Section 1120 — Social Security Act 1991: Value of asset-tested income streams that are defined benefit income streams

(1) This section applies to a person’s asset-tested income stream if it is a defined benefit income stream and it is not a family law affected income stream. Note: For family law affected income streams, see section 1120A. (2) The value of the income stream is, for the purposes of the assets test, worked out in relation to each 12 month period of the income stream’s term. (3) The value of the income stream is, for the purposes of the assets test, worked out as follows: where: annual payment means the amount payable to the person for the relevant 12 month period under the income stream. pension valuation factor means the pension valuation factor that applies to the person in accordance with the determination made, by legislative instrument, by the Minister for the purposes of this section.