New South Wales Consolidated Acts

TRANSPORT EMPLOYEES RETIREMENT BENEFITS ACT 1967 - SECT 31D

31D Adjustment of pensions: partial adjustment

(1) Subject to this Act, 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).

(2) This section applies to:

(a) a person who last became a pensioner after 1 July in the particular year but on or before 1 April in that year, and

(b) a person who is the widow 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,

but does not apply to a person to whom section 31C applies.

(3) The formula referred to in subsection (1) is:

"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 whole quarters after, and (if applicable) the whole quarter on the first day of which:

(a) in the case of a person referred to in subsection (2) (a)-the person last became a pensioner, or

(b) in the case of a person referred to in subsection (2) (b)-her late pensioner husband last became a pensioner.

(4) A reference in subsection (1) to a pension payable to a person includes a reference to the pension that would have been payable to him had section 60A not been enacted.