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This is a Bill, not an Act. For current law, see the Acts databases.
2019-2020-2021
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Social Services and Other Legislation
Amendment (Pension Loans Scheme
Enhancements) Bill 2021
No. , 2021
(Social Services)
A Bill for an Act to amend the law relating to social
security and veterans' entitlements, and for related
purposes
No. , 2021
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
Part 1--No negative equity guarantee
3
Social Security Act 1991
3
Veterans' Entitlements Act 1986
6
Part 2--Pension loans scheme advance payments
11
Social Security Act 1991
11
Social Security (Administration) Act 1999
14
Veterans' Entitlements Act 1986
15
No. , 2021
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
1
A Bill for an Act to amend the law relating to social
1
security and veterans' entitlements, and for related
2
purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act is the
Social Services and Other Legislation Amendment
6
(Pension Loans Scheme Enhancements) Act 2021
.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
2
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
No. , 2021
1
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
1 July 2022.
1 July 2022
Note:
This table relates only to the provisions of this Act as originally
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Schedules
8
Legislation that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Amendments
Schedule 1
No negative equity guarantee
Part 1
No. , 2021
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
3
Schedule 1--Amendments
1
Part 1--No negative equity guarantee
2
Social Security Act 1991
3
1 Subsection 1133AA(1) (definition of real assets)
4
Omit ", but does not include any real property specified under
5
paragraph 1136(1A)(a)", substitute "that is specified under
6
paragraph 1136(1A)(a)".
7
2 Paragraph 1133(3)(c)
8
After "against", insert "specified".
9
3 Paragraph 1133(3)(d)
10
Omit "that real", substitute "the specified real".
11
4 Paragraph 1136(1A)(a)
12
Repeal the paragraph, substitute:
13
(a) specify any real property that is to be included in working out
14
the value of real assets for the purposes of sections 1133 and
15
1135A, or that is to be subject to a charge under
16
section 1138; and
17
5 Paragraph 1136(3)(b)
18
Omit "Secretary; and", substitute "Secretary.".
19
6 Paragraph 1136(3)(c)
20
Repeal the paragraph.
21
7 Paragraph 1137(3)(b)
22
Repeal the paragraph, substitute:
23
(b) be in a form approved by the Secretary.
24
8 After section 1144
25
Insert:
26
Schedule 1
Amendments
Part 1
No negative equity guarantee
4
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
No. , 2021
1144AA No negative equity guarantee
1
When adjusted value of assets is exceeded
2
(1) If:
3
(a) a person owes a debt to the Commonwealth under
4
section 1135; and
5
(b) neither subparagraph 1133(1)(d)(ii) nor
6
subparagraph 1133(2)(d)(ii) applied to the person when the
7
person made the request to participate in the pension loans
8
scheme; and
9
(c) either of the following events occur:
10
(i) a person seeks to repay the debt;
11
(ii) the Commonwealth seeks to recover the debt; and
12
(d) at the time the event occurs, the amount of the debt exceeds
13
the adjusted value of the person's real assets; and
14
(e) subsection (3) of this section does not apply;
15
then:
16
(f) the Commonwealth is not entitled to recover an amount (the
17
excess amount
) that exceeds the adjusted value of the
18
person's real assets; and
19
(g) the debt to the Commonwealth, and the charge securing the
20
debt, is discharged to the extent of the excess amount by
21
force of this paragraph.
22
Note:
For the meaning of
real assets
, see subsection 1133AA(1).
23
When adjusted value of charge is exceeded
24
(2) If:
25
(a) a person owes a debt to the Commonwealth under
26
section 1135; and
27
(b) subparagraph 1133(1)(d)(ii) or (2)(d)(ii) applied to the person
28
when the person made the request to participate in the
29
pension loans scheme; and
30
(c) either of the following events occur:
31
(i) a person seeks to repay the debt;
32
(ii) the Commonwealth seeks to recover the debt; and
33
Amendments
Schedule 1
No negative equity guarantee
Part 1
No. , 2021
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
5
(d) at the time the event occurs, the amount of the debt exceeds
1
the adjusted value of the real property specified for the
2
purposes of paragraph 1133(3)(c); and
3
(e) subsection (3) of this section does not apply;
4
then:
5
(f) the Commonwealth is not entitled to recover an amount (the
6
excess amount
) that exceeds the adjusted value of the
7
specified real property; and
8
(g) the debt to the Commonwealth, and the charge securing the
9
debt, is discharged to the extent of the excess amount by
10
force of this paragraph.
