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Pension
Bonus Scheme
Reproduced from Centrelink's "A Guide to Australian
Government Payments 20 September - 31 December 2011"
Basic Conditions of Eligibility
Basic Rates
Pension Bonus Bereavement Payment
Basic Conditions of Eligibility
- Allows people who work and defer claiming Age Pension to
earn a one-off tax-free lump sum bonus.
- The Pension Bonus Scheme is closed to new entrants who did
not qualify for Age Pension before 20 September 2009.
- Existing members may remain in the scheme and continue to
accrue entitlements if they or their member partner continue
to work 960 hours per year.
- Must register before a bonus can be accrued. Earliest registration
is the date age and residency requirements for Age Pension are
met.
- Members not working who rely on their non-member partner's
employment to remain in the scheme are no longer able to do
so. Bonus will generally need to be claimed within 13 weeks
of 20 September 2009.
- Maximum bonus accrual period is five years.
- Cannot accrue bonus after age 75.
- Must meet work test of at least 960 hours of paid work each
year for a minimum of 12 months from registration.
- Not paid if received income support (except Carer Payment)
since meeting age and residency requirements for Age Pension.
- Can be affected by "gifting rules" if more than
$10,000 is given away in a single year or more than $30,000
over a five year period.
Basic Rates
- Members claim bonus when they eventually claim Age Pension.
- Amount of bonus is based on how long a person defers pension
from the date of registration, and the rate of pension payable
at time of claim.
| Rate if maximum pension
payable |
Years
(Bonus Periods) |
Single |
Partnered (each) |
| 1 |
$1,735.50 |
$1,311.90 |
| 2 |
$6,940.00 |
$5,247.80 |
| 3 |
$15,615.00 |
$11,807.50 |
| 4 |
$27,957.90 |
$20,991.00 |
| 5 |
$43,374.90 |
$32,798.50 |
Pension Bonus Bereavement
Payment
- Pension Bonus Bereavement Payment commenced on 1 January 2008.
It is a payment that may be made to the surviving partner of
a deceased member of the Pension Bonus Scheme who did not claim
their bonus before death. It has the same maximum rates as the
Pension Bonus payment. For further information contact Centrelink
on 13 2300.
Copyright © 2011 Forsyte
Consulting Pty Ltd unless otherwise stated.
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