Document ID: chunk:federal_register_of_legislation:F2015L01279:body:0:p2
Version: federal_register_of_legislation:F2015L01279
Segment Type: other
Provision Reference: 
Character Range: 3815–5706

(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 calculating the person's assets under section 52 of the VEA as in force immediately before 20 September 1998.

    2.2   Lifetime income stream under a private sector fund

             (1) In making a determination under subsection 5JA(5) of the VEA in relation to an income stream arising under a private sector fund, 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 private sector fund 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 calculating the person's assets under section 52 of the VEA as in force immediately before
                  20 September 1998.

             (3) The private sector fund mentioned in (2)(b) must have a direct connection with the previous employment of the recipient of the lifetime income stream or, in the case of a reversionary beneficiary, the person who would be the recipient had they not died.

             (4)               For subsection (3), a private sector fund has a direct connection
           with a person's previous employment if the lifetime income stream
           from the private sector fund became payable to, or in respect of,
           the person because of that employment.