15CMCalculation of adjustment percentage

15CM Calculation of adjustment percentage

15CM Calculation of adjustment percentage

(1) In this section, relevant day, in relation to a pension, means—

(a) where the pension is payable under section 15BO in consequence of the death of a pensioner—the day on which the deceased pensioner last became a pensioner,

(b) where the pension is payable under section 15BO by reason of section 15BV (14)—the day on which the deceased spouse of the widow or dependent widower entitled to the pension last became, or would, but for the payment of the lump sum under section 15BV, have become, a pensioner, or

(c) in any other case—the day on and from which entitlement to the pension arose.

(2) For the purposes of the definition of adjustment percentage in section 15CK (1), the percentage for a year in relation to a pension shall be calculated as provided by this section.

(3) Where a pension is payable under—

(a) section 15BF, 15BG, 15BH, 15BM or 15BO (including a pension referred to in section 15BV (14)), or

(b) section 15CI to a former contributor within the meaning of section 15BF, 15BG or 15BH or the widow or dependent widower of a former contributor within the meaning of section 15BM,

the calculation for the purposes of subsection (2) in relation to a year is, where the relevant day for the pension is a day that is earlier than 1 July in that year, to be made—

(c) where the Index number for the June quarter in that year is greater than the Index number for the immediately preceding June quarter—in accordance with the following formula—

(d) where the Index number for the June quarter in that year is less than the Index number for the immediately preceding June quarter—in accordance with the following formula—

where—

P represents the percentage to be obtained,

J represents the Index number for the June quarter in that year, and

L represents the Index number for the immediately preceding June quarter.