All senior Australians who are eligible for the Government’s Pension Bonus Scheme must register with the Department of Human Services before 1 March 2014. No new registrations will be accepted for the tax-free lump sum Pension Bonus Scheme from 1 March 2014.
To register for the Pension Bonus Scheme, an eligible person who is still working must have qualified for the Age Pension before 20 September 2009 and met the age and residency requirements etc. People already registered in the Scheme before 20 September 2009 are able to remain in the Scheme and continue to accrue entitlements under existing rules and claim a pension and their Bonus when they finish working. Further details are available on the Department of Human Services’ Website.
The Social Services and Other Legislation Amendment Bill 2013 proposes to give effect to this 2013-14 Budget measure by amending the Social Security Act 1991 to cease late registrations for the Pension Bonus Scheme from 1 March 2014. The Bill was passed by the House of Reps on 4 December 2013 (with Government amendments) but was still before the Senate as at 26 February 2014.