40
CurrentPensions to be paid in fortnightly instalments
Part 4General provisions about benefits
Division 3Payment of benefits
40 Pensions to be paid in fortnightly instalments
(1)
Pensions under this Act are payable in fortnightly instalments.
(2)
The amount of a fortnightly instalment of a pension is the sum of the daily amount of the pension for each day that is in the fortnight and is a day for which the pension was payable.
(3)
The daily amount of the pension for a day is 1/365 of the annual amount of the pension, worked out using the annual rate of the pension on that day and rounded to the nearest cent (rounding half a cent upwards).
This Act’s bill:Explanatory memorandumSecond reading speech
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