Commonwealth Consolidated Acts

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SOCIAL SECURITY ACT 1991 - SECT 92A

Simplified outline

                   The following is a simplified outline of this Part:

*       A person who qualifies for an age pension but defers claiming that pension may be able to get a single lump-sum pension bonus .

*       A person who wants to get a pension bonus must register as a member of the pension bonus scheme . An application for registration cannot be made on or after 1 July 2014.

*       To get a pension bonus, a person must accrue between 1 and 5 bonus periods while deferring age pension.

*       Generally, a bonus period runs for 1 year.

*       To accrue a bonus period, the person must pass the work test for that period.

*       To pass the work test for a year, either the person, or the person's partner, must gainfully work for at least 960 hours during that year.

*       The amount of a person's pension bonus depends on the number of accrued bonus periods and the person's annual rate of age pension. A person may get a bigger bonus by accruing more bonus periods.



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