Section 1198A — Social Security Act 1991: Adjustment of single pension rate MBR amounts

(1) This Act has effect as if, on 20 March (an indexation day) and 20 September (an indexation day) each year, the adjusted single pension amount were substituted for each single pension rate MBR amount (see item 1AAA of the table in section 1190). (2) For the purposes of this section, the adjusted single pension amount is worked out as follows: Method statement Step 1. Work out the amount substituted for the amount specified in column 3 of item 2 of Table B in point 1064-B1 on that indexation day under section 1192. Step 2. Multiply the amount worked out at step 1 by 2. Step 3. Work out 66.33% of the amount worked out at step 2. Step 4. Round the amount worked out at step 3 to the nearest multiple of $2.60 (rounding up if necessary): the result is the adjusted single pension amount.