Document ID: chunk:federal_register_of_legislation:C2024C00465:section:98b:p1
Version: federal_register_of_legislation:C2024C00465
Segment Type: section
Provision Reference: s 98B (pt 1/6)
Character Range: 244982–247801

98B  Increase in certain pensions

Increase
 (1) Subject to this Part, a pensioner is entitled, at the commencement of a prescribed half‑year, to an increase in the pensioner's relevant rate of pension benefit in relation to that half‑year. The increase is worked out by using:
 (a) if the pensioner is aged 55 or older at the commencement of the prescribed half‑year—the 55‑plus percentage; and
 (b) otherwise—the prescribed percentage.

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

Prescribed percentage
 (3) Subject to subsection (3A), the prescribed percentage for a prescribed half‑year is:

where:
base quarter CPI number means the CPI number in respect of the March quarter or September quarter that:
 (a) is before the first quarter of the half‑year immediately before the prescribed half‑year; and
 (b) has the highest CPI number.
CPI number, in respect of a quarter, means the All Groups Consumer Price Index number that is the weighted average of the 8 capital cities and is published by the Statistician in respect of the quarter.
first quarter CPI number means the CPI number in respect of the first quarter of the half‑year immediately before the prescribed half‑year.
 (3A) If the first quarter CPI number is equal to or less than the base quarter CPI number, then, for the relevant prescribed half‑year:
 (a) the prescribed percentage is taken to be 0%; and
 (b) subsection (1) does not provide for an increase for a pensioner aged under 55 at the commencement of that half‑year.

Relevant rate of pension benefit
 (4) The relevant rate of a pensioner's pension benefit, in relation to a relevant prescribed half‑year, is:
 (a) in relation to a pensioner who is a recipient member to whom invalidity pay is payable—the rate at which invalidity pay was payable to the pensioner immediately before the commencement of the relevant prescribed half‑year or, if a notional rate of invalidity pay is applicable to the pensioner in accordance with subsection (5) and the notional rate of invalidity pay so applicable immediately before the commencement of that half‑year is lower than the rate at which invalidity pay was payable to the pensioner immediately before the commencement of that half‑year, the notional rate of invalidity pay so applicable immediately before the commencement of that half‑year;
 (ab) in relation to a pensioner who is the spouse of a recipient member to whom, immediately before his death, invalidity pay was payable—a rate equal to five‑eighths of the rate at which invalidity pay would have been