Document ID: chunk:federal_register_of_legislation:F2015L01444:body:0:p1
Version: federal_register_of_legislation:F2015L01444
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Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) (Social Security) Determination 2015

I, Finn Pratt, Secretary of the Department of Social Services, make this determination under subsection 9A(6) of the Social Security Act 1991.

Dated this 7th day of September 2015

…………………………………………………………………………………………..………………………………
                                           FINN PRATT AO PSM
SECRETARY
DEPARTMENT OF SOCIAL SERVICES

Part 1: Preliminary

    1.1               Name of determination

 This determination is the Asset-test Exempt Income Stream (Lifetime
 Income Stream Guidelines) (Social Security) 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 [F2009C00037] is revoked.

    1.4   Purpose

     The purpose of this determination is to set out the guidelines for the  exercise of the Secretary's discretion, under subsection 9A(5) of the Act, to determine that a defined benefit income stream that does not meet the requirements of subsection 9A(2) of the Act is an asset-test exempt income stream for the purposes of the Act.

    1.5           Definitions

    In this determination:

     Act means the Social Security Act 1991.

      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.

     Note The following expressions used in this determination are defined in the Act (see
     s.9(1), s.9(1F), s.9A and s.23):

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

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 9A(5) of the Act in relation to an income stream arising under a public sector fund or a public sector superannuation scheme, the Secretary 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 of its commencement day, would have been treated as a superannuation pension and had its value disregarded in