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Consumer Price Index (CPI) Increase
On Wednesday, 22 October, the Australian Bureau of Statistics (ABS) announced a new CPI figure of 166.5. As this is higher than the March 2008 number of 162.2, the following calculation was made to work out the increase to your pension:
Therefore, on payday 31 December 2008, your superannuation pension will be increased by 2.7%.
You will be sent a letter in mid to late December with your updated pension rate, along with your pension advice package.
The CPI takes into account a range of factors as set by the Australian Bureau of Statistics (ABS). If you would like more information about the CPI and how it is calculated, please go to the ABS website at www.abs.gov.au