Adjustment of single pension rate MBR amount
59G Adjustment of single pension rate MBR amount
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 the single pension rate MBR amount (see item 1A of the table in section 59A).
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 pension MBR amount (see item 1 of the table in section 59A) on that indexation day under section 59C.
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.
This Act’s bill:Second reading speech
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