Adjustment of ceiling rate
59LA Adjustment of ceiling rate
This Act has effect as if, on each adjustment day, the amount worked out in accordance with the following formula, and rounded up to the nearest multiple of $2.60, were substituted for the ceiling rate:
Start formula Previous ceiling rate times Pension MBR factor end formula
where:
pension MBR factor is:
Start formula start fraction Current single pension rate MBR amount over Previous single pension rate MBR amount end fraction end formula
previous ceiling rate is the ceiling rate applicable on the day before the adjustment day.
In subsection (1):
current single pension rate MBR amount means the single pension rate MBR amount (see item 1A of the table in section 59A) applicable on the adjustment day.
previous single pension rate MBR amount means the single pension rate MBR amount (see item 1A of the table in section 59A) applicable on the day before the adjustment day.
A pension MBR factor worked out under subsection (1) is to be worked out to 3 decimal places. However:
if a pension MBR factor worked out under subsection (1) would, if it were worked out to 4 decimal places, end in a number that is greater than 4, the pension MBR factor is to be increased by 0.001; and
if a pension MBR factor worked out under subsection (1) or paragraph (a) of this subsection would be less than 1, the pension MBR factor is to be increased to 1.
In this section:
adjustment day means the following:
20 March;
20 September.
This Act’s bill:Second reading speech
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