Section 92A — Social Security Act 1991: 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.