Document ID: chunk:federal_register_of_legislation:C2024C00465:section:98b:p5
Version: federal_register_of_legislation:C2024C00465
Segment Type: section
Provision Reference: s 98B (pt 5/6)
Character Range: 254769–257455

at that time if he had immediately upon his retirement commuted a portion of his retirement pay equal to 4 times the amount per annum of the retirement pay to which he was entitled; and
 (b) a notional rate of retirement pay is applicable to a deceased recipient member if and only if that deceased member had not, before his death, elected under section 24 to commute a portion of his retirement pay equal to or greater than 4 times the amount per annum of the retirement pay to which he was entitled upon his retirement and the notional rate of retirement pay applicable to the deceased member at a particular time is the rate at which retirement pay would have been payable to him at that time if he had not died and if he had immediately upon his retirement commuted a portion of his retirement pay equal to 4 times the amount per annum of the retirement pay to which he was entitled.

Increases in children's pensions
 (5A) If the all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the first quarter of the half‑year immediately preceding a prescribed half‑year exceeds the highest all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the first quarter of any earlier half‑year, not being a half‑year earlier than the half‑year that commenced on 1 July 1985, sections 42 and 43 have effect, in that prescribed half‑year, as if:
 (a) for the amount of $312 specified in subsections 42(2) and (3); and
 (b) for the amount of $5,000 specified in subsections 43(2) and (3);
there were substituted, on the first day of that prescribed half‑year, an amount calculated by adding to the existing amount the prescribed percentage of the existing amount.
 (5B) For the purposes of the application of subsection (5A) to a provision specified in that subsection, the existing amount is:
 (a) in relation to the prescribed half‑year that commenced on 1 July 2001—the amount that was the existing amount in relation to that provision, as calculated under this section immediately before the commencement of item 14 of Schedule 3 to the Superannuation Legislation Amendment (Indexation) Act 2001; and
 (b) in relation to any subsequent prescribed half‑year—the amount that, because of a previous application or previous applications of subsection (5A), is taken to have been substituted, or last substituted, for the amount specified in that provision.
 (6) For the purposes of subsection (4), the appropriate proportion is:
 (a) in the case of a pension benefit payable under subsection 42(3)—one‑sixth of five‑eighths; and
 (b) in the