If you were of Age Pension age on or before 19 September 2009 and were eligible to receive the Age Pension, you may be entitled to receive a lump sum bonus from Centrelink. Men must have been born before 20 September 1944 and women must have been born before 1 January 1946

The Pension Bonus scheme allows people who work and defer claiming the Age Pension to earn a one-off tax free lump sum bonus.

To qualify, you need to work 960 hours each year for a minimum of 12 months after age Pension Age.

Whilst you are not obliged to retire by 28 February 2014, you must register for the scheme on or before this date.  You claim your tax free lump sum bonus at the same time as you apply for the Age Pension. Those already registered for the scheme will continue to qualify under the existing rules. You cannot accrue a bonus over age 75.

The amount of the bonus is based on how long you defer your Age Pension claim for. The maximum accrual period is 5 years.  The lump sum benefit is subject to Incomes and Assets test rules at the time of claim.

Current Bonus rates are as follows for those entitled to receive the full Age Pension

Years
(Bonus periods)


Single

Partnered (each)

1

$1,899.70

$1,428.50

2

$7,558.80

$5,714.10

3

$17,007.30

$12,856.70

4

$30,235.20

$22,856.30

5

$47,242.50

$35,713.00

In the first instance, you must register for the scheme! Please use link to form below.

Registration Form Pension Bonus Scheme

For further information contact Centrelink 132 300 or visit www.humanservices.gov.au

There are substantial Finanical Planning opportunities available to you to optimise your entitlements.  Please contact mail@wealthpartners.net.au for further information. www.wealthpartners.net.au