Document ID: chunk:federal_register_of_legislation:C2004A00839:clause:2_9
Version: federal_register_of_legislation:C2004A00839
Segment Type: clause
Provision Reference: sch 2 cl 9
Character Range: 60429–62342

9  Subsection 9B(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.

 (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 Secretary has not made a determination under subsection (3) in respect of the income stream; and
 (b) subject to subsection (1C), the Secretary is satisfied that, in relation to an income stream provided by a class of provider specified by the Secretary 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 Secretary is satisfied that the requirements of subsection (2) have been given effect to from the day the income stream commenced to be paid.

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

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

 (1D) The Secretary may determine, in writing, guidelines to be complied with when determining whether an actuarial certificate is in force and what constitutes 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.