Veterans Well-being Act

Marginal note:Eligibility — veteran in receipt of long-term disability benefit

• 40.2 (1) The Minister may, on application, pay a retirement income security benefit to a veteran who

  • (a) attained the age of 65 years after March 31, 2006 but before the prescribed date;

  • (b) on the day before the day on which they attained the age of 65 years was, as a result of being totally disabled, in receipt of long-term disability benefits under the Service Income Security Insurance Plan Long Term Disability; and

  • (c) is eligible for a disability award under section 45 or a disability pension under the Pension Act.

• Marginal note:When benefit payable

  (2) The retirement income security benefit begins to be payable on the later of

  • (a) the day after the day on which the veteran attains the age of 65 years, and

  • (b) the day that is one year before the day on which the Minister determines that the veteran is entitled to the benefit.

• Marginal note:Duration of benefit

  (3) The retirement income security benefit ceases to be payable on the last day of the month in which the veteran dies.

• Marginal note:Amount of benefit

  (4) Subject to the regulations, the monthly amount of the retirement income security benefit that is payable to a veteran shall be determined in accordance with the formula

  (A + B) – C

  where

  A

  is 70% of the earnings loss benefit to which the veteran would have been entitled, had the veteran applied, for the month in which they attain the age of 65 years, calculated as if the benefit were payable for that entire month and not taking into account amounts that would have been payable to the veteran from prescribed sources referred to in subsection 19(1);

  B

  is 70% of the career impact allowance, including any increase to it under subsection 38(3), payable to the veteran for the month in which they attain the age of 65 years; and

  C

  is the total amount that is payable to the veteran for a month from prescribed sources.

• Marginal note:Regulations

  (5) The Governor in Council may make regulations

  • (a) providing for the periodic adjustment of the total value of A and B in subsection (4); and

  • (b) respecting the determination, for the purpose of the value of C in subsection (4), of an amount payable to a veteran for a month.