Martin is planning on retiring soon and someone has mentioned that since he has worked until he’s 70, he may get an extra payment. Is this the case?
I am over 70 and still working. I need to know that when I retire and apply for the Age Pension, will I get any further entitlements for working beyond the age of 65? I haven’t received any other previous payments or a work bonus scheme.
I did hear from a good source that my Age Pension would have a certain percentage increase. Is this true?
A. I believe the scheme you have been told about is the Pension Bonus Scheme for which you had to register prior to 1 July 2014. Those who registered for the scheme before this date did, or will when they stop work, receive a lump sum payment in addition to the Age Pension.
Unfortunately, if you haven’t registered already, you will not receive the bonus, but if you wish to find out more about how the scheme worked, you can find out more by from our article ‘Claiming the pension bonus’.
As you may be aware, the Pension Bonus Scheme was replaced by the Work Bonus, under which the first $250 of any money earned from employment is excluded from the income test. Depending on your financial situation, you may be able to claim and Age Pension while continuing to work.