Document ID: chunk:federal_register_of_legislation:C2025C00162:section:92a
Version: federal_register_of_legislation:C2025C00162
Segment Type: section
Provision Reference: s 92A
Character Range: 430310–431400

92A  Simplified outline
  The following is a simplified outline of this Part:

                     A person who qualifies for an age pension but defers claiming that pension may be able to get a single lump‑sum pension bonus.
                     A person who wants to get a pension bonus must register as a member of the pension bonus scheme. An application for registration cannot be made on or after 1 July 2014.
                     To get a pension bonus, a person must accrue between 1 and 5 bonus periods while deferring age pension.
                     Generally, a bonus period runs for 1 year.
                     To accrue a bonus period, the person must pass the work test for that period.
                     To pass the work test for a year, either the person, or the person's partner, must gainfully work for at least 960 hours during that year.
                     The amount of a person's pension bonus depends on the number of accrued bonus periods and the person's annual rate of age pension. A person may get a bigger bonus by accruing more bonus periods.