Social Security (Value of Asset-tested Income Streams (Lifetime)) Amendment Determination 2019 (Cth)

Social Security (Value of Asset-tested Income Streams (Lifetime)) Amendment Determination 2019

I, Emma Kate McGuirk, delegate of the Secretary of the Department of Social Services, make the following determination.

Dated   13 December 2019                             

Emma Kate McGuirk

Acting Group Manager

Pensions Group
Department of Social Services

Contents

1......... Name............................................................................................................................... 1

2......... Commencement............................................................................................................... 1

3......... Authority......................................................................................................................... 1

4......... Schedules......................................................................................................................... 1

Schedule 1—Amendments   2

Social Security (Value of Asset-tested Income Streams (Lifetime)) Amendment Determination 2019             2

1  Name

This instrument is the Social Security (Value of Asset-tested Income Streams (Lifetime)) Amendment Determination 2019.

2  Commencement

(1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1.  The whole of this instrument.	1 January 2020.	1 January 2020.

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

(2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

This instrument is made under subsection 1120AB(4) of the Social Security Act 1991.

4  Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Social Security (Value of Asset-tested Income Streams (Lifetime)) Amendment Determination 2019

1  Section 4 (definition of Life Tables)

Repeal the definition, substitute:

Life Tables means:

(a)if a person's assessment day for an asset-tested income stream (lifetime) is before 1 January 2020—the Australian Life Tables 2010‑12 published by the Australian Government Actuary; or

(b)if a person's assessment day for an asset-tested income stream (lifetime) is on or after 1 January 2020—the Australian Life Tables 2015‑17 published by the Australian Government Actuary.