Pensioner Bonus Scheme Abolished - 2009 Budget

For some time the Pensioner Bonus Scheme has rewarded Australians eligible for the age pension with a lump sum bonus for continuing to work after their relevant pension age.

The 2009 Budget closed the Pensioner Bonus Scheme to new entrants from 20 September 2009. The Labour government believes the vast majority of participants would have continued in the workforce in the absence of the scheme.

Discontinuance of the scheme will not affect entitlements to existing members of the scheme.

People turning age 65 post 20 September 2009 who continue to work will benefit from a new Work Bonus scheme. Under the new scheme 50% of the first $500 per fortnight of employment income will not count for income test purposes.

We recommend anyone eligible for the scheme pre 20 September 2009 should register as early as possible as no registrations will be accepted post the abolition.

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