Document ID: chunk:federal_register_of_legislation:C2004A01009:clause:1_59la
Version: federal_register_of_legislation:C2004A01009
Segment Type: clause
Provision Reference: sch 1 cl 59LA
Character Range: 3760–4581

59LA  Adjustment of ceiling rate

 (1) This Act has effect as if, on each adjustment day, the amount worked out in accordance with the following formula, and rounded up to the nearest multiple of $2.60, were substituted for the ceiling rate:
where:

pension MBR factor is:
worked out to 3 decimal places.

previous ceiling rate is the ceiling rate applicable on the day before the adjustment day.

 (2) In subsection (1):

current single pension MBR amount means the pension MBR amount applicable, on the adjustment day, to a person who is not a member of a couple.

previous single pension MBR amount means the pension MBR amount applicable, on the day before the adjustment day, to a person who is not a member of a couple.

 (3) In this section:

adjustment day means the following:
 (a) 20 March;
 (b) 20 September.