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  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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