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Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) Determination 2015

Instrument 2015 No. R9

The REPATRIATION COMMISSION makes this determination under subsection 5JA(6) of the Veterans' Entitlements Act 1986.

Dated this  6th day of  August  2015

The Seal of the                                                                 )
Repatriation Commission                                                 )
was affixed hereto in the                                                  )       SEAL
presence of:                                                                      )

Simon Lewis                                                           Craig Orme
…………………………………………………………………………………………..………………………………
                                           SIMON LEWIS                                                                                         CRAIG ORME
                                                                                                                                                                 AM CSC…………………………
PRESIDENT                                                                                    DEPUTY PRESIDENT

Part 1: Preliminary

    1.1               Name of determination

 This determination is the Asset-test Exempt Income Stream (Lifetime
 Income Stream Guidelines) Determination 2015.

    1.2           Commencement

 This determination commences on the day after it is registered.

    1.3           Revocation

The Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines)
Determination 1998 (Instrument 1998 No.10) is revoked.

    1.4   Purpose

     The purpose of this determination is to set out the guidelines for the  exercise of the Repatriation Commission's discretion, under subsection 5JA(5) of               the VEA, to determine that a defined benefit income stream that does not meet               the requirements of subsection 5JA(2) of the VEA is an asset-test exempt income stream for the purposes of the VEA.

    1.5           Definitions

    In this determination:

     lifetime income stream, in relation to a person, means an income stream in
     which payments are made, at least annually, throughout the life of the person
     and, if there is a reversionary beneficiary, throughout the life of the reversionary
     beneficiary.

     private sector fund has the same meaning as in subsection 10(1) of the  Superannuation Industry (Supervision) Act 1993.

     public sector fund has the same meaning as in subsection 10(1) of the  Superannuation Industry (Supervision) Act 1993.

     public sector superannuation scheme has the same meaning as in subsection               10(1) of the Superannuation Industry (Supervision) Act 1993.

     superannuation fund has the same meaning as in subsection 10(1) of the
     Superannuation Industry (Supervision) Act 1993.

     superannuation pension means a pension payable from a superannuation
     fund.

    VEA means the Veterans' Entitlements Act 1986.

     Note The following expressions used in this determination are defined in the VEA (see s.5A,
     5J(1), 5JA and 5J(1)(1E)):

          *           asset-test exempt income stream
          *           defined benefit income stream.
          *           commencement day
          *           Commission
          *           income stream

           Part 2: Guidelines

    2.1   Lifetime income stream under a public sector fund or public sector superannuation scheme

            (1) In making a determination under subsection 5JA(5) of the VEA in relation to an income stream arising under a public sector fund or a public sector superannuation scheme, the Commission must have regard to this section.

            (2) The income stream mentioned in (1):

                  (a)  must be a lifetime income stream that is a defined benefit income stream; and

                  (b)  must be paid from a public sector fund or a public sector superannuation scheme that was established before
                  20 September 1998; and

                  (c) regardless