7Lifetime income stream—private sector fund

7 Lifetime income stream—private sector fund

The Commission may determine that an income stream arising under a private sector fund is an asset‑test exempt income stream for the purposes of the Act if the income stream: (a) is a lifetime income stream; and (b) is a defined benefit income stream; and (c) is paid from a private sector fund that was established before 20 September 1998; and (d) was a superannuation pension, regardless of its commencement day: (i) under the 1998 Act; and (ii) the value of which was disregarded in calculating the beneficiary’s assets under section 52 of the 1998 Act; and (e) became payable to the primary beneficiary or a reversionary beneficiary because of the primary beneficiary’s previous employment.