11
Excess amount may be recovered and debt is not discharged in
12
certain circumstances
13
(3) This subsection applies if the Secretary is satisfied that:
14
(a) a charge or encumbrance over the person's real assets or the
15
specified real property is created or increased by, or with the
16
express consent of, the person after the person begins to
17
participate in the pension loans scheme which affects, or will
18
affect, the ability of the Commonwealth to recover the debt
19
owed under section 1135; or
20
(b) the person engaged in fraud, or made a misrepresentation, in
21
relation to the person's participation in the pension loans
22
scheme, including in relation to the person's real assets or the
23
specified real property.
24
25
(4) The Secretary may, by legislative instrument, make guidelines to
26
be complied with in making a decision for the purposes of
27
subsection (3).
28
Meaning of adjusted value
29
(5) The
adjusted value
:
30
(a) for real assets--means the amount worked out by:
31
(i) working out the market value of the assets in
32
accordance with an instrument made under
33
subsection (6); and
34
Schedule 1
Amendments
Part 1
No negative equity guarantee
6
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
No. , 2021
(ii) adjusting that value in accordance with the instrument;
1
and
2
(b) for real property--means the amount worked out by:
3
(i) working out the market value of the property in
4
accordance with an instrument made under
5
subsection (6); and
6
(ii) adjusting that value in accordance with the instrument.
7
(6) The Secretary must, by legislative instrument, determine:
8
(a) one or more methods for working out the market value of
9
real assets for the purposes of subparagraph (5)(a)(i); and
10
(b) adjustments to be made to the market value of real assets for
11
the purposes of subparagraph (5)(a)(ii); and
12
(c) one or more methods for working out the market value of
13
real property for the purposes of subparagraph (5)(b)(i); and
14
(d) adjustments to be made to the market value of real property
15
for the purposes of subparagraph (5)(b)(ii).
16
(7) Without limiting subsection (6), the determination may:
17
(a) specify that adjustments are to be made in relation to
18
specified kinds of charges or encumbrances over real assets
19
or real property; and
20
(b) determine different methods to be used and adjustments to be
21
made in different circumstances.
22
Veterans' Entitlements Act 1986
23
9 Subsection 52ZAAA(1) (definition of real assets)
24
Omit ", but does not include any real property specified under
25
paragraph 52ZD(1A)(a)", substitute "that is specified under
26
paragraph 52ZD(1A)(a)".
27
10 Paragraph 52ZA(3)(c)
28
After "against", insert "specified".
29
11 Paragraph 52ZA(3)(d)
30
Omit "that real", insert "the specified real".
31
Amendments
Schedule 1
No negative equity guarantee
Part 1
No. , 2021
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
7
12 Paragraph 52ZD(1A)(a)
1
Repeal the paragraph, substitute:
2
(a) specify any real property that is to be included in working out
3
the value of real assets for the purposes of sections 52ZA and
4
52ZCA, or that is to be subject to a charge under
5
section 52ZF; and
6
13 At the end of Subdivision E of Division 11 of Part IIIB
7
Add:
8
52ZMAA No negative equity guarantee
9
When adjusted value of assets is exceeded
10
(1) If:
11
(a) a person owes a debt to the Commonwealth under
12
section 52ZC; and
13
(b) neither subparagraph 52ZA(1)(e)(ii) nor
14
subparagraph 52ZA(2)(e)(ii) applied to the person when the
15
person made the request to participate in the pension loans
16
scheme; and
17
(c) either of the following events occur:
18
(i) a person seeks to repay the debt;
19
(ii) the Commonwealth seeks to recover the debt; and
20
(d) at the time the event occurs, the amount of the debt exceeds
21
the adjusted value of the person's real assets; and
22
(e) subsection (3) of this section does not apply;
23
then:
24
(f) the Commonwealth is not entitled to recover an amount (the
25
excess amount
) that exceeds the adjusted value of the
26
person's real assets; and
27
(g) the debt to the Commonwealth, and the charge securing the
28
debt, is discharged to the extent of the excess amount by
29
force of this paragraph.
