Social Security (Income stream) (DEST) Determination 2007 (Cth)

Social Security (Income stream) (DEST) Determination 2007

Social Security Act 1991

I, JULIE ISABEL BISHOP, Minister for Education, Science and Training, 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[1].

[1]   This determination has effect in relation to provisions of the Social Security Act 1991 in so far as they relate to matters for which the Minister for Education, Science and Training has responsibility under the Administrative Arrangements Order.

Dated    15 July   2007

Julie Bishop

JULIE ISABEL BISHOP

Minister for Education, Science and Training

1              Name of Determination

This Determination is the Social Security (Income stream) (DEST) 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 that term as defined in subregulation 1.03(1) 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.