Defence Forces Retirement Benefits (Pension Increases) Act 1973

The Defence Forces Retirement Benefits (Pension Increases) Act 1973 is an Act of the Parliament of Australia that provides for increases in certain Defence Force retirement pensions.

The Act commences on the day it receives the Royal Assent and incorporates with the Defence Forces Retirement Benefits Act 1948-1973. The Act defines key terms such as "pension" and "prescribed percentage".

The Act provides for an increase in certain pensions payable to persons who were entitled to a pension immediately before 1st July, 1973. This increase is calculated as the prescribed percentage of seventy-seven and one-half percentum of the amount of that annual pension.

The Act also modifies certain sections of the Defence Forces Retirement Benefits Act 1948-1973. For example, it takes into account any amounts by which the rate of pension would have been increased by virtue of this Act when calculating pension payable under paragraph 55(1)(b) or 57(1)(b) of that Act.

The Act provides for increases to be paid out of the Consolidated Revenue Fund. The date of effect of an increase is calculated as from the instalment of pension falling due on 5th July, 1973.