PENSION BENEFITS

The benefit descriptions below are very generalised with exact calculations detailed in the Rules.

EARLY RETIREMENT

This applies to members who wish to retire before the attainment of their normal retirement age of 65 years of birth. It is only available to members who have attained the age of 55 years or more and have at least 10 years of contributory service with the Fund.

The member will be entitled to a commutable pension payable monthly in arrears up to the date of the member’s death. Thereafter a spouses and children’s pension will be paid to the spouse and minor children under the age of 19 years. Members with less that 10 years service will receive a lumpsum payment related to their years of service.

ILL-HEALTH EARLY RETIREMENT

A member who through no fault of his becomes incapacitated as to be unemployable will qualify for this benefit provided that such incapacitation is total and permanent. The assessment of the disability has to be confirmed by an independent medical board on the recommendation of the members’ doctor.

This benefit is payable at any age as long as the member has completed at least 5 years of contributory service.

The member will be entitled to a commutable pension payable monthly in arrears up to the date of the member’s death. Thereafter a spouses and children’s pension will be paid to the spouse and minor children under the age of 19 years.

NORMAL RETIREMENT

This occurs on a date coincident with the members 65th birthday. The member will be required to have completed at least 10 years contributory service.

The member will be entitled to a full commutable pension payable monthly in arrears for the duration of his lifetime. Thereafter a spouses and, if applicable, children’s pension will become payable.

Note: All the above benefits are determined by using a formula which takes into account the members length of contributory service, pensionable salary as at the last day of service and the members current age.

DEATH BENEFITS

1. Death in service
In the event of the death of a member whilst in service the following benefits will become payable to the persons specified below.

Spouses Benefit- a spouses monthly pension equivalent to a percentage of the deceased member’s pension payable monthly in arrears for the duration of the spouses’ lifetime.

Children’s Pension- a monthly pension payable to the deceased’s minor children up to a maximum of 5 children. This pension is equal to a percentage of the spouse’s pension and is paid on a reducing basis as each child attains the age of 19 years.

2. Death after retirement

In the event of death of a member whilst in receipt of pension, there will be paid a spouse’s and children’s pension equivalent to those in 1 above.