Social Security (Kind, Extent and Purchase Amount for Asset-tested Income Streams (Lifetime)) Determination 2019 (Cth)

Social Security (Kind, Extent and Purchase Amount for Asset‑tested Income Streams (Lifetime)) Determination 2019 I, Kathryn Campbell, Secretary of the Department of Social Services, make the following determination.

Dated 14 June 2019

Kathryn Campbell AO CSC Secretary of the Department of Social Services

Contents 1 Name 2 Commencement 3 Authority 4 Definitions 5 Determination of kinds of income stream 6 Determination of extent and purchase amount

1 Name This instrument is the Social Security (Kind, Extent and Purchase Amount for Asset-tested Income Streams (Lifetime)) Determination 2019.

2 Commencement (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. The whole of this instrument 1 July 2019. 1 July 2019

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument. (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3 Authority This instrument is made under the following provisions of the Social Security Act 1991: (a) subsection 9E(3); (b) subsection 1120AA(7); (c) subsection 1120AB(15).

4 Definitions Note: A number of expressions used in this instrument are defined in the Act, including the following: (a) asset‑tested income stream (lifetime) (see section 9E of the Act); (b) governing rules (see section 9 of the Act); (c) income stream (see section 9 of the Act). In this instrument: account‑based annuity has the same meaning as in the Superannuation Industry (Supervision) Regulations 1994. account‑based pension has the same meaning as in the Superannuation Industry (Supervision) Regulations 1994. Act means the Social Security Act 1991. allocated annuity means an annuity provided under a contract that meets the standards in subregulation 1.05(4) of the Superannuation Industry (Supervision) Regulations 1994. allocated pension means a pension provided under governing rules that meet the standards in subregulation 1.06(4) of the Superannuation Industry (Supervision) Regulations 1994. lifetime component has the meanings given by section 5.