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Referrals for actuarial valuations 108-04110010

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This document outlines the process to follow when an actuarial valuation is required. The referral is made to a Complex Assessment Officer (CAO) who will determine if a further referral to the Australian Government Actuary (AGA) is appropriate.

Actuarial variation referral

Service Officers must refer documents the customer has returned to the CAO via a CAO referral. An actuarial valuation referral to the AGA can only be made by the CAO. CAOs may request actuarial valuations for:

  • value of a deferred annuity
  • value of a life interest created by a person, their partner or upon the death of their partner
  • value of a surrendered life interest for disposal purposes
  • value of a purchased (private) annuity or annuity received on transfer of property for disposal purposes, not an annuity purchased from a financial institution
  • value of a contingent, remainder or reversionary interest created by a customer or acquired for valuable consideration

From 27 October 2011, actuarial valuations are no longer requested to assess asset-test exempt (ATE) lifetime and life expectancy income streams for deprivation or return of purchase price. CAOs calculate the return of purchase price and any deprivation is assessed from commencement of the income stream.

The References page contains a link to the Australian Life Expectancy tables.

The Resources page contains contact details for the Australian Government Actuary.

Documentation required for actuarial valuations