CHANGES TO PENSION SCHEMES.

Under the scheme, if people defer claiming Age Pension and stay in the work force, including being self employed, may be eligible for a tax free lump sum bonus when a claim for age pension is eventually claimed.

The amount of the bonus paid will depend on the amount of basic age pension you are entitled to when a claim is actually made and the length of time the person has been an accruing member of the scheme. Please note limitations will apply for applications made after 20th September 2009.

Anyone who had reached pension age prior to 20th September 2009 should contact Centrelink to register for the scheme.