Document ID: chunk:federal_register_of_legislation:C2009A00060:clause:5_1206gr
Version: federal_register_of_legislation:C2009A00060
Segment Type: clause
Provision Reference: sch 5 cl 1206GR
Character Range: 107283–109441

1206GR  Increase of 1.8% on 1 July 2012
 (1) This Act has effect as if, on 1 July 2012, the PS rate used to work out the person's pension supplement amount on and after that day were replaced by the PS rate needed for the person's pension supplement amount to be equal to the amount worked out by:
 (a) adding the person's CPRS amount to what, apart from this section, would be the person's pension supplement amount on that day; and
 (b) if the amount resulting from paragraph (a) is not a multiple of $2.60, rounding the amount up or down to the nearest multiple of $2.60 (rounding up if the amount is not a multiple of $2.60 but is a multiple of $1.30).
 (2) This Act has effect as if, on 1 July 2012, the PS minimum rate used to work out the person's minimum pension supplement amount on and after that day were replaced by the PS minimum rate needed for the person's minimum pension supplement amount to be equal to the amount worked out by:
 (a) adding the person's CPRS amount to what, apart from this section, would be the person's minimum pension supplement amount on that day; and
 (b) if the amount resulting from paragraph (a) is not a multiple of $2.60, rounding the amount up or down to the nearest multiple of $2.60 (rounding up if the amount is not a multiple of $2.60 but is a multiple of $1.30).
 (3) In this section:
CPRS amount, for a person, means:
 (a) if the person is receiving a social security pension worked out under Pension Rate Calculator A—the sum of the following amounts:
 (i) 1.8% of the person's maximum basic rate;
 (ii) 1.8% of the person's pension supplement basic amount; and
 (b) otherwise—the result of paragraph (a) worked out as if the person were receiving a social security pension worked out under Pension Rate Calculator A.
Note: The 1.8% increase includes the Carbon Pollution Reduction Scheme's estimated cost of living increase of 0.8% for the 2012‑2013 financial year, which has also been brought forward. Subsection 1206GS(2), and the change to the indexation factor, and living cost indexation factor, on or after 20 March 2013 under section 1206GS, take account of this second brought forward increase.