Section 52B - Superannuation Act 1916 - Adjustment of pension components

52BAdjustment of pension components

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52B Adjustment of pension components

(1) Expressions used in this section have the same meanings as they have in Division 6.

(2) Where—

(a) the employer-financed pension component in relation to a person is calculated under this Division as at the person’s exit day,

(b) pensions are adjusted under Division 6 by a percentage for a year commencing after the exit day, and

(c) no benefit became payable under this Division during that year to, or by virtue of the death of, the person,

the component, as so calculated and as previously adjusted under this section, is, as from the adjustment date for that year, adjusted by that percentage.

(3) Where—

(a) the employer-financed pension component in relation to a person is calculated under this Division as at the person’s exit day,

(b) pensions are adjusted under Division 6 by a percentage for a year commencing on or before the exit day and ending after the exit day, and

(c) no benefit became payable under this Division during that year to, or by virtue of the death of, the person,

the component, as so calculated, is, as from the adjustment date for that year, adjusted by the percentage calculated in accordance with the following formula—

where—

A is the percentage by which the component is to be adjusted.

P is the percentage for the year by which pensions are adjusted.

Q is the number of whole quarters of the year, being the whole quarters after the exit day.

(4) Where—

(a) a pension under this Division, or a pension that is calculated by reference to a pension that is payable under this Division, has become payable to or in respect of a person referred to in section 52A, and

(b) pensions are adjusted under Division 6 by a percentage for a year beginning before and ending after the date on which that pension became so payable,

the pension, as from the adjustment date for that year, is, in addition to any adjustment of the pension under Division 6, adjusted by the amount calculated in accordance with the following formula—