Document ID: chunk:federal_register_of_legislation:C2024C00465:section:98gb
Version: federal_register_of_legislation:C2024C00465
Segment Type: section
Provision Reference: s 98GB
Character Range: 268152–270246

98GB  Increase for pensioners aged 55 or older

Increase by 55‑plus percentage
 (1) The increase provided for by subsection 98B(1), for a pensioner aged 55 or older at the commencement of a prescribed half‑year (the relevant prescribed half‑year), is the 55‑plus percentage of the pensioner's relevant rate of pension benefit in relation to the relevant prescribed half‑year.

55‑plus percentage
 (2) This is how to work out the 55‑plus percentage for the relevant prescribed half‑year:

      Method statement
           Step 1. Work out the prescribed percentage for the prescribed half‑year.
           Step 2. Use section 98GD to work out the LCI percentage for the prescribed half‑year.
           Step 3. Take the higher of the percentages worked out in steps 1 and 2. (If they are the same, use the step 1 percentage.) This is the CPI/LCI percentage.
           Step 4. Take the indicative pension amount for the prescribed half‑year immediately before the relevant prescribed half‑year. This is the current indicative pension amount.
           Step 5. Work out the amount that is the CPI/LCI percentage of the current indicative pension amount and add it to the current indicative pension amount. This is the CPI/LCI result.
           Step 6. Use section 98GE to work out the MTAWE result.
           Step 7. If the CPI/LCI result is the same as or higher than the MTAWE result, the 55‑plus percentage for the prescribed half‑year is the CPI/LCI percentage. If the CPI/LCI result is lower than the MTAWE result, the 55‑plus percentage for the prescribed half‑year is the percentage worked out under section 98GF.

Nil or negative change
 (3) If, for a prescribed half‑year:
 (a) the CPI/LCI result in step 5 is the same as the current indicative pension amount; and
 (b) the MTAWE result in step 6 is the same as or lower than the current indicative pension amount;
then, for that prescribed half‑year:
 (c) the 55‑plus percentage is taken to be 0%; and
 (d) subsection 98B(1) does not provide for an increase for a pensioner aged 55 or older at the commencement of that half‑year.