Commonwealth Consolidated Acts

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SOCIAL SECURITY ACT 1991 - SECT 93D

How to calculate the amount of pension bonus

             (1)  To calculate the amount of a person's pension bonus:

                     (a)  work out which of the person's bonus periods count as qualifying bonus periods (see section 93E);

                     (b)  work out the person's overall qualifying period (see section 93F);

                     (c)  work out the person's pension multiple (see section 93G);

                     (d)  work out the person's annual pension rate (see section 93H);

                     (e)  apply the appropriate formula in section 93J.

Note:          Bonus period is defined by section 92T.

             (2)  For the purposes of this Division, a number of years is to be calculated to 3 decimal places. However, if a number worked out in accordance with this subsection would, if it were calculated to 4 decimal places, end in a digit that is greater than 4, the number is to be increased by 0.001.



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