92TAccrual of bonus periods

92T Accrual of bonus periods

Full‑year bonus period (1) The first bonus period that accrues to a person is the full‑year period of the person’s accruing membership of the pension bonus scheme: (a) that began on whichever of the following dates is applicable: (i) if the person was an accruing member of the pension bonus scheme on the date the person’s registration as a member took effect—the date the registration took effect; (ii) in any other case—the date on which the person first became an accruing member of the pension bonus scheme; and (b) for which the person passes the work test.

Note: Accruing membership is defined by section 92N.

(2) Each succeeding full‑year period of the person’s accruing membership of the pension bonus scheme: (a) that is specified in the person’s claim for pension bonus; and (b) for which the person passes the work test; is a bonus period that accrues to the person. Part‑year bonus period (3) A part‑year period of the person’s accruing membership of the pension bonus scheme is a bonus period that accrues to the person if: (a) the person passes the work test for that period; and (b) the person specifies the period in the person’s claim for pension bonus; and (c) the period begins immediately after the end of a full‑year bonus period that accrues to the person; and (d) the period is the last bonus period that accrues to the person.

Note: Accruing membership is defined by section 92N.

Bonus periods must be consecutive (4) A person cannot accrue more than one bonus period unless: (a) the bonus periods are consecutive; or (b) the bonus periods are separated only by a period of non‑accruing membership.