Document ID: chunk:federal_register_of_legislation:C2024C00866:clause:5_7
Version: federal_register_of_legislation:C2024C00866
Segment Type: clause
Provision Reference: sch 5 cl 7
Character Range: 2009783–2011944

7  Transitional and saving provisions applicable to the amendments relating to the pension loans scheme
 (1) If:
 (a) a person has made a request to participate in the previous pension loans scheme; and
 (b) Schedule 17 to the Amending Act commences before the first pension payday after the lodging of the request;
for the purposes of this clause, the person is to be treated as a person who is participating in the previous pension loans scheme.
 (2) Subject to subclause (3), in relation to a person who is participating in the previous pension loans scheme, subsections 5L(1) and 52(1) and Subdivision E of Division 11 of Part IIIB of this Act, as in force immediately before the commencement of Schedule 17 to the Amending Act, continue to have effect as if the Amending Act had not been enacted.
 (3) If a person who is participating in the previous pension loans scheme:
 (a) is eligible to participate in the current pension loans scheme; and
 (b) makes a request to participate in the current scheme;
and the Commission is satisfied that the amount of any debt that would become payable by the person to the Commonwealth under the current scheme would be readily recoverable, the current scheme applies to the person on and after the day on which the request is lodged.
 (4) The debt owed by a person who was participating in the previous pension loans scheme and who is participating in the current pension loans scheme by operation of subclause (3) is, for the purposes of working out the debt owed by the person under the current scheme, to be added to the basic amount of debt accrued under the current scheme.
 (5) In this clause:
Amending Act means the Social Security and Veterans' Affairs Legislation Amendment Act 1995.
current pension loans scheme means the pension loans scheme in operation under the provisions of this Act, as amended by the Amending Act.
participating in the pension loans scheme has the same meaning as in subsection 52ZAAA(3).
previous pension loans scheme means the pension loans scheme in operation under the provisions of this Act, as in force immediately before the commencement of Schedule 17 to the Amending Act.