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Last amended: 12 August 2014
Closure of registrations
Applications for registration as a member of the pension bonus scheme (PBS) cannot be accepted unless lodged before 1 July 2014.
The following table explains when the date of membership commences.
If the Commission
the date that membership takes effect is the date that....
extends the lodgement period and no special circumstances existed for the late lodgement
the person lodged the registration form.
is satisfied that special circumstances existed to explain the delay
Commission decides. Generally, if the registration is to be backdated for one of these reasons it would be backdated to 1 July 1998 or the date the person first qualifies for the scheme, whichever is the later.
Backdating registration to the special date of eligibility
There may be circumstances where a person has been granted late registration but their registration was not backdated to the person's special date of eligibility at the time of registration. In such a case consideration can be given to backdating the registration from that date and calculating the bonus on the basis of any additional bonus periods thus accrued.
The pension bonus scheme closed to new entrants on 20 September 2009. Existing members can continue in the scheme under the rules that existed prior to 20 September 2009. The pension bonus scheme provided an incentive for older Australians to remain in the workforce and defer receipt of income support pension. The incentive was a bonus, payable if all eligibility criteria and rules were satisfied.
The pension bonus was a once-only, tax-free lump sum payable to a person who, on reaching their special date of eligibility, voluntarily deferred retirement for at least one year and registered as a member of the scheme. The pension bonus was claimed at the same time as claiming pension and is calculated using the annual rate of basic pension payable at grant, multiplied by the bonus periods accrued.