Document ID: chunk:federal_register_of_legislation:C2022A00028:clause:1_19
Version: federal_register_of_legislation:C2022A00028
Segment Type: clause
Provision Reference: sch 1 cl 19
Character Range: 13096–14221

19  Subsection 1134(1)
Repeal the subsection, substitute:
 (1) This section applies if:
 (a) a person is qualified to participate in the pension loans scheme; and
 (b) the person makes a request to participate under section 1136; and
 (c) the Secretary is satisfied that the amount of any debt that becomes payable by the person to the Commonwealth under this Division is readily recoverable.
 (1A) The rate of the pension payable to the person by operation of the scheme is to be:
 (a) if the pension will not be received in relation to a pension loans scheme advance payment period for the person:
 (i) 1.5 multiplied by the maximum payment rate; or
 (ii) a lower rate nominated by the person; or
 (b) if the pension will be received in relation to a pension loans scheme advance period for the person:
 (i) the greater of the maximum payment rate and 1.5 multiplied by the maximum payment rate less any amounts of pension loans scheme advance payment received by the person in relation to the period; or
 (ii) a lower rate nominated by the person.
Note: For the meaning of maximum payment rate, see subsection 1133AA(1).