92Determination of interest rates

92 Determination of interest rates

(1)  For the purposes of Part 4 , regulation 49 and regulation 89 , the interest rate is to be calculated as at 30 June of each financial year.

(2)  The interest rate is to be determined by the Commission, on the advice of the Actuary.

(3)  In determining the interest rate for a financial year, the Commission is to take into account the administration, taxation and other expenses that –

(a) were paid or payable by the Commission in respect of that financial year; and

(b) are likely to be incurred by the Commission in the financial year immediately following that financial year.

(4)  The Commission may determine an interim interest rate.

(5)  For the purposes of Part 4 , interest commences to accrue, in respect of a contributor's contributions that are to be credited to his or her account, on the day those contributions or other payments made by, or on behalf of, the contributor are received by the Commission and ceases to accrue on the day on which that contributor ceases to be a contributor.

(6)  For the purpose of regulation 89 , interest commences to accrue on the day on which the money is received by the Commission.

(7)  To avoid doubt, a rate of interest or interim interest calculated or determined under this regulation may be either a positive or negative rate of interest.