Social Security (Value of Asset-tested Income Streams (Lifetime)) Amendment Determination 2025

I, Gillian Beer, delegate of the Secretary of the Department of Social Services, make the following determination.

Dated 24.02.2025 

Gillian Beer

Branch Manager, Payment Structures and Seniors Branch
Delegate of the Secretary of the 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)) Determination 2019 

1  Name

  This instrument is the Social Security (Value of Asset-tested Income Streams (Lifetime)) Amendment Determination 2025.

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.

Note: This table relates only to the provisions of this instrument as originally made.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  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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)) 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 between 1 January 2020 and 31 December 2024—the Australian Life Tables 2015‑17 published by the Australian Government Actuary; or

(c)  if a person's assessment day for an asset-tested income stream (lifetime) is on or after 1 January 2025—the Australian Life Tables 2020‑22 published by the Australian Government Actuary.