6Lifetime income stream arising under a public sector fund or public sector superannuation scheme

6 Lifetime income stream arising under a public sector fund or public sector superannuation scheme

The Secretary may determine that a lifetime income stream arising under a public sector fund or a public sector superannuation scheme is an asset-test exempt income stream for the purposes of the Act if: (a) it is a lifetime income stream that is a defined benefit income stream; and (b) it is paid from a public sector fund or a public sector superannuation scheme that was established before 20 September 1998; and (c) regardless of its commencement day, it would have been treated as a superannuation pension and had its value disregarded in calculating the person’s assets under section 1118 of the Act as in force immediately before 20 September 1998.