Asset-test Exempt Income Stream (Lifetime Income Stream) Determination 1998

Veterans’ Entitlements Act 1986

Instrument 1998     No. 11

The Repatriation Commission, having had regard to the

Asset-test Exempt Income Stream (Lifetime Income Stream Guidelines) Determination 1998, makes this determination under subsection 5JA(5) of the Veterans’ Entitlements Act 1986.

Dated  18 September    1998

1. Name of determination

This determination is the Asset-test Exempt Income Stream (Lifetime Income Stream) Determination 1998.

2.       Commencement

 This determination commences on 20 September 1998.

3. Definitions

 In this determination:

 Act means the Veterans’ Entitlements Act 1986.

 defined benefit fund has the same meaning as in subregulation 1.03(1) of the Superannuation Industry Supervision Regulations.

 defined benefit superannuation pension means a pension product that pays a superannuation pension from a defined benefit fund.

 lifetime income stream, in relation to a person, means an income stream in which payments are made throughout the life of the person and, if there is a reversionary beneficiary, throughout the life of the reversionary beneficiary.

 public sector superannuation scheme has the same meaning as in subsection 10(1) of the Superannuation Industry (Supervision) Act 1993.

 Note The following expressions used in this determination are defined in the Act (see ss 5J(1), 5J(1E) 5JA and 5JB):

• asset-test exempt income stream

• defined benefit income stream

• governing rules

• income stream.

4. Asset-test exempt lifetime income streams — public sector

  superannuation schemes

(1)        This section applies to:

(a) the Defence Force Retirement and Death Benefits Scheme established by the Defence Force Retirement and Death Benefits Act 1973; or

(b) the Military Superannuation and Benefits Scheme established by the Military Superannuation and Benefits Act 1991.

(2)        For subsection 5JA(5) of the Act, a lifetime income stream that is a

  defined benefit income stream consisting of payments to a person

  because of a defined benefit superannuation pension under the

  governing rules of a scheme to which this section applies is an asset-

  test exempt income stream.