Social Security (Financial Investment) (Requirements for Annuity Contracts) Determination 2019

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Social Security (Financial Investment) (Requirements for Annuity Contracts) Determination 2019

I, Paul Fletcher, Minister for Families and Social Services, make the following Determination.

Dated 16 March 2019

Paul Fletcher

Minister for Families and Social Services

1 Name

This instrument is the Social Security (Financial Investment) (Requirements for Annuity Contracts) Determination 2019.

2 Commencement

This instrument commences on the day after it is registered.

3 Authority

This instrument is made under subsection 9(1EA) of the Social Security Act 1991.

4 Definitions

In this instrument:

Act means the Social Security Act 1991.

SIS Regulations means the Superannuation Industry (Supervision) Regulations 1994.

5 Requirements

For paragraph (j) of the definition of financial investment in subsection 9(1) of the Act, the requirements are the standards mentioned in:

(a) subregulation 1.05(4) of the SIS Regulations; or

(b) subregulation 1.05(11A) of the SIS Regulations.

Note: If an asset-tested income stream (long term) that is an annuity (within the meaning of Superannuation Industry (Supervision) Act 1993) is provided under a contract that meets the requirements in either paragraph 5(a) or (b), that asset-tested income stream (long term) is a financial investment under subsection 9(1) of the Act.