SUPERANNUATION ACT 1976 No. 31, 1976 - SECT 113 Instalments of pensions.

SUPERANNUATION ACT 1976 No. 31, 1976 - SECT 113

113. (1) Pensions shall be paid in fortnightly instalments on pension pay
days.

(2) The amount of a fortnightly instalment of pension shall be an amount
ascertained by dividing the amount per annum of the pension by 26.

(3) Where the amount of a fortnightly instalment of pension includes a
fraction of a cent-

   (a)  if the fraction is less than one-half of a cent-the amount of the
        instalment shall be reduced by the amount of the fraction; or

   (b)  if the fraction is not less than one-half of a cent-the amount of the
        instalment shall be deemed to be increased by treating the fraction as
        1 cent.

(4) The amount of pension payable in respect of a day is onefourteenth of the
amount of a fortnightly instalment of the pension.