Who is an accruing member?
Generally, when a person registers for the pension bonus scheme, they will be registering as an accruing member. This means that either they or their partner are currently working and deferring pension as a member or members of the scheme. Only periods of accruing membership contribute to bonus period — s, and can be used to calculate the bonus payable.
Accruing membership requirements
A member of the pension bonus scheme has accruing membership if they:
- have registered,
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Registration as a Member of the Scheme
- satisfy the eligibility criteria,
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Eligibility for the pension bonus scheme
- are deferring pension
- are not a non-accruing member, and
- are under the upper age limit (ie are not a post 70/75 member).
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Upper age limits
Work test requirements
To accrue a bonus, accruing members must meet the work test for at least one full-year bonus period, either through their own work, or their partner's work (but not by adding their hours together).
Changes in membership status
A person's membership status may change during the deferral period due to their particular circumstances. The assessment of which periods are accruing, non-accruing and post 70/75 during deferral, occurs when a member seeks an evidentiary certificate or lodges a claim for the bonus.