Interest rate for amounts in common fund
Schedule 1 Interest rate for amounts in common fund
section 4(1)
1 For a class 1 amount—
if the amount is held for a child or a person under a legal disability—0.17%; or
if the amount is held for a beneficiary, other than a child or a person under a legal disability, who has no right to payment at call—0.17%; or
if the amount is payable in the ordinary course of administration or at call—0.17%.
2 For a class 2 amount—
if a rate is allowed by order of a court—the rate allowed; or
if paragraph (a) does not apply and a rate is agreed on by the public trustee and the person paying the amount to the public trustee—the rate agreed; or
if paragraphs (a) and (b) do not apply—a rate of at least 1.85% decided by the public trustee having regard to—
the amount held; and
the period for which the amount is held; and
the purpose for which the amount is held.
3 For a class 3 amount—1.85%.
4 For a class 4 amount—the 90 day bank accepted bill rate for the relevant day for a quarter.
5 For a class 5 amount—0.17%.
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