Commonwealth Consolidated Acts

SOCIAL SECURITY ACT 1991 - SECT 1135A

             (1)  The maximum loan available to a person under the pension loans scheme is the amount worked out using the formula:

where:

"age component amount " means the amount specified in column 2 of the Table in subsection (3), in relation to:

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

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

"value of real assets" means:

                     (a)  if neither subparagraph 1133(1)(d)(ii) nor subparagraph 1133(2)(d)(ii) applied to the person when the person made his or her request to participate in the pension loans scheme--the value of the real assets (after deduction of any guaranteed amount); or

                     (b)  if subparagraph 1133(1)(d)(ii) or (2)(d)(ii) applied to the person when the person made his or her request to participate in the pension loans scheme--the value of the charge referred to in paragraph 1133(3)(c).

Note 1:       For real assets see subsection 1133AA(1).

Note 2:       For guaranteed amount see subsection 1133AA(1).

             (2)  For the purposes of subsection (1), the following provisions have effect:

                     (a)  if, but for this paragraph, the value of real assets would be an amount that exceeds $10,000 but is not a multiple of $10,000, the value is to be taken to be the next lower amount that is a multiple of $10,000;

                     (b)  if, but for this paragraph, the value of real assets would be less than $10,000, the value is to be taken to be nil.

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