What it does
This Act increases certain retiring pensions provided under the Parliamentary Retiring Allowances legislative scheme and sets the fiscal and administrative mechanics for funding those increases. Mechanically, the Act does three things.
First, it raises the weekly pension rates for persons who, immediately before the commencement, were entitled under the Parliamentary Retiring Allowances Act 1948‑1955 or under the Parliamentary Retiring Allowances Act 1948‑1959 where section 18 of the Parliamentary Retiring Allowances Act 1964‑1966 applied (see s 3(1)(a) and (b)). The increases are specified by a table of weekly pension amounts and the corresponding weekly increases in s 3(1). Subsection 3(2) sets a fixed weekly rate of Forty‑eight dollars sixteen cents for widows who become entitled on the death of an increased male pensioner.
Second, it raises annual pension rates for a class of pensioners identified in relation to service in the twenty‑fourth Parliament. Section 4(1) provides for increases, specified in a table that maps annual pension amounts to annual increases, for persons who, immediately before commencement, were entitled under the Parliamentary Retiring Allowances Act 1948‑1959 and in respect of whose pension section 17 of the Parliamentary Retiring Allowances Act 1964‑1966 applied. Section 4(2) fixes an annual rate of Two thousand seven hundred and twenty‑nine dollars seventeen cents for widows whose husbands were male pensioners whose rates were increased by s 4(1).
Third, the Act creates a funding and accounting rule. Section 5(a) treats the increment (the amount by which a pension paid is greater by virtue of this Act) as though it had not been paid for the purposes of paragraph (a) of section 14 of the Parliamentary Retiring Allowances Act 1948‑1966. Section 5(b) then requires the Commonwealth to pay to the Parliamentary Retiring Allowances Fund an amount equal to that increase. Section 5(c) appropriates money from the Consolidated Revenue Fund for that purpose. Sections 6(1)-(3) make express textual links so that references in sections 9 and 9B of the Parliamentary Retiring Allowances Act 1948‑1966 are read as including payments made under this Act. Finally, s 7 fixes the effective timing: the increases operate from and including the first fortnightly payment of pensions made after the date of commencement.