1.1.R.135 Relevant number

Usage

This definition applies to all payments.

Definition

For an income stream, the relevant number is:

  • the term of the income stream where it is payable for a fixed number of years, OR
  • the income support recipient's life expectancy where it is payable during their lifetime only, OR
  • the longer of the income support recipient and his or her partner's life expectancies where the income stream is jointly owned by the income support recipient and the partner and is payable for the lifetime of the income support recipient or the partner, OR
  • the longer of the income support recipient and a reversionary beneficiary's life expectancies where the income stream is payable during the lifetime of the income support recipient and then for the lifetime of a reversionary beneficiary, OR
  • in any other case, the number that the Secretary considers appropriate after considering the number of years in the total period during which the income stream will be, or may reasonably be expected to be, payable.

For guidance on the relevant number for an allocated income stream where there is a reversionary beneficiary refer to 4.9.3.40.

Act reference: SSAct section 9(1)-'relevant number'

Policy reference: SS Guide 4.9.3.40 Account-based Income Streams - Relevant Number where Reversionary Beneficiary Exists

Last reviewed: 21 September 2015