46Indexation

46 Indexation

S. 46(1) amended by No. 49/1992 s. 106(a)(b), substituted by Nos 110/1993 s. 135(1), 120/1994 s. 78.

(1) In this section—

S. 46(1) def. of consumer price index substituted by No. 44/2014 s. 33(Sch. item 30(1)).

consumer price index means the all groups consumer price index for all capital cities in original terms published by the Australian Bureau of Statistics in respect of a reference period ending on 30 June or 31 December;

S. 46(1) def. of prescribed half year amended by No. 44/2014 s. 33(Sch. item 30(2)).

prescribed half year means the half year ended 31 December 1987 or any subsequent half year ending on 30 June or 31 December in which the consumer price index is higher than the previous highest consumer price index for a half year in or since the half year ended 31 December 1987;

S. 46(1) def. of prescribed percentage amended by No. 44/2014 s. 33(Sch. item 30(3)).

prescribed percentage in relation to a prescribed half year after 31 December 1987 means the percentage calculated to two decimal places in accordance with the formula—

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

"B" is the consumer price index for the preceding prescribed half year.

S. 46(2) amended by No. 49/1992 s. 106(c), substituted by Nos 110/1993 s. 135(1), 120/1994 s. 78.

(2) A contributor's pension or deferred benefit under this Act other than basic benefits or benefits required to be increased with interest under the regulations must—

(a) in the case of a pension if it is then payable, be increased on the payment of the first instalment of the pension in the month of December or June by an amount equal to one-sixth of the prescribed percentage (if any) for the preceding half year 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

(b) in the case of a pension or deferred benefit if for any reason it is not then payable, be notionally so increased as if then payable.

(3) If any increase in any pension is likely to jeopardise the granting of any pension, allowance, subsidy, concession or similar benefit to the pensioner under any Act of the Commonwealth, the Board on receipt of a request in writing from the former member may commute to a lump sum the increase in the pension on the terms and conditions as may from time to time be determined by the Board.

S. 47
repealed by No. 110/1993 s. 136.