Commonwealth legislation

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

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This instrument sets the compound interest rate on Pension Loans Scheme advances at 5.25% per annum, replacing the 1997 determination. It affects veterans (and their partners) who borrow against future pension entitlements using their property, and matters because the 5.25% compound rate determines how rapidly the secured debt grows and is recovered from estates.

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Current sections

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

Veterans’ Entitlements (Pension Loans Scheme—Rate of Compound Interest) Determination 2018

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Commonwealth Coat of Arms of Australia

Veterans’ Entitlements (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 (Veterans’ Entitlements)—Rate of Compound Interest Determination No. 2 of 1997

1 Name

This instrument is the Veterans’ Entitlements (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 52ZC(4) of the Veterans’ Entitlements Act 1986.

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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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 52ZC(4) of the Veterans’ Entitlements Act 1986, the rate of compound interest is 5.25 per cent per annum.

Schedule 1—Repeals

Pension Loans Scheme (Veterans’ Entitlements)—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"?>

Veterans’ Entitlements (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 (Veterans’ Entitlements)—Rate of Compound Interest Determination No. 2 of 1997

1 Name

This instrument is the Veterans’ Entitlements (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 52ZC(4) of the Veterans’ Entitlements Act 1986.

4 Schedules

5 Rate of compound interest

For the purposes of subsection 52ZC(4) of the Veterans’ Entitlements Act 1986, the rate of compound interest is 5.25 per cent per annum.

Schedule 1—Repeals

Pension Loans Scheme (Veterans’ Entitlements)—Rate of Compound Interest Determination No. 2 of 1997

1 The whole of the instrument

Repeal the instrument.

Read the source document