Adjustment of pensions: partial adjustment
61E Adjustment of pensions: partial adjustment
Subject to this Division, where there is an adjustment percentage for a year (in this section referred to as the particular year), the pension payable on the adjustment date for that year to a person to whom this section applies is hereby adjusted, on and from that adjustment date, by the percentage calculated in accordance with the formula set out in subsection (3).
This section applies to—
a person who last became a pensioner after 1 July in the particular year but on or before 1 April in that year, other than a person referred to in paragraph (c),
a person who is the spouse or de facto partner of a pensioner, where that pensioner last became a pensioner after 1 July in the particular year but on or before 1 April in that year and died before the adjustment date for that year, and
a person who is the spouse or de facto partner of a contributor, being a contributor who died, after 1 July in the particular year but before the adjustment date for that year, within five years of having again become a contributor following a retirement under section 22 after 1 July in that year but on or before 1 April in that year,
but does not apply to a person to whom section 61D applies.
The formula referred to in subsection (1) is—
where—
A is the percentage by which the pension is to be adjusted,
P is the adjustment percentage for the particular year, and
Q is the number of whole quarters of the particular year, being the whole quarters after, and (if applicable) the whole quarter on the first day of which—
in the case of a person referred to in subsection (2) (a)—the person last became a pensioner,
in the case of a person referred to in subsection (2) (b)—the person’s late pensioner spouse or de facto partner last became a pensioner, or
in the case of a person referred to in subsection (2) (c)—
where the person’s late spouse or de facto partner had been retired under section 22 once only—the person’s late spouse or de facto partner was so retired, or
where the person’s late spouse or de facto partner had been so retired more than once—the person’s late spouse or de facto partner was last so retired, disregarding any retirement of the person’s late spouse or de facto partner to which section 51 (2) (b) applied.
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