Parliamentary Retiring Allowances (Increases) Act 1971

The Parliamentary Retiring Allowances (Increases) Act 1971 makes provisions for increases in certain parliamentary retiring allowances. The Act amends the Parliamentary Retiring Allowances Act 1948-1968 to increase the rates of pensions payable to individuals who were in receipt of a pension under that Act or its predecessors. The increases in pension rates are provided in tables and are applicable from specific dates of commencement.

The Act also provides for the payment of additional amounts to the Parliamentary Retiring Allowances Fund and the Ministerial Fund to reimburse the Commonwealth for the increased pension costs. The Act comes into effect from the date of royal assent.

In summary, the Act increases pension rates for individuals who were in receipt of a pension under the Parliamentary Retiring Allowances Act 1948-1968 or its predecessors, and provides for additional payments to funds to reimburse the Commonwealth for the increased pension costs.