43Automatic adjustment of pensions

43 Automatic adjustment of pensions

S. 43(1) amended by No. 49/1992 s. 89(a), substituted by Nos 110/1993 s. 151(1), 120/1994 s. 46(1).

S. 43(1) def. of consumer price index substituted by No. 44/2014 s. 33(Sch. item 26(1)).

consumer price index means the all groups price index for all capital cities in original terms published by the Australian Bureau of Statistics;

financial half year means a period of six months ending on 30 June or 31 December;

S. 43(1) def. of prescribed proportion substituted by No. 44/2014 s. 33(Sch. item 26(2)).

prescribed proportion in relation to a prescribed half year means—

A is the consumer price index for the prescribed half year;

B is the consumer price index for the half year ended 30 June 1979 or the highest consumer price index for a financial half year after that date and before the prescribed half year, whichever is the higher;

prescribed half year means the half year ended 30 June 1979 and any subsequent half year ending on 30 June or 31 December in which the consumer price index is higher than the highest consumer price index in or since the half year ended 30 June 1979.

S. 43(1A) inserted by No. 120/1994 s. 46(1).

(1A) Where the prescribed proportion consists of or includes a fraction of a whole number, it is deemed to have been calculated in accordance with this section if it is calculated to the nearest one-hundredth part.

S. 43(2) substituted by Nos 110/1993 s. 151(1), 120/1994 s. 46(1), amended by No. 27/2001 s. 5(Sch. 3 item 4.4).

(2) Subject to subsection (4) in any prescribed half year, any pension to which a member or the partner or child or dependent person of a deceased member is entitled under this Part must—

(a) if it is then payable, be increased on the payment of the first instalment of pension in the month of June or December by an amount equal to one-sixth of the prescribed proportion of the pension that person is receiving under this Part for every whole month or part of a month during which he or she was entitled to the pension during the preceding financial half year; and

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

S. 43(3) repealed by No. 110/1993 s. 151(1).

(4) Where any increase pursuant to subsection (3) in any pension payable under this Part is likely to jeopardize the granting of any pension, allowance, subsidy, concession or similar benefit to the pensioner under any Act of the Commonwealth, the pensioner may request the Board in writing that his pension not be increased in accordance with the provisions of subsection (3), and may revoke such request at any time.