11 Pension age

   

Social Security Act 1991

1  Subsection 23(5A)

Repeal the subsection, substitute:

Pension age

          (5A)  A man born during the period specified in column 2 of an item in the following table reaches pension age when he turns the age specified in column 3 of that item.

 

Table—Pension age for men

Column 1

Item

Column 2

Period during which man was born

Column 3

Pension age

1

On or before 30 June 1952

65 years

2

1 July 1952 to 31 December 1953

65 years and 6 months

3

1 January 1954 to 30 June 1955

66 years

4

1 July 1955 to 31 December 1956

66 years and 6 months

5

On or after 1 January 1957

67 years

2  Subsection 23(5D)

Repeal the subsection, substitute:

          (5D)  A woman born during the period specified in column 2 of an item in the following table reaches pension age when she turns the age specified in column 3 of that item.

 

Table—Pension age for women

Column 1

Item

Column 2

Period during which woman was born

Column 3

Pension age

1

1 January 1949 to 30 June 1952

65 years

2

1 July 1952 to 31 December 1953

65 years and 6 months

3

1 January 1954 to 30 June 1955

66 years

4

1 July 1955 to 31 December 1956

66 years and 6 months

5

On or after 1 January 1957

67 years