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This instrument is the Veterans’ Entitlements (Actuarial Certificates – Lifetime Income Stream and Life Expectancy Income Stream Guidelines) Determination 2023.
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This instrument replaces two 2013 guideline instruments and sets updated rules for actuarial certificates used under the Veterans’ Entitlements Act. It identifies which income‑stream providers are covered (self‑managed and small APRA funds, excluding annuity‑backed funds) and requires the Commission to accept a certificate as in force only if it meets timing, stated validity‑period and professional‑standard requirements. It affects income‑stream providers and their members because providers must obtain, certify and deliver actuarial opinions on a specified timetable for the Commission to recognise them.
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Direct links to the current provisions in Veterans’ Entitlements (Actuarial Certificates – Lifetime Income Stream and Life Expectancy Income Stream Guidelines) Determination 2023.
This instrument is the Veterans’ Entitlements (Actuarial Certificates – Lifetime Income Stream and Life Expectancy Income Stream Guidelines) Determination 2023.
This instrument commences on the day after it is registered.
This instrument is made under sections 5JA and 5JB of the Veterans’ Entitlements Act 1986.
In this instrument:
Act means the Veterans’ Entitlements Act 1986.
annuity backed self managed superannuation fund means a self managed superannuation fund with an income stream that is fully backed by an annuity sourced from a life insurance company.
annuity backed small APRA fund means a small APRA fund with an income stream that is fully backed by an annuity sourced from a life insurance company.
life insurance company has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.
self managed superannuation fund has the same meaning as in section 17A of the Superannuation Industry (Supervision) Act 1993.
small APRA fund has the same meaning as in subsection 1017BB(6) of the Corporations Act 2001.
Note: Terms used in this instrument have the same meaning as they do in the Veterans’ Entitlements Act 1986. For example, the term Commission is defined in that Act.
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
For paragraphs 5JA(1)(b) and 5JB(1A)(b) of the Act, each of the following is a specified class of provider: (a) self managed superannuation fund income stream providers, other than providers of income streams from annuity backed self managed superannuation funds; (b) small APRA fund income stream providers, other than providers of income streams from annuity backed small APRA funds.
The Commission must take each of the following matters into account when determining whether an actuarial certificate is in force: (a) whether the certificate states that it was prepared in accordance with the Actuaries Institute Australia Professional Standard 410 (Statements of Opinion Relating to Defined Benefit Pensions) as in force at the date of commencement of this instrument; (b) whether the certificate was: (i) certified no later than 26 weeks after the start of the financial year to which it relates; and (ii) provided to the Commission no later than 3 weeks after the end of the 26 week period mentioned in subparagraph (i); (c) whether the certificate states a period during which certificate is in force.
Schedule 1—Repeals
Veterans’ Entitlements (Actuarial Certificate─Lifetime Income Stream Guidelines) Determination 2013
1 The whole of the instrument
Repeal the instrument.
Veterans’ Entitlements (Actuarial Certificate─Life Expectancy Income Stream Guidelines) Determination 2013
2 The whole of the instrument
Repeal the instrument.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This instrument is the Veterans’ Entitlements (Actuarial Certificates – Lifetime Income Stream and Life Expectancy Income Stream Guidelines) Determination 2023.
This instrument commences on the day after it is registered.
This instrument is made under sections 5JA and 5JB of the Veterans’ Entitlements Act 1986.
In this instrument:
Act means the Veterans’ Entitlements Act 1986.
annuity backed self managed superannuation fund means a self managed superannuation fund with an income stream that is fully backed by an annuity sourced from a life insurance company.
annuity backed small APRA fund means a small APRA fund with an income stream that is fully backed by an annuity sourced from a life insurance company.
life insurance company has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.
self managed superannuation fund has the same meaning as in section 17A of the Superannuation Industry (Supervision) Act 1993.
small APRA fund has the same meaning as in subsection 1017BB(6) of the Corporations Act 2001.
Note: Terms used in this instrument have the same meaning as they do in the Veterans’ Entitlements Act 1986. For example, the term Commission is defined in that Act.
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
For paragraphs 5JA(1)(b) and 5JB(1A)(b) of the Act, each of the following is a specified class of provider: (a) self managed superannuation fund income stream providers, other than providers of income streams from annuity backed self managed superannuation funds; (b) small APRA fund income stream providers, other than providers of income streams from annuity backed small APRA funds.
The Commission must take each of the following matters into account when determining whether an actuarial certificate is in force: (a) whether the certificate states that it was prepared in accordance with the Actuaries Institute Australia Professional Standard 410 (Statements of Opinion Relating to Defined Benefit Pensions) as in force at the date of commencement of this instrument; (b) whether the certificate was: (i) certified no later than 26 weeks after the start of the financial year to which it relates; and (ii) provided to the Commission no later than 3 weeks after the end of the 26 week period mentioned in subparagraph (i); (c) whether the certificate states a period during which certificate is in force.
Schedule 1—Repeals
Veterans’ Entitlements (Actuarial Certificate─Lifetime Income Stream Guidelines) Determination 2013
1 The whole of the instrument
Repeal the instrument.
Veterans’ Entitlements (Actuarial Certificate─Life Expectancy Income Stream Guidelines) Determination 2013
2 The whole of the instrument
Repeal the instrument.