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 periods, 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,
satisfy the eligibility criteria,
- are deferring pension
- are not a non-accruing member, and
are under the upper age limit (i.e. are not a post 70/75 member).
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.