Section 9E — Social Security Act 1991: Asset-tested income stream (lifetime)

(1) Subject to subsection (2), an income stream is an asset-tested income stream (lifetime) if: (a) the contract, or governing rules, for the provision of the income stream ensure that, once payments of the income stream start, the income stream is to continue for the remainder of the life of one or more individuals; and (b) the contract, or governing rules, for the provision of the income stream ensure that the amounts of those payments are determined by having regard to the age, life expectancy or other factors relevant to the mortality of those individuals; and (c) the income stream is not an asset-test exempt income stream; and (d) the income stream is not a defined benefit income stream. (2) If: (a) paragraphs (1)(a) to (d) are satisfied in relation to an income stream; and (b) the income stream is of a kind determined in an instrument under subsection (3); the income stream is an asset-tested income stream (lifetime) only to the extent determined in the instrument. (3) The Secretary may make a legislative instrument for the purposes of subsection (2). (4) An income stream is an asset-tested income stream (lifetime) if: (a) the income stream satisfies the conditions determined in an instrument under subsection (5); and (b) the income stream is not an asset-test exempt income stream; and (c) the income stream is not a defined benefit income stream. (5) The Secretary may, by legislative instrument, determine conditions for the purposes of paragraph (4)(a).