{"id":"F2005B01117","name":"Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) Determination 1998","slug":"asset-test-exempt-income-stream-lifetime-income-stream-guidelines-determination-1998","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":32446,"registerId":"commonwealth-F2005B01117-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"## Part 1-Preliminary\n\n1.1 Name of determination\n\nThis determination is the Asset-test Exempt Income Stream (Lifetime\n\nIncome Stream Guidelines) Determination 1998.\n\n1.2 Commencement\n\nThis determination commences on 20 September 1998.\n\n1.3 Definitions\n\nIn this determination:\n\nAct means the Veterans’ Entitlements Act 1986.\n\ndefined benefit fund has the same meaning as in subregulation 1.03(1) of the Superannuation Industry Supervision Regulations.\n\ndefined benefit superannuation pension means a pension product that pays a superannuation pension from a defined benefit fund.\n\nlifetime 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.\n\nprivate sector fund has the same meaning as in subsection 10 (1) of the Superannuation Industry (Supervision) Act 1993\n\npublic sector fund has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\npublic sector superannuation scheme has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\nsuperannuation fund has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\nsuperannuation pension means a pension payable from a superannuation\n\nfund.\n\nNote The following expressions used in this determination are defined in the Act (see ss 5J(1), 5J(1E), 5JA and 5JB):\n\n- asset-test exempt income stream\n\n- commencement day\n\n- defined benefit income stream\n\n- governing rules\n- income stream.\n\n1.4 Purpose","sortOrder":0},{"sectionNumber":"The purpose of this determination is to ","sectionType":"division","heading":"The purpose of this determination is to set out the guidelines for the exercise","content":"## Part 1-Preliminary\n\n1.1 Name of determination\n\nThis determination is the Asset-test Exempt Income Stream (Lifetime\n\nIncome Stream Guidelines) Determination 1998.\n\n1.2 Commencement\n\nThis determination commences on 20 September 1998.\n\n1.3 Definitions\n\nIn this determination:\n\nAct means the Veterans’ Entitlements Act 1986.\n\ndefined benefit fund has the same meaning as in subregulation 1.03(1) of the Superannuation Industry Supervision Regulations.\n\ndefined benefit superannuation pension means a pension product that pays a superannuation pension from a defined benefit fund.\n\nlifetime 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.\n\nprivate sector fund has the same meaning as in subsection 10 (1) of the Superannuation Industry (Supervision) Act 1993\n\npublic sector fund has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\npublic sector superannuation scheme has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\nsuperannuation fund has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\nsuperannuation pension means a pension payable from a superannuation\n\nfund.\n\nNote The following expressions used in this determination are defined in the Act (see ss 5J(1), 5J(1E), 5JA and 5JB):\n\n- asset-test exempt income stream\n\n- commencement day\n\n- defined benefit income stream\n\n- governing rules\n- income stream.\n\n1.4 Purpose\n\n### The purpose of this determination is to set out the guidelines for the exercise\n\n### of the Repatriation Commission’s discretion, under subsection 5JA(5) of the\n\n### Act, to determine that an income stream that does not meet the requirements\n\n### of subsection 5JA(2) is an asset-test exempt income stream for the purposes\n\n### of the Act.\n\nPart 2 — Guidelines\n\n2.1 Lifetime income stream under a public sector fund or superannuation scheme\n\n(1) In making a determination under subsection 5JA(5) of the Act in relation to an income stream arising under a public sector fund or a public sector superannuation scheme, the Commission must have regard to this section.