You are here
Designated year is a term relevant to pension bonus disposal preclusion period. For a person the designated year is:
- the 12-month period ending on the person's special date of eligibility for a designated pension and
- each preceding 12-month period; and
- each succeeding 12-month period.
When a person disposes of more than $10,000 in a designated year, they are in a disposal preclusion period and their membership of the pension bonus scheme is non-accruing. Disposal under the RAFS and RASF schemes do not attract a disposal preclusion period.
Special date of eligibility is defined in section 45TB VEA and relates to the pension bonus scheme. A person's special date of eligibility for:
- age service pension is the first day on which a person becomes eligible for an age service pension,
- partner service pension is the first day occurring on or after the person reaches pension age and is eligible for a partner service pension,
- income support supplement is the day the person
- reaches [glossary:qualifying age:DEF/Qualifying Age], or
- becomes eligible for income support supplement if this is after the person has reached qualifying age.
Designated pension is defined in section 45TA VEA and relates to the pension bonus scheme. Designated pension means:
- age service pension, or
- partner service pension, or
Designated pension under the Social Security Act 1991 means age pension
There is currently no content classified with this term.