Part 1Preliminary

Part 1-Preliminary

1.1 Name of determination

This determination is the Asset-test Exempt Income Stream (Lifetime

Income Stream Guidelines) Determination 1998.

1.2 Commencement

This determination commences on 20 September 1998.

1.3 Definitions

In this determination:

Act means the Veterans’ Entitlements Act 1986.

defined benefit fund has the same meaning as in subregulation 1.03(1) of the Superannuation Industry Supervision Regulations.

defined benefit superannuation pension means a pension product that pays a superannuation pension from a defined benefit fund.

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.

public sector superannuation scheme has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.

superannuation fund has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.

superannuation pension means a pension payable from a superannuation

fund.

Note The following expressions used in this determination are defined in the Act (see ss 5J(1), 5J(1E), 5JA and 5JB):

• asset-test exempt income stream

• commencement day

• defined benefit income stream

• governing rules

• income stream.

1.4 Purpose