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

Social Security (Pension Loans Scheme—Rate of Simple 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

2  Commencement........................................................................................................................ 2

3  Authority.................................................................................................................................. 2

4  Schedules................................................................................................................................. 2

5  Rate of simple interest.............................................................................................................. 2

Schedule 1—Repeals  3

Pension Loans Scheme—Rate of Simple Interest Determination 1997   3

1  Name

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

2  Commencement

(1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1.  The whole of this instrument	The day after this instrument is registered.

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

(2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

This instrument is made under subsection 1135(4) of the Social Security Act 1991, as continued in effect by subclause 86(2) of Schedule 1A to that Act.

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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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

For the purposes of subsection 1135(4) of the Social Security Act 1991, as continued in effect by subclause 86(2) of Schedule 1A to that Act, the rate of simple interest is 7 per cent.

Note: This Determination applies only to people who are participating in the previous Pension Loans Scheme, in operation under the provisions of the Social Security Act 1991 as continued in effect by subclause 86(2) of Schedule 1A to the Act.

Schedule 1—Repeals

Pension Loans Scheme—Rate of Simple Interest Determination 1997

1  The whole of the instrument

Repeal the instrument.