61AIncreases in certain unfunded preserved benefits

61A Increases in certain unfunded preserved benefits

(1) Subject to this Division, if the all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the March quarter of the year immediately preceding a prescribed year exceeds the highest all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the March quarter of any earlier year, not being a year earlier than the year that commenced on 1 July 1989, then where, immediately before the commencement of that prescribed year, a preserved benefit is applicable to a person, or has become payable in respect of a deceased person but has not been paid, the amount of the unfunded preserved benefit in relation to that person immediately before the commencement of that year is increased. (2) The increase provided for by subrule (1) in the amount of the unfunded preserved benefit in relation to a person, immediately before the commencement of a prescribed year (in this rule called a relevant prescribed year), is the percentage of that rate or amount that represents A  B expressed as a percentage of B, where:

A is the all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the March quarter of the year immediately preceding the prescribed year; and

B is the highest all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the March quarter of the later of:

(a) the year preceding the prescribed year; and
(b) the year that commenced on 1 July 1990.