Accrual of bonus periods
92T Accrual of bonus periods
Full‑year bonus period
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:
that began on whichever of the following dates is applicable:
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;
in any other case—the date on which the person first became an accruing member of the pension bonus scheme; and
for which the person passes the work test.
Accruing membership is defined by section 92N.
Each succeeding full‑year period of the person’s accruing membership of the pension bonus scheme:
that is specified in the person’s claim for pension bonus; and
for which the person passes the work test;
is a bonus period that accrues to the person.
Part‑year bonus period
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:
the person passes the work test for that period; and
the person specifies the period in the person’s claim for pension bonus; and
the period begins immediately after the end of a full‑year bonus period that accrues to the person; and
the period is the last bonus period that accrues to the person.
Accruing membership is defined by section 92N.
Bonus periods must be consecutive
A person cannot accrue more than one bonus period unless:
the bonus periods are consecutive; or
the bonus periods are separated only by a period of non‑accruing membership.
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