1Social Security (Income stream) (FaCSIA) Determination 2007

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Social Security (Income stream) (FaCSIA) Determination 2007

Social Security Act 1991

I, MALCOLM THOMAS BROUGH, Minister for Families, Community Services and Indigenous Affairs make this Determination under paragraph 9 (1F) (ba), subparagraphs 1099DAA (1) (b) (i) and (ii) and subsection 1099DAA (3) of the Social Security Act 1991.

Dated 3 July 2007

MAL BROUGH

Minister for Families, Community Services and Indigenous Affairs

1 Name of Determination

This Determination is the Social Security (Income stream) (FaCSIA) Determination 2007.

2 Commencement

This Determination is taken to have commenced on 1 July 2007.

3 Definitions

In this Determination:

Act means the Social Security Act 1991.

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

4 Income stream standards

For paragraph 9 (1F) (ba) of the Act, the standards are the standards mentioned in paragraphs 1.06 (2) (a) to (d) and (f) to (h) of the SIS Regulations.

5 Withdrawal limits — account‑based pension

For subparagraph 1099DAA (1) (b) (i) of the Act, an account‑based pension, within the meaning of the SIS Regulations, is determined.

6 Contract standards

For subparagraph 1099DAA (1) (b) (ii) of the Act, the standards are the standards mentioned in subregulation 1.05 (4) and paragraph 1.05 (11A) (a) of the SIS Regulations.

7 Minimum amount

For subsection 1099DAA (3) of the Act, the minimum amount is the amount calculated in accordance with the method mentioned in Schedule 7 to the SIS Regulations.