Can't pair iPhone 5 with Mac mini or iPad

When I try to pair my iPhone 5 with my Mac mini (current model), I'm able to go through all the steps and the Mac shows the iPhone is connected for about 1-2 secs and then drops the connection. I'm trying to pair them so I can use the TokenLock app to automatically lock my Mac when I walk away from it.

I have the exact same issue when trying to tether my iPad to my iPhone via bluetooth to connect my iPad to the internet. A connection is established for only a couple seconds. I'm able to tether via wi-fi though.

What am I doing wrong?