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

___________________________________________________________________________________

As amended

made under the

Veterans’ Entitlements Act 1986

This compilation was prepared on 30 July 2013

taking into account amendments up to:

Asset-test Exempt Income Stream (Lifetime Income Stream) Amendment Determination 1999 (No. 6 of 1999)(F2005B01125).

Prepared by the Legal Services and Assurance Branch,

Department of Veterans' Affairs, Canberra.

1. Name of determination

This determination is the Asset-test Exempt Income Stream (Lifetime Income Stream) Determination 1998 (No. 12).

2.     Commencement/Termination

This determination shall be taken to have commenced 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 the schemes listed in the attached Schedule.

(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 until 20 September 1999.

SCHEDULE

LIFETIME DEFINED BENEFIT SUPERANNUATION SCHEMES

AMP Staff Superannuation Plan

AMP Officers’ Provident Fund

ANZGROUP (Australia) Staff Pensions Scheme

Australian Petroleum Superannuation Plan

BHP Staff Superannuation Fund

BP Superannuation Fund

CCA Group Superannuation Plan

Colonial Group Staff Superannuation Scheme – Division A

Colonial Group Staff Superannuation Scheme – Division B

Colonial Group Staff Superannuation Scheme – Division C

Colonial Group Staff Superannuation Scheme – Division D

Colonial Group Staff Superannuation Scheme – Division E

Colonial Group Staff Superannuation Scheme – Division F

Colonial Group Staff Superannuation Scheme – Division G

Colonial Group Staff Superannuation Scheme – Division H

Commonwealth Bank Officers’ Superannuation Fund

Deseret Benefit Plan for Australia

Emergency Services Superannuation Scheme

Esso Employee Retirement Benefit Plan

Mobil Employee Retirement Benefit Plan

National Australia Bank Group Super Fund

National Mutual – Summit Master Trust Personal Superannuation and Pension Plan

National Mutual – Financial Administration Service Personal Superannuation and Pension Plan

Nestle Australia Pension Fund Pty Limited: Superannuation Pension

NZI Insurance Australia Superannuation Plan

ORICA Group Superannuation Fund

Prudasco Australian Superannuation Limited

Reserve Bank of Australia Officers Super

Royal and Sun Alliance Staff Superannuation Fund

Shell Australia Superannuation Fund

Shell Australia Contributory Pension Fund

Superannuation Scheme for Australian Universities

Unilever Australia Superannuation Fund

Westpac Staff Superannuation Plan – Schedule A 1992 Rules

Westpac Staff Superannuation Plan – Schedule B 1981 Rules

Westpac Staff Superannuation Plan – Schedule C Officers’ Provident Fund (Women Staff) Rules

Westpac Staff Superannuation Plan – Schedule D Officers’ Provident Fund Rules

Westpac Staff Superannuation Plan – Schedule E General Provident Fund Rules

Westpac Staff Superannuation Plan – Schedule F CBA Staff Super Fund Rules

Westpac Staff Superannuation Plan – Schedule G CBA Female Staff Super Fund Rules

Westpac Staff Superannuation Plan – Schedule H CBA Wages Staff Super Fund Rules

Zurich Group Superannuation Fund

Notes to the Asset-test Exempt Income Stream (Lifetime Income Stream) Determination 1998

Note 1

The Asset-test Exempt Income Stream (Lifetime Income Stream) Determination 1998 (in force under the Veterans’ Entitlements Act 1986) as shown in this compilation comprises the legislative instruments indicated in the Table below.

Table of Legislative Instruments

Table of Amendments