Document ID: chunk:federal_register_of_legislation:F2022C00997:reg:111b
Version: federal_register_of_legislation:F2022C00997
Segment Type: reg
Provision Reference: reg 111B
Character Range: 110134–111926

111B  Increases in pensions
 (1) Subject to this Part, if the all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the first quarter of the half‑year immediately preceding a prescribed half‑year exceeds the highest all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the first quarter of any earlier half‑year, not being a half‑year earlier than the half‑year that commenced on 1 July 1985, a person who was in receipt of a pension immediately before the commencement of that prescribed half‑year is entitled to an increase, as ascertained in accordance with this regulation, in the amount of the annual pension that was payable to him immediately before the commencement of that prescribed half‑year.
 (2) The increase provided for by subregulation (1) in the amount of the annual pension payable to a person immediately before the commencement of a prescribed half‑year is the prescribed percentage of the amount of that annual pension.
 (3) For the purposes of this regulation, the prescribed percentage is a percentage ascertained in accordance with the formula:
where:
A is the all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the first quarter of the half‑year immediately preceding the prescribed half‑year; and
B is the highest all groups consumer price index number for the weighted average of the 8 capital cities published by the Statistician in respect of the first quarter of any half‑year earlier than the half‑year immediately preceding the prescribed half‑year but not being earlier than the half‑year that commenced on 1 July 1985.