30
Note:
For the meaning of
real assets
, see subsection 52ZAAA(1).
31
Schedule 1
Amendments
Part 1
No negative equity guarantee
8
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
No. , 2021
When adjusted value of charge is exceeded
1
(2) If:
2
(a) a person owes a debt to the Commonwealth under
3
section 52ZC; and
4
(b) subparagraph 52ZA(1)(e)(ii) or (2)(e)(ii) applied to the
5
person when the person made the request to participate in the
6
pension loans scheme; and
7
(c) either of the following events occur:
8
(i) a person seeks to repay the debt;
9
(ii) the Commonwealth seeks to recover the debt; and
10
(d) at the time the event occurs, the amount of the debt exceeds
11
the adjusted value of the real property specified for the
12
purposes of paragraph 52ZA(3)(c); and
13
(e) subsection (3) of this section does not apply;
14
then:
15
(f) the Commonwealth is not entitled to recover an amount (the
16
excess amount
) that exceeds the adjusted value of the
17
specified real property; and
18
(g) the debt to the Commonwealth, and the charge securing the
19
debt, is discharged to the extent of the excess amount by
20
force of this paragraph.
21
Circumstances in which excess amount may be recovered and debt
22
is not discharged
23
(3) This subsection applies if the Commission is satisfied that:
24
(a) a charge or encumbrance over the person's real assets or the
25
specified real property is created or increased by, or with the
26
express consent of, the person after the person begins to
27
participate in the pension loans scheme which affects, or will
28
affect, the ability of the Commonwealth to recover the debt
29
owed under section 52ZC; or
30
(b) the person engaged in fraud, or made a misrepresentation, in
31
relation to the person's participation in the pension loans
32
scheme, including in relation to the person's real assets or the
33
specified real property.
34
Amendments
Schedule 1
No negative equity guarantee
Part 1
No. , 2021
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
9
(4) The Commission may, by legislative instrument, make guidelines
1
to be complied with in making a decision for the purposes of
2
subsection (3).
3
Meaning of adjusted value
4
(5) The
adjusted value
:
5
(a) for real assets--means the amount worked out by:
6
(i) working out the market value of the assets in
7
accordance with an instrument made under
8
subsection (6); and
9
(ii) adjusting that value in accordance with the instrument;
10
and
11
(b) for real property--means the amount worked out by:
12
(i) working out the market value of the property in
13
accordance with an instrument made under
14
subsection (6); and
15
(ii) adjusting that value in accordance with the instrument.
16
(6) The Commission must, by legislative instrument, determine:
17
(a) one or more methods for working out the market value of
18
real assets for the purposes of subparagraph (5)(a)(i); and
19
(b) adjustments to be made to the market value of real assets for
20
the purposes of subparagraph (5)(a)(ii); and
21
(c) one or more methods for working out the market value of
22
real property for the purposes of subparagraph (5)(b)(i); and
23
(d) adjustments to be made to the market value of real property
24
for the purposes of subparagraph (5)(b)(ii).
25
(7) Without limiting subsection (6), the determination may:
26
(a) specify that adjustments are to be made in relation to
27
specified kinds of charges or encumbrances over real assets
28
or real property; and
29
(b) determine different methods to be used and adjustments to be
30
made in different circumstances.
31
Schedule 1
Amendments
Part 1
No negative equity guarantee
10
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
No. , 2021
14 Application of amendments
1
(1)
The amendments made by items 1 to 7 and 9 to 12 of this Part apply in
2
relation to requests to participate in the pension loans scheme made
3
after the commencement of this item.
4
(2)
The amendments made by items 8 and 13 of this Part apply in relation
5
to debts owed to the Commonwealth after the commencement of this
6
item, regardless of whether the debt was incurred before or after that
7
commencement.
