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Determinations/Social Security as made
This determination sets out the 'age component amount' for the purposes of the Social Security Act 1991 and will be used when determining a person's maximum loan amount under the pension loans scheme. When a person's debt under the pension loans scheme exceeds their maximum loan amount the person can no longer borrow further amounts under the pension loans scheme.
Administered by: Social Services
Registered 26 Mar 2019
Tabling HistoryDate
Tabled HR02-Apr-2019
Tabled Senate02-Apr-2019
Table of contents.

Commonwealth Coat of Arms of Australia

 

Social Security (Pension Loans Scheme – Age Component Amount) Determination 2019

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

Dated 16 March 2019

Paul Fletcher

Minister for Families and Social Services

 


 

 

Contents

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Age component amount............................................................................................................ 1

 

 


1  Name

                   This instrument is the Social Security (Pension Loans Scheme – Age Component Amount) Determination 2019.

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

1 July 2019

 1 July 2019

Note:              This table relates only to the provisions of this instrument as originally made.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 1135A(3) of the Social Security Act 1991.

4  Age component amount

(1)  The age component amount is determined to be the amount specified in column 2 of the Table in subsection (2), in relation to:                    

(a) if the person is not a member of a couple--the age specified in column 1 that the person turned on his or her last birthday; or

(b) if the person is a member of a couple--the age specified in column 1 that the younger member of the couple turned on his or her last birthday.

Note:              Subsection 52ZCA(1) of the Veterans’ Entitlements Act 1986 provides that a person’s age component amount is ‘the amount that is specified in a determination under subsection 1135A(3) of the Social Security Act 1991’.

(2)  The following is the Table referred to in subsection (1):

 

Age component amount table

Column 1

Age

Column 2

Age component amount

Column 1

Age

Column 2

Age component amount

55, and each earlier year


$1,710.00


75


$3,750.00

56

$1,780.00

76

$3,900.00

57

$1,850.00

77

$4,050.00

58

$1,920.00

78

$4,210.00

59

$2,000.00

79

$4,380.00

60

$2,080.00

80

$4,560.00

61

$2,160.00

81

$4,740.00

62

$2,250.00

82

$4,930.00

63

$2,340.00

83

$5,130.00

64

$2,430.00

84

$5,330.00

65

$2,530.00

85

$5,550.00

66

$2,630.00

86

$5,770.00

67

$2,740.00

87

$6,000.00

68

$2,850.00

88

$6,240.00

69

$2,960.00

89

$6,490.00

70

$3,080.00

90, and each later year


$6,750.00

71

$3,200.00

72

$3,330.00

 

 

73

$3,460.00

 

 

74

$3,600.00