Social Security (Actuarial Certificate – Life Expectancy Income Stream and Lifetime Income Stream Guidelines) Determination 2019 (Cth)

Social Security (Actuarial Certificates – Life Expectancy Income Stream and Lifetime Income Stream Guidelines) Determination 2019

I, Mary McLarty, Branch Manager Payment Structures Branch, Welfare and Housing Policy Group, Department of Social Services as delegate of Secretary of the Department of Social Services, make the following determination.

Dated 27 March 2019

Mary McLarty Branch Manager, Payment Structures Branch

Contents 1 Name 2 Commencement 3 Authority 4 Definitions 5 Schedules 6 Purpose 7 Class of provider....................................................2 8 Guidelines........................................................2 Schedule 1—Repeals 4

Social Security (Actuarial Certificate – Life Expectancy Income Stream Guidelines) Determination 2012 4

Social Security (Actuarial Certificate – Lifetime Income Stream Guidelines) Determination 2012 4

1 Name This instrument is the Social Security (Actuarial Certificate – Life Expectancy Income Stream and Lifetime Income Stream Guidelines) Determination 2019.

2 Commencement

The day after this instrument is registered.

3 Authority This instrument is made under subsections 9A(1B) and 9B(1D) of the Social Security Act 1991.

4 Definitions Note: A number of expressions used in this instrument are defined in section 23 of the Act, including the following: (a) Human Services Department. In this instrument: Act means the Social Security Act 1991. APRA means the Australian Prudential Regulation Authority. annuity backed self managed superannuation fund means a self-managed superannuation fund with a lifetime income stream where that income stream is fully backed by an annuity that is sourced from a life insurance company. annuity backed small APRA fund means a small APRA fund with a lifetime income stream where that income stream is fully backed by an annuity that is sourced from a life insurance company. life insurance company has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993. self managed superannuation fund has the same meaning as in section 17A of the Superannuation Industry (Supervision) Act 1993.