Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The indicative pension amount is:
(a) for the prescribed half - year commencing on 1 January 2014--$19,541.91; and
(b) for a later prescribed half - year--the amount most recently substituted in accordance with subsection (2).
Note: The indicative pension amount is a hypothetical amount that does not represent the amount of any actual pension, or the amount that any actual pension should be. It is just a device to work out the percentage by which actual pensions should be increased.
(2) The indicative pension amount for the prescribed half - year commencing on 1 January 2014 is to be increased, on 1 July 2014 and each later 1 January and 1 July, by the 55 - plus percentage, as if the amount were a pension payable to a pensioner aged 55 or older on the day. Immediately after the increase, the increased amount is substituted as the indicative pension amount.
(3) The reference in subsection (2) to the increased amount includes a reference to an amount that, because the 55 - plus percentage for a prescribed half - year was 0%, has not changed.