Pension Loans Scheme—Rate of Simple Interest Determination 1997 (Cth)

Commonwealth of Australia

Social Security Act 1991

Pension Loans Scheme—Rate of Simple Interest Determination 1997

I, 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.

Dated 22 December 1997.

JOCELYN NEWMAN

Minister for Social Security

____________

1.           Citation

This determination may be cited as the Pension Loans Scheme—Rate of Simple Interest Determination 1997.

2.           Commencement

This determination commences on 25 December 1997.

3.           Definition

In this determination:

Act means the Social Security Act 1991.

4.           Rate of simple interest

For 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%.

5.           Application

This 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.

6.           Revocation

The 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.