8
Amendments
Schedule 1
Pension loans scheme advance payments
Part 2
No. , 2021
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
11
Part 2--Pension loans scheme advance payments
1
Social Security Act 1991
2
15 Subsection 8(1) (note to the definition of home equity
3
conversion agreement)
4
Omit "Note", substitute "Note 1".
5
16 Subsection 8(1) (at the end of the definition of home
6
equity conversion agreement)
7
Add:
8
Note 2:
A pension loans scheme advance payment (within the meaning of
9
Division 4 of Part 3.12) is an example of a payment under a home
10
equity conversion agreement.
11
17 Paragraph 23(11)(b)
12
Repeal the paragraph.
13
18 Subsection 1133AA(1)
14
Insert:
15
pension loans scheme advance payment
: see section 1134A.
16
pension loans scheme advance payment period
, for a person,
17
means the period of 26 fortnights starting on the day in relation to
18
which the person's pension loans scheme advance payment was
19
worked out under subsection 1134A(2).
20
19 Subsection 1134(1)
21
Repeal the subsection, substitute:
22
(1) This section applies if:
23
(a) a person is qualified to participate in the pension loans
24
scheme; and
25
(b) the person makes a request to participate under section 1136;
26
and
27
Schedule 1
Amendments
Part 2
Pension loans scheme advance payments
12
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
No. , 2021
(c) the Secretary is satisfied that the amount of any debt that
1
becomes payable by the person to the Commonwealth under
2
this Division is readily recoverable.
3
(1A) The rate of the pension payable to the person by operation of the
4
scheme is to be:
5
(a) if the pension will not be received in relation to a pension
6
loans scheme advance payment period for the person:
7
(i) 1.5 multiplied by the maximum payment rate; or
8
(ii) a lower rate nominated by the person; or
9
(b) if the pension will be received in relation to a pension loans
10
scheme advance period for the person:
11
(i) the greater of the maximum payment rate and 1.5
12
multiplied by the maximum payment rate less any
13
amounts of pension loans scheme advance payment
14
received by the person in relation to the period; or
15
(ii) a lower rate nominated by the person.
16
Note:
For the meaning of
maximum payment rate
, see
17
subsection 1133AA(1).
18
20 After section 1134
19
Insert:
20
1134A Pension loans scheme advance payment
21
(1) This section applies if a pension is payable to a person at a rate
22
worked out under this Division.
23
(2) The person is qualified for an advance payment (a
pension loans
24
scheme advance payment
) of the pension if:
25
(a) the person makes a request for the advance payment under
26
section 1137AA; and
27
(b) the person has not received more than one pension loans
28
scheme advance payment in relation to a pension loans
29
scheme advance payment period commencing during the
30
previous 26 fortnights.
31
(3) The amount of the pension loans scheme advance payment is
32
whichever is the least of the following amounts:
33
Amendments
Schedule 1
Pension loans scheme advance payments
Part 2
No. , 2021
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
13
(a) if the person has not received another pension loans scheme
1
advance payment in relation to a pension loans scheme
2
advance payment period that commenced during the previous
3
26 fortnights--0.5 multiplied by the maximum payment rate
4
payable to the person on the day in relation to which the
5
person's rate of pension worked out under this Division is to
6
be paid as the pension loans scheme advance payment;
7
(b) if the person has received another pension loans scheme
8
advance payment (the
previous amount
) in relation to a
9
pension loans scheme advance payment period that
10
commenced during the previous 26 fortnights--0.5
11
multiplied by the maximum payment rate payable to the
12
person on the day in relation to which the person's rate of
13
pension worked out under this Division is to be paid as the
14
pension loans scheme advance payment, less the previous
15
amount;
16
(c) the maximum loan available to the person under the pension
17
loans scheme, less the amount of the debt owed by the person
18
under section 1135;
19
(d) the amount requested by the person.
20
(4) A pension loans scheme advance payment is to be paid as soon as
21
practicable after the request under section 1137AA is made.
22
(5) This section applies despite section 1061A.
23
Note:
Section 1061A sets out other circumstances in which a person is
24
qualified for an advance payment of a social security entitlement.
