Document ID: chunk:federal_register_of_legislation:C2024C00465:section:59
Version: federal_register_of_legislation:C2024C00465
Segment Type: section
Provision Reference: s 59
Character Range: 151895–152722

59  Instalments of pension benefits
 (1) Pension benefit shall be paid in fortnightly instalments.
 (2) The amount of a fortnightly instalment of pension benefit shall be an amount calculated in accordance with the formula:

where P is the amount per annum of the pension benefit.
 (3) Where the amount of a fortnightly instalment of pension benefit includes a fraction of a cent:
 (a) if the fraction is less than one‑half of a cent—the amount of the instalment shall be deemed to be reduced by the amount of the fraction; or
 (b) if the fraction is one‑half of a cent or more—the amount of the instalment shall be deemed to be increased by treating the fraction as one cent.
 (4) The amount of pension benefit payable in respect of a day is one‑fourteenth of the amount of a fortnightly instalment of the pension benefit.