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

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

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

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.

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

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

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