\n\n(2) The income stream must be a lifetime income stream that is a defined benefit income stream, the amount of payments under which is determined by the governing rules of the fund or scheme, and that:\n\n(a) is a defined benefit superannuation pension; or\n\n(b) is a superannuation pension under an exempt public sector superannuation scheme, within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993, being a scheme to which subregulation 1.04 (4A) of the\n\nSuperannuation Industry (Supervision) Regulations 1994 applies in accordance with subregulation 1.04 (4E) of those Regulations.\n\n(3) The fund or scheme must have been established before\n\n20 September 1998 and:\n\n(a) for an income stream commencing before\n\n20 September 1998 — the value of the income stream is disregarded in calculating the value of the assets of the person concerned, because of section 52 of the Act as in force immediately before 20 September l998 (the previous section 52); or\n\n(b) for an income Stream commencing on or after\n\n20 September 1998, that is a defined benefit superannuation pension existing before 20 September 1998 — the value of the income stream would have been disregarded in\n\ncalculating the value of the person's assets under the previous section 52 as it would have applied if:\n\n(i) the commencement day of the income stream was before 20 September 1998; and\n\n(ii) defined benefit superannuation pension payments were made before 20 September 1998.\n\n2.2 Lifetime income stream under a private sector fund\n\n(1) In making a determination under subsection 5JA(5) of the Act in relation to an income stream arising under a private sector fund, the Commission must have regard to this section.\n\n(2) The income stream must be a lifetime income stream that:\n\n(a) is a defined benefit income stream, the amount of payments under which is determined by the governing rules of the fund; and\n\n(b) is a defined benefit superannuation pension.\n\n(3) The fund must have been established before 20 September 1998 and:\n\n(a) for an income stream commencing before\n\n20 September 1998 — the value of the income stream is disregarded in calculating the value of the assets of the person concerned, because of section 52 of the Act as in force immediately before 20 September 1998 (the previous section 52); or\n\n(b) for an income stream commencing on or after\n\n20 September 1998, that is a defined benefit superannuation pension existing before 20 September 1998 — the value of the income stream would have been disregarded in calculating the value of the person's\n\nassets under the previous section 52 as it would have applied if:\n\n(i) the commencement day of the income stream was before 20 September 1998; and\n\n(ii) defined benefit superannuation pension payments were made before 20 September 1998.\n\n(4) The fund must have a direct connection with the previous employment of the recipient of the income stream or, in the case of a reversionary beneficiary, the person who would be the recipient if he or she had not died.\n\n(5) For subsection (4), a fund has a direct connection with a\n\nperson's previous employment if the income stream from the fund became payable to, or in respect of, the person because of that employment.\n\n \nNotes to the Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) Determination 1998\n\n> Note 1\n\nThe Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) Determination 1998 (in force under the Veterans’ Entitlements Act 1986) as shown in this compilation comprises the legislative instruments indicated in the Table below.\n\n> Note: > Note: Table of Legislative Instruments\n\n| Year andnumber | Date of FRLIregistration | Date ofcommencement | Application, saving ortransitional provisions |\n| -------------- | -------------------------------- | ------------------- | --------------------------------------------- |\n| 1998 No.10 | 14 April 2005 see (F2005B01117) | 20 September 1998 | |\n| 1999 No.5 | 14 April 2005 (see F2005B01121 ) | 18 September 1999 | |\n\n> Note: > Note: Table of Amendments\n\n```html\n

