Summary
Amends the
Social Security Act 1991
and
Veterans’ Entitlements Act 1986
to: provide an assets test exemption for market-linked income streams from 20 September 2004; reduce to 50 per cent the available assets test exemption for certain non-commutable income streams purchased after 20 September 2004; align the characteristics of life expectancy income streams with those of market-linked income streams; and extend the guarantee period for assets test exempt lifetime income streams within which such income streams can be commuted if the primary beneficiary dies.