20IIndexation of pensions

20I Indexation of pensions S. 20I(1) def. of *prescribed half year* substituted by No. 44/2014 s. 33(Sch. item 10(2)). ***prescribed half year*** means the half year ended 31 December 1986 or any subsequent half year ending on 30 June or 31 December for which the consumer price index is higher than the previous highest consumer price index in or since the half year ended 31 December 1986; ***prescribed proportion*** in relation to a prescribed half year after 31 December 1986 means— **A** is the consumer price index number for the prescribed half year; **B** is the consumer price index number for the next preceding prescribed half year. (2) If the prescribed proportion consists of, or includes a fraction of, a whole number, it must be calculated to the nearest one-hundredth part. (3) Any pension under section 20F or 20G must— (a) if it is then payable, be increased on the payment of the first instalment of pension in the month of June or December by an amount equal to one-sixth of the prescribed proportion for the next preceding prescribed half year (if any) of the pension for every whole month or part of a month during the preceding half year in respect of which a pension has been payable; or (b) if for any reason it is not then payable, be notionally so increased as if then payable. (4) Where any increase in any pension is likely to jeopardise the granting of any pension, allowance, subsidy, concession or similar benefit to the pensioner under any Act of the Commonwealth, the Board on receipt of a request in writing from the former contributor may commute to a lump sum the increase in the pension on such terms and conditions as may from time to time be determined by the Board after considering the advice of an actuary. S. 20J inserted by No. 82/1996 s. 10, amended by No. 13/1999 s. 4.