Document ID: chunk:federal_register_of_legislation:C2024C00866:clause:5_11a
Version: federal_register_of_legislation:C2024C00866
Segment Type: clause
Provision Reference: sch 5 cl 11A
Character Range: 2023914–2025912

11A  Amendments relating to treatment of income streams
 (1) If:
 (a) a person who had entered into a binding arrangement for the provision to the person of an income stream was, on 19 September 1998, receiving a service pension, an income support supplement or a social security payment; and
 (b) the Minister declares, in writing, that the Minister is satisfied that the application of this Act (as amended by the amending Act) would cause the person significant disadvantage in relation to the treatment of the person's income stream;
this Act applies to the person in relation to the income stream as if the amendments made by Part 2 of Schedule 3 to the amending Act had not been made.
 (2) Subclause (1) ceases to have effect if:
 (a) the service pension, income support supplement or social security payment referred to in subclause (1)(a) (the original payment) ceases to be payable to the person; and
 (b) another service pension, income support supplement or social security payment does not become payable to the person immediately after the original payment ceases to be payable.
 (3) If a person was receiving a service pension, an income support supplement or a social security payment on 19 September 1998, the person's annual rate of ordinary income from:
 (a) an asset‑test exempt income stream; or
 (b) an asset‑tested income stream (long term);
that is a defined benefit income stream whose commencement day is earlier than 20 September 1998 is to be worked out as if the amendment made by item 81 of Schedule 3 to the amending Act had not been made.
 (4) In this clause:
amending Act means the Social Security and Veterans' Affairs Legislation Amendment (Budget and Other Measures) Act 1998.
binding arrangement, in relation to a person, means:
 (a) an arrangement that does not allow the person to commute an income stream; or
 (b) an arrangement that may only be terminated on terms that are, in the opinion of the Commission, likely to cause severe detriment to the person.