Redemptions—liabilities associated with weekly payments
53 Redemptions—liabilities associated with weekly payments
A liability to make weekly payments under
Division 4 may, by agreement between the worker and the Corporation, be redeemed by a capital payment to the worker.
An agreement for the redemption of a liability under this section cannot be made unless—
the worker has received competent professional advice about the consequences of redemption; and
the worker has received financial advice from a qualified financial adviser about the investment or use of money to be received on redemption;
and
the Corporation has consulted with the employer out of whose employment the injury arose and has considered any representations made by the employer; and
a recognised health practitioner has certified that the extent of the worker's incapacity resulting from the work injury can be determined with a reasonable degree of confidence.
The amount of the redemption payment is to be fixed by the agreement.
If the Corporation notifies a worker in writing that it is prepared to enter into negotiations for the redemption of a liability by agreement under this section, the Corporation is liable to indemnify the worker for reasonable costs of obtaining the advice required under this section up to a limit prescribed by regulation.
In the case of a seriously injured worker, this section applies subject to any election made by the worker under
Part 5Division 1.
In addition, a seriously injured worker who has made an election under section 56A cannot enter into an agreement for the redemption of a liability under this section for the injury or injuries for which the election was made.
The following decisions are not reviewable:
a decision of the Corporation not to agree to a redemption under this section;
a decision on the amount of a redemption.
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