of the Act.of the Act.

of the Act.

Part 2 — Guidelines

2.1 Lifetime income stream under a public sector fund or superannuation scheme

(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.

(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:

(a) is a defined benefit superannuation pension; or

(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

Superannuation Industry (Supervision) Regulations 1994 applies in accordance with subregulation 1.04 (4E) of those Regulations.

(3) The fund or scheme must have been established before

20 September 1998 and:

(a) for an income stream commencing before

20 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

(b) for an income Stream commencing on or after

20 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 assets under the previous section 52 as it would have applied if:

(i) the commencement day of the income stream was before 20 September 1998; and

(ii) defined benefit superannuation pension payments were made before 20 September 1998.

2.2 Lifetime income stream under a private sector fund

(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.

(2) The income stream must be a lifetime income stream that:

(a) is a defined benefit income stream, the amount of payments under which is determined by the governing rules of the fund; and

(b) is a defined benefit superannuation pension.

(3) The fund must have been established before 20 September 1998 and:

(a) for an income stream commencing before

20 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