Commonwealth legislation

Social Security (Pension Loans Scheme—Rate of Compound Interest) Determination 2018

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This instrument sets the annual compound interest rate for government Pension Loans Scheme (PLS) loans at 5.25%, replacing the prior 1997 determination. It affects older Australians using the PLS and current borrowers, determining how quickly their loan balances grow and therefore how much home equity remains for them or their estate.

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Current sections

Direct links to the current provisions in Social Security (Pension Loans Scheme—Rate of Compound Interest) Determination 2018.

Social Security (Pension Loans Scheme—Rate of Compound Interest) Determination 2018

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Commonwealth Coat of Arms of Australia

Social Security (Pension Loans Scheme—Rate of Compound Interest) Determination 2018

I, Paul Fletcher, Minister for Families and Social Services, make the following Determination.

Dated 25 November 2018

Paul Fletcher

Minister for Families and Social Services

Contents

1 Name

2 Commencement

3 Authority

4 Schedules

5 Rate of compound interest

Schedule 1—Repeals

Pension Loans Scheme (Social Security)-Rate of Compound Interest Determination No. 2 of 1997

1 Name

This instrument is the Social Security (Pension Loans Scheme—Rate of Compound Interest) Determination 2018.

2 Commencement

This instrument commences on the day after it is registered.

3 Authority

This instrument is made under subsection 1135(4) of the Social Security Act 1991.

4 Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

5 Rate of compound interest

For the purposes of subsection 1135(4) of the Social Security Act 1991, the rate of compound interest is 5.25 per cent per annum.

Schedule 1—Repeals

Pension Loans Scheme (Social Security)-Rate of Compound Interest Determination No. 2 of 1997

1 The whole of the instrument

Repeal the instrument.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8

?xml version="1.0" encoding="utf-8" standalone="no"?>

Social Security (Pension Loans Scheme—Rate of Compound Interest) Determination 2018

I, Paul Fletcher, Minister for Families and Social Services, make the following Determination.

Dated 25 November 2018

Paul Fletcher

Minister for Families and Social Services

Contents

1 Name

2 Commencement

3 Authority

4 Schedules

5 Rate of compound interest

Schedule 1—Repeals

Pension Loans Scheme (Social Security)-Rate of Compound Interest Determination No. 2 of 1997

1 Name

This instrument is the Social Security (Pension Loans Scheme—Rate of Compound Interest) Determination 2018.

2 Commencement

This instrument commences on the day after it is registered.

3 Authority

This instrument is made under subsection 1135(4) of the Social Security Act 1991.

4 Schedules

5 Rate of compound interest

For the purposes of subsection 1135(4) of the Social Security Act 1991, the rate of compound interest is 5.25 per cent per annum.

Schedule 1—Repeals

Pension Loans Scheme (Social Security)-Rate of Compound Interest Determination No. 2 of 1997

1 The whole of the instrument

Repeal the instrument.

Read the source document