Document ID: chunk:federal_register_of_legislation:C2009A00081:clause:3_7
Version: federal_register_of_legislation:C2009A00081
Segment Type: clause
Provision Reference: sch 3 cl 7
Character Range: 30576–31325

7  Subsections 59LA(1) and (2)
Repeal the subsections, substitute:
 (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:
previous ceiling rate is the ceiling rate applicable on the day before the adjustment day.
 (2) In subsection (1):
current single pension rate MBR amount means the single pension rate MBR amount (see item 1A of the table in section 59A) applicable on the adjustment day.
previous single pension rate MBR amount means the single pension rate MBR amount (see item 1A of the table in section 59A) applicable on the day before the adjustment day.