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted

Provision affected

How affected

Section 1.3

am. 1999 No.5

Part 2

rs. 1999 No.5

\n```","sortOrder":1},{"sectionNumber":"of the Repatriation Commission’s discret","sectionType":"division","heading":"of the Repatriation Commission’s discretion, under subsection 5JA(5) of the","content":"## Part 1-Preliminary\n\n1.1 Name of determination\n\nThis determination is the Asset-test Exempt Income Stream (Lifetime\n\nIncome Stream Guidelines) Determination 1998.\n\n1.2 Commencement\n\nThis determination commences on 20 September 1998.\n\n1.3 Definitions\n\nIn this determination:\n\nAct means the Veterans’ Entitlements Act 1986.\n\ndefined benefit fund has the same meaning as in subregulation 1.03(1) of the Superannuation Industry Supervision Regulations.\n\ndefined benefit superannuation pension means a pension product that pays a superannuation pension from a defined benefit fund.\n\nlifetime 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.\n\nprivate sector fund has the same meaning as in subsection 10 (1) of the Superannuation Industry (Supervision) Act 1993\n\npublic sector fund has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\npublic sector superannuation scheme has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\nsuperannuation fund has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\nsuperannuation pension means a pension payable from a superannuation\n\nfund.\n\nNote The following expressions used in this determination are defined in the Act (see ss 5J(1), 5J(1E), 5JA and 5JB):\n\n- asset-test exempt income stream\n\n- commencement day\n\n- defined benefit income stream\n\n- governing rules\n- income stream.\n\n1.4 Purpose\n\n### The purpose of this determination is to set out the guidelines for the exercise\n\n### of the Repatriation Commission’s discretion, under subsection 5JA(5) of the\n\n### Act, to determine that an income stream that does not meet the requirements\n\n### of subsection 5JA(2) is an asset-test exempt income stream for the purposes\n\n### of the Act.\n\nPart 2 — Guidelines\n\n2.1 Lifetime income stream under a public sector fund or superannuation scheme\n\n(1) In making a determination under subsection 5JA(5) of the Act in relation to an income stream arising under a public sector fund or a public sector superannuation scheme, the Commission must have regard to this section.\n\n(2) The income stream must be a lifetime income stream that is a defined benefit income stream, the amount of payments under which is determined by the governing rules of the fund or scheme, and that:\n\n(a) is a defined benefit superannuation pension; or\n\n(b) is a superannuation pension under an exempt public sector superannuation scheme, within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993, being a scheme to which subregulation 1.04 (4A) of the\n\nSuperannuation Industry (Supervision) Regulations 1994 applies in accordance with subregulation 1.04 (4E) of those Regulations.\n\n(3) The fund or scheme must have been established before\n\n20 September 1998 and:\n\n(a) for an income stream commencing before\n\n20 September 1998 — the value of the income stream is disregarded in calculating the value of the assets of the person concerned, because of section 52 of the Act as in force immediately before 20 September l998 (the previous section 52); or\n\n(b) for an income Stream commencing on or after\n\n20 September 1998, that is a defined benefit superannuation pension existing before 20 September 1998 — the value of the income stream would have been disregarded in\n\ncalculating the value of the person's assets under the previous section 52 as it would have applied if:\n\n(i) the commencement day of the income stream was before 20 September 1998; and\n\n(ii) defined benefit superannuation pension payments were made before 20 September 1998.\n\n2.2 Lifetime income stream under a private sector fund\n\n(1) In making a determination under subsection 5JA(5) of the Act in relation to an income stream arising under a private sector fund, the Commission must have regard to this section.\n\n(2) The income stream must be a lifetime income stream that:\n\n(a) is a defined benefit income stream, the amount of payments under which is determined by the governing rules of the fund; and\n\n(b) is a defined benefit superannuation pension.\n\n(3) The fund must have been established before 20 September 1998 and:\n\n(a) for an income stream commencing before\n\n20 September 1998 — the value of the income stream is disregarded in calculating the value of the assets of the person concerned, because of section 52 of the Act as in force immediately before 20 September 1998 (the previous section 52); or\n\n(b) for an income stream commencing on or after\n\n20 September 1998, that is a defined benefit superannuation pension existing before 20 September 1998 — the value of the income stream would have been disregarded in calculating the value of the person's\n\nassets under the previous section 52 as it would have applied if:\n\n(i) the commencement day of the income stream was before 20 September 1998; and\n\n(ii) defined benefit superannuation pension payments were made before 20 September 1998.\n\n(4) The fund must have a direct connection with the previous employment of the recipient of the income stream or, in the case of a reversionary beneficiary, the person who would be the recipient if he or she had not died.\n\n(5) For subsection (4), a fund has a direct connection with a\n\nperson's previous employment if the income stream from the fund became payable to, or in respect of, the person because of that employment.\n\n \nNotes to the Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) Determination 1998\n\n> Note 1\n\nThe Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) Determination 1998 (in force under the Veterans’ Entitlements Act 1986) as shown in this compilation comprises the legislative instruments indicated in the Table below.\n\n> Note: > Note: Table of Legislative Instruments\n\n| Year andnumber | Date of FRLIregistration | Date ofcommencement | Application, saving ortransitional provisions |\n| -------------- | -------------------------------- | ------------------- | --------------------------------------------- |\n| 1998 No.10 | 14 April 2005 see (F2005B01117) | 20 September 1998 | |\n| 1999 No.5 | 14 April 2005 (see F2005B01121 ) | 18 September 1999 | |\n\n> Note: > Note: Table of Amendments\n\n```html\n

