Where:
(a) a person who is receiving a service pension, income support supplement or a veteran payment is given a notice under section 54; and
(b) the notice requires the person to inform the Department or a specified officer of the occurrence of an event or change in circumstances within a specified period (in this section called the notification period ); and
(c) the event or change in circumstances occurs; and
(d) the person does not inform the Department or specified officer of the occurrence of the event or change in circumstances within the notification period in accordance with the notice; and
(e) because of the occurrence of the event or change in circumstances, the person's rate of pension, income support supplement or veteran payment is to be reduced;
then, except where otherwise provided for by this Act, the pension, income support supplement or veteran payment becomes payable to the person at the reduced rate on the day on which the event or change in circumstances occurs.