Social Welfare Act, 1992
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Proceeds derived from sale of pensioner's principal residence exempt from assessment of means. |
13.—(1) The Third Schedule to the Principal Act is hereby amended by the substitution for Rule 1A (inserted by section 35 of the Act of 1990 and in this section referred to as the “existing Rule”) of the following Rule: | |
“1A. (1) Notwithstanding the provisions of this Schedule, for the purposes of old age pension, the gross proceeds derived from the sale of the principal residence of the claimant or pensioner, or, in the case of a married couple who are living together, the spouse of the claimant or pensioner where such spouse has attained pensionable age, shall not, subject— | ||
(a) to such limit, | ||
(b) to such conditions, | ||
(c) in such circumstances, and | ||
(d) for such periods, | ||
as shall be prescribed, be taken into account in calculating the means of the claimant or pensioner. | ||
(2) Notwithstanding the provisions of this Schedule, for the purposes of— | ||
(a) widow's (non-contributory) pension, | ||
(b) deserted wife's allowance, | ||
(c) prisoner's wife's allowance, or | ||
(d) lone parent's allowance, | ||
where the claimant or recipient has attained pensionable age, the gross proceeds derived from the sale of the principal residence of the claimant or recipient shall not, subject— | ||
(i) to such limit, | ||
(ii) to such conditions, | ||
(iii) in such circumstances, and | ||
(iv) for such periods, | ||
as may be prescribed, be taken into account in calculating the means of the claimant or recipient. | ||
(3) In this Rule ‘gross proceeds derived from the sale of the principal residence’ means— | ||
(a) the agreed sale price of the residence, or | ||
(b) where the claimant or pensioner purchases alternative accommodation, the difference between the agreed sale price of the former residence and the agreed purchase price of the replacement residence. | ||
(4) Paragraphs (1) and (2) shall not apply to any sums arising from the investment or profitable use of the gross proceeds derived from the sale of the principal residence.”. | ||
(2) Subsection (1) shall come into operation on such day or days as the Minister may appoint by order or orders and different days may be so appointed for the coming into operation of the subsection as respects different provisions of the Rule inserted in the Third Schedule to the Principal Act by the subsection and where an order under this subsection relates to part or parts only of that Rule, the order may provide for the repeal of specified provisions of the existing Rule on a specified day or days. |