25
21 Subsection 1135(3) (method statement, after step 1)
26
Insert:
27
Step 1A. Add to the primary loan amount the amount of any
28
pension loans scheme advance payments received by the
29
person: the result is the
advance payment adjusted
30
amount
.
31
22 Subsection 1135(3) (method statement, step 2)
32
Omit "primary loan amount", substitute "advance payment adjusted
33
amount".
34
Schedule 1
Amendments
Part 2
Pension loans scheme advance payments
14
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
No. , 2021
23 Paragraphs 1136(1A)(c) and 1137(1)(b)
1
Omit "subparagraph 1134(1)(e)(ii)", substitute
2
"subparagraph 1134(1A)(a)(ii) or (b)(ii)".
3
24 After section 1137
4
Insert:
5
1137AA Need for a request for a pension loans scheme advance
6
payment
7
(1) A person who wants to receive a pension loans scheme advance
8
payment must make a request for the payment in accordance with
9
this section.
10
(2) A request under subsection (1) must specify the amount of pension
11
loans scheme advance payment requested.
12
Note:
There are limits to the amount that can be paid: see
13
subsection 1134A(2).
14
(3) The request must be signed:
15
(a) if the person is not a member of a couple--by the person; or
16
(b) if the person is a member of a couple--by both members of
17
the couple.
18
(4) The request must be:
19
(a) in writing; and
20
(b) in a form approved by the Secretary.
21
Social Security (Administration) Act 1999
22
25 Subsection 47(1) (paragraph (a) of the definition of lump
23
sum benefit)
24
Omit "or Part 2.22", substitute ", Part 2.22 or section 1134A".
25
Amendments
Schedule 1
Pension loans scheme advance payments
Part 2
No. , 2021
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
15
Veterans' Entitlements Act 1986
1
26 Subsection 5H(1) (note to the definition of home equity
2
conversion agreement)
3
Omit "Note", substitute "Note 1".
4
27 Subsection 5H(1) (at the end of the definition of home
5
equity conversion agreement, after the note)
6
Add:
7
Note 2:
A pension loans scheme advance payment (within the meaning of
8
Subdivision E of Division 11 of Part IIIB) is an example of a payment
9
under a home equity conversion agreement.
10
28 After paragraph 5H(8)(aa)
11
Insert:
12
(ab) a pension loans scheme advance payment (within the
13
meaning of section 52ZBA);
14
29 Subsection 52ZAAA(1)
15
Insert:
16
pension loans scheme advance payment
: see section 52ZBA.
17
pension loans scheme advance payment period
, for a person,
18
means the period of 26 fortnights starting on the day in relation to
19
which the person's pension loans scheme advance payment was
20
worked out under subsection 52ZBA(2).
21
30 Paragraph 52ZAAA(3)(b)
22
Repeal the paragraph.
23
31 Subsection 52ZB(1)
24
Repeal the subsection, substitute:
25
(1) This section applies if:
26
(a) a person is eligible to participate in the pension loans
27
scheme; and
28
(b) the person makes a request to participate under
29
section 52ZD; and
30
Schedule 1
Amendments
Part 2
Pension loans scheme advance payments
16
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
No. , 2021
(c) the Commission is satisfied that the amount of any debt that
1
becomes payable by the person to the Commonwealth under
2
this Subdivision is readily recoverable.
3
(1A) The rate of the pension payable to the person by operation of the
4
scheme is to be:
5
(a) if the pension will not be received in relation to a pension
6
loans scheme advance payment period for the person:
7
(i) 1.5 multiplied by the maximum payment rate; or
8
(ii) a lower rate nominated by the person; or
9
(b) if the pension will be received in relation to a pension loans
10
scheme advance period for the person:
11
(i) the greater of the maximum payment rate and 1.5
12
multiplied by the maximum payment rate less any
13
amounts of pension loans scheme advance payment
14
received by the person in relation to the period; or
15
(ii) a lower rate nominated by the person.
16
Note:
For the meaning of
maximum payment rate
, see
17
subsection 52ZAAA(1).
