Document ID: chunk:federal_register_of_legislation:C2014A00022:clause:1_19
Version: federal_register_of_legislation:C2014A00022
Segment Type: clause
Provision Reference: sch 1 cl 19
Character Range: 19268–21159

19  Subsections 84(1), (2) and (3)
Repeal the subsections, substitute:

Increase
 (1) Subject to this Part, a pensioner is entitled, at the commencement of a prescribed half‑year, to an increase in the rate at which a pension was payable to the pensioner immediately before that commencement. The increase is worked out by using:
 (a) if the pensioner is aged 55 or older at that commencement—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 rate at which a pension was payable to the pensioner immediately before the commencement of 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.

Death of recipient member on 30 June or 31 December