Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) (Social Security) Determination 2015 (Cth)

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.