59Instalments of pension benefits

#### 59 Instalments of pension benefits (1) Pension benefit shall be paid in fortnightly instalments. (2) The amount of a fortnightly instalment of pension benefit shall be an amount calculated in accordance with the formula:  where P is the amount per annum of the pension benefit. (3) Where the amount of a fortnightly instalment of pension benefit includes a fraction of a cent: (a) if the fraction is less than one‑half of a cent—the amount of the instalment shall be deemed to be reduced by the amount of the fraction; or (b) if the fraction is one‑half of a cent or more—the amount of the instalment shall be deemed to be increased by treating the fraction as one cent. (4) The amount of pension benefit payable in respect of a day is one‑fourteenth of the amount of a fortnightly instalment of the pension benefit.