Victorian Consolidated Legislation

Emergency Services Superannuation Act 1986 - SECT 20I

Indexation of pensions

20I. Indexation of pensions



(1) In this section-

prescribed half year means the half year ended 31 December 1986 or any
subsequent half year ending on 30 June or 31 December in which the consumer
price index number is higher than the previous highest consumer price index
number in or since the half year ended 31 December 1986;

prescribed proportion in relation to a prescribed half year after 31 December
1986 means-

where-

"A" is the consumer price index number for the prescribed half year;

"B" is the consumer price index number for the next preceding prescribed half
year.

(2) If the prescribed proportion consists of, or includes a fraction of, a
whole number, it must be calculated to the nearest one-hundredth part.



(3) Any pension under section 20F or 20G must-

   (a)  if it is then payable, be increased on the payment of the first
        instalment of pension in the month of June or December by an amount
        equal to one-sixth of the prescribed proportion for the next preceding
        prescribed half year (if any) of the pension for every whole month or
        part of a month during the preceding half year in respect of which a
        pension has been payable; or

   (b)  if for any reason it is not then payable, be notionally so increased
        as if then payable.

(4) Where any increase in any pension is likely to jeopardise the granting of
any pension, allowance, subsidy, concession or similar benefit to the
pensioner under any Act of the Commonwealth, the Board on receipt of a request
in writing from the former contributor may commute to a lump sum the increase
in the pension on such terms and conditions as may from time to time be
determined by the Board after considering the advice of an actuary.