55Increases in maximum benefit limits

55 Increases in maximum benefit limits

(1) This rule is to have effect, on 1 July 1991 and each subsequent 1 July, as if there were substituted for: (aa) each amount referred to in paragraph 2(a) or 4(a) of Schedule 3; and (a) each amount referred to in the definition of lump sum maximum benefit multiple in Schedule 3; and (b) each amount referred to in the definition of pension maximum benefit multiple in Schedule 3; or for the amount last substituted for that amount under this rule (in this rule referred to as the base amount) a new amount calculated by: (c) multiplying the base amount by the index number for the December quarter immediately preceding that 1 July; and (d) dividing the product by the index number for the December quarter of the previous year. (2) Subject to subrule (3), if at any time, whether before or after the commencement of these Rules, the Statistician publishes an index number in respect of a particular December quarter in substitution for an index number previously published, that later index number is to be disregarded for the purposes of this rule. (3) If any time the Statistician changes the reference base for the index numbers, regard is to be had, for the purposes of the operation of this rule after the change took place, only to index numbers published in terms of the new reference base. (4) Where an amount to be substituted under this rule is not a whole number multiple of $10, it is to be increased to the nearest whole number multiple of $10. (5) In this rule:

index number, in relation to a quarter, means the amount of the full‑time adult average weekly ordinary time earnings first published by the Statistician for the middle month of that quarter.