# The State Pension Credit Regulations 2002, Paragraph 9: The standard rate


(1) The standard rate is the rate of interest applicable to a loan which qualifies under this Schedule and—
(a) except where sub-paragraph (2) applies, is 5.34 per cent. per annum; or
(b) where sub-paragraph (2) applies, shall equal the actual rate of interest charged on the loan on the day the housing costs first fall to be met.
(2) This sub-paragraph applies where the actual rate of interest charged on the loan which qualifies under this Schedule is less than 5 per cent. per annum on the day the housing costs first fall to be met and ceases to apply when the actual rate of interest on that loan is 5 per cent. per annum or higher.
(3) Where in a case to which sub-paragraph (2) applies the actual rate of interest on the loan rises to 5 per cent. per annum or higher, the standard rate applicable on that loan shall be determined in accordance with sub-paragraph (1)(a).

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Source: https://www.legislation.gov.uk/ukdsi/2002/0110424395/schedule/II/paragraph/9 (the official version)
Page: https://openlegislation.uk/draft-state-pension-credit-regulations-2002/schedule-II/paragraph-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.