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Pension Bonus Top-up Payment (PBTP) 065-07010040

MFU keywords for PBTP

Table 1

Item	Description
1	Retrospective change to income/assets System: PEN Activity Code: MFU Keywords: URGENT, PBS, TOP-UP, RETCHG, MANCALC Message on Activity: Retrospective change to income/assets for Pension Bonus Top-up. Manual calculation required
2	Marital status change System: PEN Activity Code: MFU Keywords: URGENT, PBS, TOP-UP, MARSTS, MANCALC Message on Activity: Marital status change – Manual calculation of Pension Top-up required

Example calculations of PBTP

Table 2

Example	Description
1	Calculating the Notional Pension Bonus amount Obtain the number of Pension Bonus Years from the Pension Bonus Payment (PBP) screen. Calculate the Pension Multiple by multiplying the number of Pension Bonus Years for 0.094.
2	When there is no change in relationship status during the accrual period Multiply the Annual Notional Rate x Pension Multiple x number of Pension Bonus Years and round result to nearest 10 cents. Example no. of PBS days = 565/365 = 1.548 to 3 decimal places no. of PBS years = 1.548. Pension Multiple = 0.094 x 1.548 = 0.146 to 3 decimal places Notional Pension Bonus Amount = $5,757.18 x 01.46 x 1.548 = $1,301.20 to nearest 10 cents
3	When there is a change in relationship status during the accrual period The period for each relationship status will need to be calculated separately, the Notional Pension Rate determined and calculations for each relationship status made. Pension Multiple The Pension Multiple remains the overall qualifying period multiplied by 0.094 rounded to 3 decimal places: 0.146 Days partnered No. of PBS days partnered = 300 No. of PBS years = 300/365 = 0.822 Dates unpartnered No. of PBS days unpartnered = 265 No. of PBS years = 265/365 = 0.726 Notional Pension rate The notional rate will depend upon the marital status at the start day. If single at the start day then the Notional Partnered Pension rate will need to be calculated. If partnered at the start day then the Notional Single rate of pension will need to be calculated. Example Single at the start day on 19 March 2008 and paid $11,184.16 ($430.16 pf) which = 80% of the max single rate. The notional partnered rate will therefore be 80% of the max partnered rate (for example $11,676.60 x 80% = $9,341.28 = $359.28 pf). Note: PhA is not included in the rate for Pension Bonus purposes, only basic Age and Pension Supplement component for Pension Bonus (equivalent to Basic Pension Supplement). Bonus Payable Partnered - $9,341.28 x 0.822 x 0.146 = $1,121.0656 Unpartnered - $11,184.16 x 0.726 x 0.146 = $1,185.476 Pension Bonus = $1,121.0656 + $1,185.476 = $2,306.5416 Rounded to $2,306.50
4	Calculating the amount payable Subtract all previous Bonus Payments (for example. initial bonus and any subsequent top-ups). Example Initial Pension Bonus payment $1,076.50 Top-up previously paid = $169.70 Amount now payable = $1,301.20 - $1,076.50 - $169.70 = $55.00