Commonwealth Consolidated Acts

DEFENCE FORCE RETIREMENT AND DEATH BENEFITS ACT 1973 - SECT 59

  (1)   Pension benefit shall be paid in fortnightly instalments.

  (2)   The amount of a fortnightly instalment of pension benefit shall be an amount calculated in accordance with the formula:

where P is the amount per annum of the pension benefit.

  (3)   Where the amount of a fortnightly instalment of pension benefit includes a fraction of a cent:

  (a)   if the fraction is less than one - half of a cent--the amount of the instalment shall be deemed to be reduced by the amount of the fraction; or

  (b)   if the fraction is one - half of a cent or more--the amount of the instalment shall be deemed to be increased by treating the fraction as one cent.

  (4)   The amount of pension benefit payable in respect of a day is one - fourteenth of the amount of a fortnightly instalment of the pension benefit.