40Pensions to be paid in fortnightly instalments

40 Pensions to be paid in fortnightly instalments

(1) Pensions under this Act are payable in fortnightly instalments. (2) The amount of a fortnightly instalment of a pension is the sum of the daily amount of the pension for each day that is in the fortnight and is a day for which the pension was payable. (3) The daily amount of the pension for a day is 1/365 of the annual amount of the pension, worked out using the annual rate of the pension on that day and rounded to the nearest cent (rounding half a cent upwards).