63Half-yearly adjustments to pensions

63 Half-yearly adjustments to pensions

(1)  A pension under these regulations, other than an interim pension payable under regulation 45 , is to be increased by the Commission in each half-year in accordance with this regulation.

(2)  As soon as practicable after the end of the first quarter in each half-year, the Commission is to obtain from the Australian Statistician a notice specifying the percentage by which the Consumer Price Index for that quarter is greater or less than the Consumer Price Index for the preceding half-year.

(3)  As soon as practicable after obtaining a notice under subregulation (2) , the Commission is to declare the percentage by which pensions are to be increased in respect of the half-year following the relevant date mentioned in that subregulation.

(4)  A percentage declared under subregulation (3) in respect of a half-year is to be the same as the percentage specified in the notice obtained by the Commission under subregulation (2) .

(5)  Despite subregulation (4) , if the percentage specified in the notice obtained by the Commission under subregulation (2) is a negative, the percentage declared under subregulation (3) is to be zero.

(6)  An increase in a pension in respect of any half-year made under this regulation is to be made –

(a) by increasing the rate at which, immediately before the making of the adjustment, the pension was payable by the percentage declared in respect of that half-year under subregulation (3) ; and

(b) so as to operate from and including the first pay-day in that half-year.

(7)  The following provisions apply to the first increase of a pension that first becomes payable under this regulation:

(a) in the case of a pension that comes into force during the first quarter of any half-year, the first increase to that pension is to be made so as to operate from the first pay-day after the end of that half-year;

(b) in the case of a pension that comes into force during the second quarter of any half-year, the first increase to that pension is to be made so as to operate from the first pay-day after the end of the half-year next following that half-year;