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted

Provision affected

How affected

Section 1.3

am. 1999 No.5

Part 2

rs. 1999 No.5

\n```","sortOrder":2},{"sectionNumber":"Act, to determine that an income stream ","sectionType":"division","heading":"Act, to determine that an income stream that does not meet the requirements","content":"## Part 1-Preliminary\n\n1.1 Name of determination\n\nThis determination is the Asset-test Exempt Income Stream (Lifetime\n\nIncome Stream Guidelines) Determination 1998.\n\n1.2 Commencement\n\nThis determination commences on 20 September 1998.\n\n1.3 Definitions\n\nIn this determination:\n\nAct means the Veterans’ Entitlements Act 1986.\n\ndefined benefit fund has the same meaning as in subregulation 1.03(1) of the Superannuation Industry Supervision Regulations.\n\ndefined benefit superannuation pension means a pension product that pays a superannuation pension from a defined benefit fund.\n\nlifetime 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.\n\nprivate sector fund has the same meaning as in subsection 10 (1) of the Superannuation Industry (Supervision) Act 1993\n\npublic sector fund has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\npublic sector superannuation scheme has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\nsuperannuation fund has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\nsuperannuation pension means a pension payable from a superannuation\n\nfund.\n\nNote The following expressions used in this determination are defined in the Act (see ss 5J(1), 5J(1E), 5JA and 5JB):\n\n- asset-test exempt income stream\n\n- commencement day\n\n- defined benefit income stream\n\n- governing rules\n- income stream.\n\n1.4 Purpose\n\n### The purpose of this determination is to set out the guidelines for the exercise\n\n### of the Repatriation Commission’s discretion, under subsection 5JA(5) of the\n\n### Act, to determine that an income stream that does not meet the requirements\n\n### of subsection 5JA(2) is an asset-test exempt income stream for the purposes\n\n### of the Act.\n\nPart 2 — Guidelines\n\n2.1 Lifetime income stream under a public sector fund or superannuation scheme\n\n(1) In making a determination under subsection 5JA(5) of the Act in relation to an income stream arising under a public sector fund or a public sector superannuation scheme, the Commission must have regard to this section.\n\n(2) The income stream must be a lifetime income stream that is a defined benefit income stream, the amount of payments under which is determined by the governing rules of the fund or scheme, and that:\n\n(a) is a defined benefit superannuation pension; or\n\n(b) is a superannuation pension under an exempt public sector superannuation scheme, within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993, being a scheme to which subregulation 1.04 (4A) of the\n\nSuperannuation Industry (Supervision) Regulations 1994 applies in accordance with subregulation 1.04 (4E) of those Regulations.\n\n(3) The fund or scheme must have been established before\n\n20 September 1998 and:\n\n(a) for an income stream commencing before\n\n20 September 1998 — the value of the income stream is disregarded in calculating the value of the assets of the person concerned, because of section 52 of the Act as in force immediately before 20 September l998 (the previous section 52); or\n\n(b) for an income Stream commencing on or after\n\n20 September 1998, that is a defined benefit superannuation pension existing before 20 September 1998 — the value of the income stream would have been disregarded in\n\ncalculating the value of the person's assets under the previous section 52 as it would have applied if:\n\n(i) the commencement day of the income stream was before 20 September 1998; and\n\n(ii) defined benefit superannuation pension payments were made before 20 September 1998.\n\n2.2 Lifetime income stream under a private sector fund\n\n(1) In making a determination under subsection 5JA(5) of the Act in relation to an income stream arising under a private sector fund, the Commission must have regard to this section.\n\n(2) The income stream must be a lifetime income stream that:\n\n(a) is a defined benefit income stream, the amount of payments under which is determined by the governing rules of the fund; and\n\n(b) is a defined benefit superannuation pension.\n\n(3) The fund must have been established before 20 September 1998 and:\n\n(a) for an income stream commencing before\n\n20 September 1998 — the value of the income stream is disregarded in calculating the value of the assets of the person concerned, because of section 52 of the Act as in force immediately before 20 September 1998 (the previous section 52); or\n\n(b) for an income stream commencing on or after\n\n20 September 1998, that is a defined benefit superannuation pension existing before 20 September 1998 — the value of the income stream would have been disregarded in calculating the value of the person's\n\nassets under the previous section 52 as it would have applied if:\n\n(i) the commencement day of the income stream was before 20 September 1998; and\n\n(ii) defined benefit superannuation pension payments were made before 20 September 1998.\n\n(4) The fund must have a direct connection with the previous employment of the recipient of the income stream or, in the case of a reversionary beneficiary, the person who would be the recipient if he or she had not died.\n\n(5) For subsection (4), a fund has a direct connection with a\n\nperson's previous employment if the income stream from the fund became payable to, or in respect of, the person because of that employment.\n\n \nNotes to the Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) Determination 1998\n\n> Note 1\n\nThe Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) Determination 1998 (in force under the Veterans’ Entitlements Act 1986) as shown in this compilation comprises the legislative instruments indicated in the Table below.\n\n> Note: > Note: Table of Legislative Instruments\n\n| Year andnumber | Date of FRLIregistration | Date ofcommencement | Application, saving ortransitional provisions |\n| -------------- | -------------------------------- | ------------------- | --------------------------------------------- |\n| 1998 No.10 | 14 April 2005 see (F2005B01117) | 20 September 1998 | |\n| 1999 No.5 | 14 April 2005 (see F2005B01121 ) | 18 September 1999 | |\n\n> Note: > Note: Table of Amendments\n\n```html\n

