Document ID: chunk:federal_register_of_legislation:F2022C00514:reg:67
Version: federal_register_of_legislation:F2022C00514
Segment Type: reg
Provision Reference: reg 67
Character Range: 145319–146197

67  Instalments of pensions and associate pensions
 (1) Pensions and associate pensions are to be paid in fortnightly instalments on pension pay‑days.
 (2) The amount of a fortnightly instalment of pension or associate pension is an amount ascertained by dividing the amount per annum of the pension or associate pension by 26.
 (3) Where the amount of a fortnightly instalment of pension or associate pension includes a fraction of a cent:
 (a) if the fraction is less than one‑half of a cent—the amount of the instalment is taken 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 is taken to be increased by treating the fraction as one cent.
 (4) The amount of pension payable in respect of a day is one‑fourteenth of the amount of the fortnightly instalment of the pension or associate pension.