New South Wales Consolidated Regulations

STATE AUTHORITIES SUPERANNUATION (TRANSITIONAL PROVISIONS) REGULATION 1988 - REG 49

49 Calculation of adjustment percentage

(1) For the purposes of the definition of "adjustment percentage" in clause 47 (1), the percentage for an adjustment period is to be calculated:

(a) if, in relation to the adjustment period beginning on 1 January 1989, the index number for the June quarter in that period was greater than the index number for the immediately preceding December quarter or, if in relation to the adjustment period beginning on 1 July 1989 or 1 July in any subsequent year, the index number for the June quarter was greater than the index number for the immediately preceding June quarter-in accordance with the following formula:

(b) if, in relation to the adjustment period beginning on 1 January 1989, the index number for the June quarter in that period was less than the index number for the immediately preceding December quarter or, if in relation to the adjustment period beginning on 1 July 1989 or 1 July in any subsequent year, the index number for the June quarter was less than the index number for the immediately preceding June quarter-in accordance with the following formula:

"P" represents the percentage to be obtained, and
"C" represents the index number for the June quarter in the adjustment period concerned, and
"L" represents the index number for the immediately preceding December quarter or the immediately preceding June quarter, as the case requires.

(2) There is to be no adjustment percentage for an adjustment period if:

(a) the percentage calculated for a year in accordance with subclause (1) (b) is less than 1.0 per cent, or

(b) the Index number for the June quarter in that year is the same as the Index number for the immediately preceding June quarter.

(3) If there is to be no adjustment percentage for an adjustment period, then, for the purposes of calculating the percentage for the next adjustment period:

(a) the index number for the June quarter in the first-mentioned period is to be taken to have not been published, and

(b) the index number for that quarter is to be taken to be the same as the index number for the June quarter in the last year for which there was an adjustment percentage.

(4) If at any time, whether before, on or after 1 January 1989, the Commonwealth Statistician has published, or publishes in respect of a particular June quarter an index number in substitution for an index number previously published by him or her in respect of that quarter, then, for the purposes of this Part:

(a) except as provided in paragraph (b)-the publication of the later index number must be disregarded, or

(b) if the Minister so directs-after the direction is given, regard must be had to the later and not to the earlier index number.

(5) Despite subclause (4), if at any time after 1 January 1989 the Commonwealth Statistician has changed the reference base for the Consumer Price Index (All Groups Index) for Sydney, then, for the purposes of the application of this Part (after the change takes place), regard must be had only to index numbers published in terms of the new reference base.

(6) The substitution of subclause (2) by the State Authorities Superannuation (Transitional Provisions) Amendment Regulation 2002 does not affect the calculation of an adjustment percentage for an adjustment period if the June quarter in that year ended before the commencement of subclause (2) as so substituted.