67Instalments of pensions and associate pensions

67 Instalments of pensions and associate pensions

(1) Pensions and associate pensions are to be paid in fortnightly instalments on pension pay‑days. (2) The amount of a fortnightly instalment of pension or associate pension is an amount ascertained by dividing the amount per annum of the pension or associate pension by 26. (3) Where the amount of a fortnightly instalment of pension or associate pension includes a fraction of a cent: (a) if the fraction is less than one‑half of a cent—the amount of the instalment is taken 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 is taken to be increased by treating the fraction as one cent. (4) The amount of pension payable in respect of a day is one‑fourteenth of the amount of the fortnightly instalment of the pension or associate pension.