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The pension bonus scheme - take advantage
This is a Federal Government initiative that rewards you for delaying claiming the Age or Service Pension.
There are three conditions that you must meet to be paid the bonus. You must:
- Continue to work past the date you meet age and resident requirements for the Age Pension;
- Register for the scheme; and
- Meet a work test where you must work a minimum of 960 hours for at least one year after your registration.
The bonus is paid as a tax-free lump sum once you claim the Age Pension.
The amount of bonus varies – it is basically a multiple of 9.4% of your basic Age Pension for each ‘accruing’ bonus period.
For a guide to the amount of bonus you may receive visit the Centrelink website.
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Calculators |
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Further Information |
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