SOCIAL SECURITY ACT 1991 No. 46, 1991 - SECT 59 Calculation of amount of instalment

SOCIAL SECURITY ACT 1991 No. 46, 1991 - SECT 59

59. (1) The amount of an instalment of age pension is the amount worked out by
dividing the amount of the annual rate of the pension by 26.

(2) If the amount that is payable to a person on a pension payday is not a
multiple of 10 cents, the amount is, subject to subsection (3), to be
increased or decreased to the nearest multiple of 10 cents.

(3) If the amount that is payable to a person on a pension payday is a
multiple of 5 cents, the amount is to be increased by5 cents.

(4) If, apart from this subsection, the amount of an instalment of age pension
would be less than $1.00, the amount of the instalment is to be increased to
$1.00.