1.1.B.80 Bonus period-full year & part year bonus periods (PBS)
Definition: full year bonus period
For the purposes of PBS, a full year bonus period is a period made up of 365 days of accruing membership (1.1.A.20). The actual period can be more than one year if the bonus period is interrupted by a period or periods of non-accruing membership (section 92P).
Example: A person's membership could be as follows:
- 4 months of accruing membership, THEN
- 6 months of non-accruing membership, THEN
- 8 months of accruing membership.
The full year bonus period would have actually accrued over the 18 month period.
Act reference: SSAct section 92P Non-accruing membership-preclusion periods
Definition: part year bonus period
For the purposes of PBS, a part year bonus period can only be accrued if the person has accrued a full year bonus period. The part year bonus period must be the last bonus period before claiming the pension bonus. This is in SSAct Part 2.2A.
Bonus periods must be consecutive except if they are separated by a period of non-accruing membership.
Act reference: SSAct section 92T Accrual of bonus periods, section 92R Continuity of accruing membership is not broken by a period of non-accruing membership, section 92P Non-accruing membership-preclusion periods, Part 2.2A Pension bonus