Document ID: chunk:federal_register_of_legislation:C2009A00060:clause:3_1198a
Version: federal_register_of_legislation:C2009A00060
Segment Type: clause
Provision Reference: sch 3 cl 1198A
Character Range: 30635–31539

1198A  Adjustment of single pension rate MBR amounts
 (1) This Act has effect as if, on 20 March (an indexation day) and 20 September (an indexation day) each year, the adjusted single pension amount were substituted for each single pension rate MBR amount (see item 1AAA of the table in section 1190).
 (2) For the purposes of this section, the adjusted single pension amount is worked out as follows:

      Method statement
           Step 1. Work out the amount substituted for the amount specified in column 3 of item 2 of Table B in point 1064‑B1 on that indexation day under section 1192.
           Step 2. Multiply the amount worked out at step 1 by 2.
           Step 3. Work out 66.33% of the amount worked out at step 2.
           Step 4. Round the amount worked out at step 3 to the nearest multiple of $2.60 (rounding up if necessary): the result is the adjusted single pension amount.