18
32 After section 52ZB
19
Insert:
20
52ZBA Pension loans scheme advance payment
21
(1) This section applies if a pension is payable to a person at a rate
22
worked out under this Subdivision.
23
(2) The person is eligible for an advance payment (a
pension loans
24
scheme advance payment
) of the pension if:
25
(a) the person makes a request for the advance payment under
26
section 52ZEAA; and
27
(b) the person has not received more than one pension loans
28
scheme advance payment in relation to a pension loans
29
scheme advance payment period commencing during the
30
previous 26 fortnights.
31
(3) The amount of the pension loans scheme advance payment is
32
whichever is the least of the following amounts:
33
Amendments
Schedule 1
Pension loans scheme advance payments
Part 2
No. , 2021
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
17
(a) if the person has not received another pension loans scheme
1
advance payment in relation to a pension loans scheme
2
advance payment period that commenced during the previous
3
26 fortnights--0.5 multiplied by the maximum payment rate
4
payable to the person on the day in relation to which the
5
person's rate of pension worked out under this Subdivision is
6
to be paid as the pension loans scheme advance payment;
7
(b) if the person has received another pension loans scheme
8
advance payment (the
previous amount
) in relation to a
9
pension loans scheme advance payment period that
10
commenced during the previous 26 fortnights--0.5
11
multiplied by the maximum payment rate payable to the
12
person on the day in relation to which the person's rate of
13
pension worked out under this Subdivision is to be paid as
14
the pension loans scheme advance payment, less the previous
15
amount;
16
(c) the maximum loan available to the person under the pension
17
loans scheme, less the amount of the debt owed by the person
18
under section 52ZC;
19
(d) the amount requested by the person.
20
(4) A pension loans scheme advance payment is to be paid as soon as
21
practicable after the request under section 52ZEAA is made.
22
(5) This section applies despite section 79B.
23
Note:
Section 79B sets out other circumstances in which a person is eligible
24
for an advance payment of an amount of pension.
25
33 Subsection 52ZC(3) (method statement, after step 1)
26
Insert:
27
Step 1A. Add to the primary loan amount the amount of any
28
pension loans scheme advance payments received by the
29
person: the result is the
advance payment adjusted
30
amount
.
31
34 Subsection 52ZC(3) (method statement, step 2)
32
Omit "primary loan amount", substitute "advance payment adjusted
33
amount".
34
Schedule 1
Amendments
Part 2
Pension loans scheme advance payments
18
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
No. , 2021
35 Paragraphs 52ZD(1A)(c) and 52ZE(1)(b)
1
Omit "subparagraph 52ZB(1)(e)(ii)", substitute
2
"subparagraph 52ZB(1A)(a)(ii) or (b)(ii)".
3
36 After section 52ZE
4
Insert:
5
52ZEAA Need for a request for a pension loans scheme advance
6
payment
7
(1) A person who wants to receive a pension loans scheme advance
8
payment must make a request for the payment in accordance with
9
this section.
10
(2) A request under subsection (1) must specify the amount of pension
11
loans scheme advance payment requested.
12
Note:
There are limits to the amount that can be paid: see
13
subsection 52ZBA(2).
14
(3) The request must be signed:
15
(a) if the person is not a member of a couple--by the person; or
16
(b) if the person is a member of a couple--by both members of
17
the couple; and
18
(4) The request must be:
19
(a) in writing; and
20
(b) in a form approved by the Commission; and
21
(c) be lodged at an office of the Department in Australia in
22
accordance with section 5T.
23
37 At the end of section 58
24
Add:
25
(3) For the purposes of this Subdivision (other than section 58A),
26
pension
includes a pension loans scheme advance payment (within
27
the meaning of section 52ZBA).
28
Amendments
Schedule 1
Pension loans scheme advance payments
Part 2
No. , 2021
Social Services and Other Legislation Amendment (Pension Loans
Scheme Enhancements) Bill 2021
19
38 Application of amendments
1
The amendments made by this Part apply in relation to requests for a
2
pension loans scheme advance payment received after the
3
commencement of this item, regardless of whether the person became
4
qualified to participate in the pension loans scheme before or after that
5
commencement.
6