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted

Provision affected

How affected

Section 1.3

am. 1999 No.5

Part 2

rs. 1999 No.5

\n```","sortOrder":3},{"sectionNumber":"of subsection 5JA(2) is an asset-test ex","sectionType":"division","heading":"of subsection 5JA(2) is an asset-test exempt income stream for the purposes","content":"## Part 1-Preliminary\n\n1.1 Name of determination\n\nThis determination is the Asset-test Exempt Income Stream (Lifetime\n\nIncome Stream Guidelines) Determination 1998.\n\n1.2 Commencement\n\nThis determination commences on 20 September 1998.\n\n1.3 Definitions\n\nIn this determination:\n\nAct means the Veterans’ Entitlements Act 1986.\n\ndefined benefit fund has the same meaning as in subregulation 1.03(1) of the Superannuation Industry Supervision Regulations.\n\ndefined benefit superannuation pension means a pension product that pays a superannuation pension from a defined benefit fund.\n\nlifetime 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.\n\nprivate sector fund has the same meaning as in subsection 10 (1) of the Superannuation Industry (Supervision) Act 1993\n\npublic sector fund has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\npublic sector superannuation scheme has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\nsuperannuation fund has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.\n\nsuperannuation pension means a pension payable from a superannuation\n\nfund.\n\nNote The following expressions used in this determination are defined in the Act (see ss 5J(1), 5J(1E), 5JA and 5JB):\n\n- asset-test exempt income stream\n\n- commencement day\n\n- defined benefit income stream\n\n- governing rules\n- income stream.\n\n1.4 Purpose\n\n### The purpose of this determination is to set out the guidelines for the exercise\n\n### of the Repatriation Commission’s discretion, under subsection 5JA(5) of the\n\n### Act, to determine that an income stream that does not meet the requirements\n\n### of subsection 5JA(2) is an asset-test exempt income stream for the purposes\n\n### of the Act.\n\nPart 2 — Guidelines\n\n2.1 Lifetime income stream under a public sector fund or superannuation scheme\n\n(1) In making a determination under subsection 5JA(5) of the Act in relation to an income stream arising under a public sector fund or a public sector superannuation scheme, the Commission must have regard to this section.\n\n(2) The income stream must be a lifetime income stream that is a defined benefit income stream, the amount of payments under which is determined by the governing rules of the fund or scheme, and that:\n\n(a) is a defined benefit superannuation pension; or\n\n(b) is a superannuation pension under an exempt public sector superannuation scheme, within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993, being a scheme to which subregulation 1.04 (4A) of the\n\nSuperannuation Industry (Supervision) Regulations 1994 applies in accordance with subregulation 1.04 (4E) of those Regulations.\n\n(3) The fund or scheme must have been established before\n\n20 September 1998 and:\n\n(a) for an income stream commencing before\n\n20 September 1998 — the value of the income stream is disregarded in calculating the value of the assets of the person concerned, because of section 52 of the Act as in force immediately before 20 September l998 (the previous section 52); or\n\n(b) for an income Stream commencing on or after\n\n20 September 1998, that is a defined benefit superannuation pension existing before 20 September 1998 — the value of the income stream would have been disregarded in\n\ncalculating the value of the person's assets under the previous section 52 as it would have applied if:\n\n(i) the commencement day of the income stream was before 20 September 1998; and\n\n(ii) defined benefit superannuation pension payments were made before 20 September 1998.\n\n2.2 Lifetime income stream under a private sector fund\n\n(1) In making a determination under subsection 5JA(5) of the Act in relation to an income stream arising under a private sector fund, the Commission must have regard to this section.\n\n(2) The income stream must be a lifetime income stream that:\n\n(a) is a defined benefit income stream, the amount of payments under which is determined by the governing rules of the fund; and\n\n(b) is a defined benefit superannuation pension.\n\n(3) The fund must have been established before 20 September 1998 and:\n\n(a) for an income stream commencing before\n\n20 September 1998 — the value of the income stream is disregarded in calculating the value of the assets of the person concerned, because of section 52 of the Act as in force immediately before 20 September 1998 (the previous section 52); or\n\n(b) for an income stream commencing on or after\n\n20 September 1998, that is a defined benefit superannuation pension existing before 20 September 1998 — the value of the income stream would have been disregarded in calculating the value of the person's\n\nassets under the previous section 52 as it would have applied if:\n\n(i) the commencement day of the income stream was before 20 September 1998; and\n\n(ii) defined benefit superannuation pension payments were made before 20 September 1998.\n\n(4) The fund must have a direct connection with the previous employment of the recipient of the income stream or, in the case of a reversionary beneficiary, the person who would be the recipient if he or she had not died.\n\n(5) For subsection (4), a fund has a direct connection with a\n\nperson's previous employment if the income stream from the fund became payable to, or in respect of, the person because of that employment.\n\n \nNotes to the Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) Determination 1998\n\n> Note 1\n\nThe Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) Determination 1998 (in force under the Veterans’ Entitlements Act 1986) as shown in this compilation comprises the legislative instruments indicated in the Table below.\n\n> Note: > Note: Table of Legislative Instruments\n\n| Year andnumber | Date of FRLIregistration | Date ofcommencement | Application, saving ortransitional provisions |\n| -------------- | -------------------------------- | ------------------- | --------------------------------------------- |\n| 1998 No.10 | 14 April 2005 see (F2005B01117) | 20 September 1998 | |\n| 1999 No.5 | 14 April 2005 (see F2005B01121 ) | 18 September 1999 | |\n\n> Note: > Note: Table of Amendments\n\n```html\n

