Document ID: chunk:federal_register_of_legislation:C2004A03539:body:0:p10
Version: federal_register_of_legislation:C2004A03539
Segment Type: other
Provision Reference: 
Character Range: 23612–26355

or (3) does not apply to that entitlement.".
Commencement: 13 December 1987

Pension loans scheme
9. Section 5 of the Principal Act is amended by omitting from paragraph (2) (b) ", 38 (4) (b)".
Commencement: 24 December 1987

Disposal of income or property
10. (1) Section 6 of the Principal Act is amended:
    (a) by omitting from subsections (4) and (5) "or XIII";
    (b) by substituting for subparagraphs (10) (b) (i) and (11) (b) (i) the following:
       "(i) to obtain or enable the person's spouse to obtain a prescribed pension;";
    (c) by omitting from subparagraphs (10) (b) (ii) and (11) (b) (ii) "such a pension, benefit or allowance" and substituting "a prescribed pension";
    (d) by omitting from subsection (13) all the material before paragraph (a) and substituting:
    "(13) A reference in this section to a pension year, in relation to a person who is receiving a prescribed pension, is a reference to:";
    (e) by omitting from paragraphs (13) (b) and (c) "pension pay-day" and substituting "day"; and
    (f) by adding at the end the following subsection:
    "(15) For the purposes of the application of this section to Part XIII, references in this section to 1 June 1984 shall be read as references to 14 May 1987.".
Commencement: Day of Royal Assent

(2) Section 6 of the Principal Act is amended by omitting from subsections (10) and (11) "(not being a course of conduct under which the person ceases employment or ceases to engage in a business or profession or reduces the extent to which the person is employed or the extent to which the person engages in a business or profession)".
Commencement: 13 November 1987

Financial hardship
11. (1) Section 7 of the Principal Act is amended:
    (a) by omitting from subsection (2) "determination" and substituting "decision"; and
    (b) by omitting from paragraph (2) (b) "determines" and substituting "decides".
Commencement: Day of Royal Assent

(2) Section 7 of the Principal Act is amended by omitting subsection (4) and substituting the following subsection:
"(4) Where:
    (a) the amount per annum of the reduction under subsection (3) in the maximum annual rate of pension, benefit (other than a benefit under Part XIII) or allowance applicable to a person in respect of property of the person or the person's spouse that is property referred to in paragraph (1) (c) is less than the lesser of the following amounts per annum:
         (i) the amount per annum equal to 2.5% of the value of that property;
         (ii) the amount per annum that could reasonably be expected to be obtained from a purely commercial application of that property; or
    (b) there is no reduction under subsection (3) in respect of that property;
the maximum annual rate