South Australian Consolidated Acts South Australian Consolidated Acts (1) Where a pension is
expressed to be indexed, the Board must adjust the amount of the pension from
the first payment of pension in each adjustment period to reflect—
(a) in
the case of an April adjustment period—the percentage variation (rounded
to two decimal places) between the Consumer Price Index for the immediately
preceding December quarter and the Consumer Price Index for the immediately
preceding June quarter; and
(b) in
the case of an October adjustment period—the percentage variation
(rounded to two decimal places) between the Consumer Price Index for the
immediately preceding June quarter and the Consumer Price Index for the
immediately preceding December quarter.
(2) If on the first
day of the relevant adjustment period, the pension has been payable for a
period of less than six months, the extent of the adjustment will be reduced
to reflect the proportion which the period of payment of the pension bears to
six months.
(3) If the pension was
partially commuted to a lump sum under the repealed Act and no further
commutation has occurred under this Act, the variation will be based on the
amount of the pension that would have been payable if the commutation had not
occurred rather than on the actual pension.
(4) To avoid a
reduction in pensions the Treasurer may direct that subsection (1) does
not apply in relation to a particular adjustment period.
(5) In that event an
adjustment in the next adjustment period in relation to which
subsection (1) applies will be based on the variation between the
Consumer Price Index for the June or December quarter (whichever is
applicable) immediately preceding that period and the Consumer Price Index for
the June or December quarter (whichever is applicable) immediately preceding
the adjustment period in relation to which subsection (1) last applied.
(6) In this
section—
"adjustment period" means the period of six months commencing at the
commencement of 1 April and 1 October in each year;
"April adjustment period" means an adjustment period commencing at the
commencement of 1 April in any year;
"October adjustment period" means an adjustment period commencing at the
commencement of 1 October in any year.