64CIndexation of pensions

64C Indexation of pensions

s. 64C

S. 64C(1) amended by No. 120/1994 s. 11, substituted by No. 44/2014 s. 33(Sch. item 20).

(1) In this section—

prescribed half year means the half year ended 30 June 1989 or any subsequent half year ending on 31 December or 30 June in respect of which the all groups consumer price index for Melbourne in original terms is higher than the previous highest all groups consumer price index for Melbourne in original terms for a half year ending on 31 December or 30 June in or since the half year ended on 30 June 1989;

prescribed percentage in relation to a prescribed half year after 30 June 1989 means the percentage calculated to 2 decimal places in accordance with the formula—

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where—

A is the all groups consumer price index for Melbourne in original terms for the prescribed half year;

B is the all groups consumer price index for Melbourne in original terms for the next preceding prescribed half year.

S. 64C(2) amended by No. 120/1994
s. 12.

(2) A pension under this Act, together with any supplementary pension granted under the Pensions Supplementation Act 1966 (whether granted before on or after the repeal of the Pensions Supplementation Act 1966), must—

(a) if it is then payable, be increased on the payment of the first instalment of pension in the month of December or June by an amount equal to one-sixth of the prescribed percentage for the next preceding prescribed half year (if any) of the pension for every whole month or part of a month during the preceding half year in respect of which a pension has been payable; or

s. 64C

(b) if for any reason it is not then payable, be notionally so increased as if then payable.

S. 64C(3) amended by No. 120/1994

(3) If a pensioner becomes liable to have the amount of any pension, allowance, subsidy, concession or other benefit payable to the pensioner under the Social Security Act 1947 of the Commonwealth or the Veterans' Entitlements Act 1986 of the Commonwealth reduced by reason of an increase in the amount of the pensioner's fortnightly pension entitlement under this Act, the ESS Board may, on the application in writing of the pensioner at any time within the period commencing 3 months before the date on which the reduction is due to take effect and ending 3 months after the date on which the reduction took effect, convert the amount of the increase in the pensioner's fortnightly pension entitlement to an equivalent entitlement by way of a lump sum payment as determined by an actuary appointed by the Board.