Commonwealth Consolidated Regulations

SUPERANNUATION (INTEREST) REGULATIONS - REG 6

(1)

Where the period of interest in respect of a prescribed amount in relation to a person who has ceased to be an eligible employee commences on or after 1 April 1990, interest payable in respect of that prescribed amount shall be deemed to have accrued during the whole of the period of interest at the rate of 13.52% per annum.

(2)

Where the period of interest in respect of a prescribed amount, in relation to a person who has ceased to be an eligible employee, commences before 1 April 1990, interest payable in respect of that prescribed amount shall be deemed to have accrued:

(a)

during a part or, where there is more than one such part, each part of the period of interest that is comprised of a financial year, or part of a financial year, specified in column 1 of Part I of the Schedule (or, where the period of interest is comprised wholly of such a financial year or part of such a financial year, during the whole of the period of interest), at the rate of interest applicable in respect of the financial year that comprises, or part of which comprises, that part of the period of interest (or the whole of the period of interest, as the case requires);

(b)

during the part or, where there is more than one such part, each part of the period of interest that is comprised of a quarter, or part of a quarter, specified in column 1 of Part II of the Schedule (or, where the period of interest is comprised wholly of such a quarter or part of such a quarter, during the whole of the period of interest), at the rate of interest applicable in respect of the quarter that comprises, or part of which comprises, that part of the period of interest (or the whole of the period of interest, as the case requires); and

(c)

where the period of interest ends on or after 1 April 1990 — during the part of the period of interest that commences on 1 April 1990, at the rate of 13.52% per annum.

(3)

Interest payable in respect of a prescribed amount in relation to a person who has ceased to be an eligible employee shall be deemed to have been compounded:

(a)

where the period of interest commenced on or after 1 July 1988 — on 31 March, 30 June, 30 September and 31 December in each year; and

(b)

where the period of interest commenced before 1 July 1988:

(i)

in respect of that part of the period that ended on 30 June 1988 — on 30 June in each year; and

(ii)

in respect of that part of the period that commenced on 1 July 1988 — on 31 March, 30 June, 30 September and 31 December in each year.

(4)

For the purposes of subregulation (2):

(a)

the rate of interest specified in column 2 of Part I of the Schedule opposite to the reference to a financial year in Column 1 of that Part is the rate of interest applicable in respect of that financial year; and

(b)

the rate of interest specified in column 2 of Part II of the Schedule opposite to the reference to a quarter in column 1 of that Part is the rate of interest applicable in respect of that quarter.

(5)

In this regulation, period of interest , in respect of a prescribed amount, means the period in respect of which interest is, by virtue of regulation 5, payable in respect of the prescribed amount.

(6)

For the purposes of this regulation, a reference to a quarter shall be read as a reference to a period of 3 months commencing on 1 January, 1 April, 1 July or 1 October in any year.