{"id":"F2009B00022","name":"Pension Loans Scheme—Rate of Simple Interest Determination 1997","slug":"pension-loans-scheme-rate-of-simple-interest-determination-1997","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":121207,"registerId":"commonwealth-F2009B00022-current","compilationNumber":null,"startDate":"2026-04-03","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Pension Loans Scheme—Rate of Simple Interest Determination 1997","content":"Commonwealth of Australia\n\nSocial Security Act 1991\n\nPension Loans Scheme—Rate of Simple Interest Determination 1997\n\nI, JOCELYN MARGARET NEWMAN, Minister for Social Security, make this determination under subsection 1135 (4) of the Social Security Act 1991, as continued in effect by subclause 86 (2) of Schedule 1A to that Act.\n\nDated 22 December 1997.\n\nJOCELYN NEWMAN\n\nMinister for Social Security\n\n\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\n1. Citation\n\nThis determination may be cited as the Pension Loans Scheme—Rate of Simple Interest Determination 1997.\n\n2. Commencement\n\nThis determination commences on 25 December 1997.\n\n3. Definition\n\nIn this determination:\n\n> Act means the Social Security Act 1991.\n\n4. Rate of simple interest\n\nFor subsection 1135 (4) of the Act, as continued in effect by subclause 86 (2) of Schedule 1A to the Act, the rate of interest is 7%.\n\n5. Application\n\nThis determination applies only to people who are participating in the pension loans scheme (the “previous pension loans scheme”) in operation under the provisions of the Act as continued in effect by subclause 86 (2) of Schedule 1A to the Act.\n\n6. Revocation\n\nThe determination made under subsection 6AB (1) of the Social Security Act 1947, as continued in effect by subclause 4 (1) of Schedule 1A to the Act, on 27 May 1985, and published in the Gazette on 29 May 1985, is revoked.","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1566},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The determination maintains its narrow technical purpose of setting a specific interest rate for the Pension Loans Scheme transitional arrangements. It does not expand beyond this original intent."},"complexity_factors":["References to complex transitional provisions (Schedule 1A, subclause 86(2)) that preserve old legislation in force","Limited application restricted to participants in the 'previous' scheme only","Revocation of 1985 determination creates legislative history dependencies"],"plain_english_summary":"This determination fixes the **interest rate at 7%** for loans under the Pension Loans Scheme (PLS)—a government program that allows pensioners to borrow against their home equity to top up their fortnightly pension payments (similar to a reverse mortgage).\n\n**Who it affects:**\n- Only people already participating in the old version of the scheme (transitional arrangements for existing borrowers under \"saved\" provisions)\n- Not new applicants, who are subject to different rules\n\n**What it does:**\n- Sets simple interest at 7% (meaning interest is calculated only on the original loan amount, not on accumulated interest)\n- Replaces an earlier 1985 determination that had set a different rate"}},"importantCases":[],"_links":{"self":"/api/acts/pension-loans-scheme-rate-of-simple-interest-determination-1997","history":"/api/acts/pension-loans-scheme-rate-of-simple-interest-determination-1997/history","analysis":"/api/acts/pension-loans-scheme-rate-of-simple-interest-determination-1997/analysis","conflicts":"/api/acts/pension-loans-scheme-rate-of-simple-interest-determination-1997/conflicts","importantCases":"/api/acts/pension-loans-scheme-rate-of-simple-interest-determination-1997/important-cases","documents":"/api/acts/pension-loans-scheme-rate-of-simple-interest-determination-1997/documents"}}