Document ID: chunk:federal_register_of_legislation:C2004A00948:clause:3_21
Version: federal_register_of_legislation:C2004A00948
Segment Type: clause
Provision Reference: sch 3 cl 21
Character Range: 25808–27939

21  Subsection 5JB(1)
Repeal the subsection, substitute:

General requirements

 (1) An income stream provided to a person is also an asset‑test exempt income stream for the purposes of this Act if:
 (a) the person has reached pension age on or before the day on which the person purchases or acquires the income stream; and
 (b) either subsection (1A) or (1B) applies.

Note 1: For income stream see subsection 5J(1).

Note 2: For pension age see subsection (6).

No determination under subsection (3)

 (1A) This subsection applies if:
 (a) the income stream is an income stream arising under a contract, or governing rules, that meet the requirements of subsection (2) and the Commission has not made a determination under subsection (3) in respect of the income stream; and
 (b) subject to subsection (1D), the Commission is satisfied that, in relation to an income stream provided by a class of provider specified by the Commission for the purposes of this paragraph, there is in force a current actuarial certificate that states that in the actuary's opinion there is a high probability that the provider of the income stream will be able to pay the income stream as required under the contract or governing rules; and
 (c) the Commission is satisfied that the requirements of subsection (2) have been given effect to from the commencement day of the income stream.

Determination under subsection (4)

 (1B) This subsection applies if the Commission has made a determination under subsection (4) in respect of the income stream.

Guidelines relating to actuarial certificates

 (1C) The Commission may determine, in writing, guidelines to be complied with when determining whether an actuarial certificate is in force. The determination is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.

Exception if no actuarial certificate in force

 (1D) Paragraph (1A)(b) does not apply if, for a period beginning when an actuarial certificate referred to in this section ceases to be in force and ending not more than 26 weeks later, such an actuarial certificate is not in force.