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted

Provision affected

How affected

Section 1.3

am. 1999 No.5

Part 2

rs. 1999 No.5

\n```","sortOrder":4},{"sectionNumber":"of the Act.","sectionType":"division","heading":"of the Act.","content":"### of the Act.\n\nPart 2 — Guidelines\n\n2.1 Lifetime income stream under a public sector fund or superannuation scheme\n\n(1) In making a determination under subsection 5JA(5) of the Act in relation to an income stream arising under a public sector fund or a public sector superannuation scheme, the Commission must have regard to this section.\n\n(2) The income stream must be a lifetime income stream that is a defined benefit income stream, the amount of payments under which is determined by the governing rules of the fund or scheme, and that:\n\n(a) is a defined benefit superannuation pension; or\n\n(b) is a superannuation pension under an exempt public sector superannuation scheme, within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993, being a scheme to which subregulation 1.04 (4A) of the\n\nSuperannuation Industry (Supervision) Regulations 1994 applies in accordance with subregulation 1.04 (4E) of those Regulations.\n\n(3) The fund or scheme must have been established before\n\n20 September 1998 and:\n\n(a) for an income stream commencing before\n\n20 September 1998 — the value of the income stream is disregarded in calculating the value of the assets of the person concerned, because of section 52 of the Act as in force immediately before 20 September l998 (the previous section 52); or\n\n(b) for an income Stream commencing on or after\n\n20 September 1998, that is a defined benefit superannuation pension existing before 20 September 1998 — the value of the income stream would have been disregarded in\n\ncalculating the value of the person's assets under the previous section 52 as it would have applied if:\n\n(i) the commencement day of the income stream was before 20 September 1998; and\n\n(ii) defined benefit superannuation pension payments were made before 20 September 1998.\n\n2.2 Lifetime income stream under a private sector fund\n\n(1) In making a determination under subsection 5JA(5) of the Act in relation to an income stream arising under a private sector fund, the Commission must have regard to this section.\n\n(2) The income stream must be a lifetime income stream that:\n\n(a) is a defined benefit income stream, the amount of payments under which is determined by the governing rules of the fund; and\n\n(b) is a defined benefit superannuation pension.\n\n(3) The fund must have been established before 20 September 1998 and:\n\n(a) for an income stream commencing before\n\n20 September 1998 — the value of the income stream is disregarded in calculating the value of the assets of the person concerned, because of section 52 of the Act as in force immediately before 20 September 1998 (the previous section 52); or\n\n(b) for an income stream commencing on or after\n\n20 September 1998, that is a defined benefit superannuation pension existing before 20 September 1998 — the value of the income stream would have been disregarded in calculating the value of the person's\n\nassets under the previous section 52 as it would have applied if:\n\n(i) the commencement day of the income stream was before 20 September 1998; and\n\n(ii) defined benefit superannuation pension payments were made before 20 September 1998.\n\n(4) The fund must have a direct connection with the previous employment of the recipient of the income stream or, in the case of a reversionary beneficiary, the person who would be the recipient if he or she had not died.\n\n(5) For subsection (4), a fund has a direct connection with a\n\nperson's previous employment if the income stream from the fund became payable to, or in respect of, the person because of that employment.\n\n \nNotes to the Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) Determination 1998\n\n> Note 1\n\nThe Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) Determination 1998 (in force under the Veterans’ Entitlements Act 1986) as shown in this compilation comprises the legislative instruments indicated in the Table below.\n\n> Note: > Note: Table of Legislative Instruments\n\n| Year andnumber | Date of FRLIregistration | Date ofcommencement | Application, saving ortransitional provisions |\n| -------------- | -------------------------------- | ------------------- | --------------------------------------------- |\n| 1998 No.10 | 14 April 2005 see (F2005B01117) | 20 September 1998 | |\n| 1999 No.5 | 14 April 2005 (see F2005B01121 ) | 18 September 1999 | |\n\n> Note: > Note: Table of Amendments\n\n```html\n

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted

Provision affected

How affected

Section 1.3

am. 1999 No.5

Part 2

rs. 1999 No.5

\n```","sortOrder":5}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":2122},"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The determination maintains its original scope of providing guidelines for the Repatriation Commission's discretion to determine that certain lifetime income streams are asset-test exempt under the Veterans' Entitlements Act 1986. The 1999 amendment substituted Part 2 but did not expand the scope beyond the original purpose of grandfathering pre-1998 defined benefit arrangements."},"complexity_factors":["Multiple cross-references to external legislation (Veterans' Entitlements Act 1986, Superannuation Industry (Supervision) Act 1993, and Superannuation Industry Supervision Regulations)","Date-based conditional logic with critical threshold of 20 September 1998 for fund establishment and income stream commencement","Dual regulatory frameworks distinguishing between public sector and private sector funds with additional employment-connection requirement for private funds","Hypothetical counterfactual test applying repealed provisions (former section 52 of the Act)","Defined terms incorporated by reference from at least three separate external legislative instruments","Reversionary beneficiary provisions creating contingent lifetime obligations"],"plain_english_summary":"This determination tells the Repatriation Commission when certain lifetime defined‑benefit superannuation pensions can be treated as asset‑test exempt income streams for veterans. It grandfathered pensions from funds established before 20 September 1998 (including reversionary payments), covering public‑sector schemes and private schemes that directly arise from the veteran’s employment. The result: those older pensions may not count as assets, helping veterans qualify for or increase income‑support payments."}},"importantCases":[],"_links":{"self":"/api/acts/asset-test-exempt-income-stream-lifetime-income-stream-guidelines-determination-1998","history":"/api/acts/asset-test-exempt-income-stream-lifetime-income-stream-guidelines-determination-1998/history","analysis":"/api/acts/asset-test-exempt-income-stream-lifetime-income-stream-guidelines-determination-1998/analysis","conflicts":"/api/acts/asset-test-exempt-income-stream-lifetime-income-stream-guidelines-determination-1998/conflicts","importantCases":"/api/acts/asset-test-exempt-income-stream-lifetime-income-stream-guidelines-determination-1998/important-cases","documents":"/api/acts/asset-test-exempt-income-stream-lifetime-income-stream-guidelines-determination-1998/documents"}}