- Payment of monthly pension till death of a pensioner.
- In case of death of a contributor, the spouse receives for a period not exceeding 5 years. In absence of a spouse pension is paid to eligible children under ... years.
- Pension also payable on:-
- Early retirement (voluntary) at age 50 - 55
- Retirement on medical grounds
- Death of a member in service
- Monthly pensions are increased annually at 3%
Level of benefits
The level of benefits paid in a Defined Benefit arrangement is calculated by reference to:
- Pensionable service:-The period from date of entry into the pension arrangement to the date of exit.
- Final Pensionable Salary:-Salary progression of a member as defined in the Trust Deed and Rules.
- For each year in pensionable service to enhance the member benefits i.e. 1/480
Leaving service of employee
Before 1st July 1999 - After 1st July 1999
Legal Notice No. 56 of June 2005 effective 8th June 2005
Members shall be entitled to receive in full their own contributions plus accrued investment income.
Legal Notice No. 95 of June 2007 effective 14 June 2007
Members of defined benefit schemes to access one-third (1/3) of actuarially determined accrued benefit. Balance preserved until retirement age.
Legal Notice No. 165 of September 2010 effective 30September 2010
Members who leave may opt for payment of not more than fifty (50) percent of accrued benefits as shall be determined by an actuary where he is a member of a defined benefit scheme
An immediate annual gross pension payable monthly from date of commutation.
Commuting a maximum of 1/3rd for a gross cash lump sum with the balance securing a residual gross pension payable monthly from date of commutation
A Trivial Cash lump sum as revised by RBA from time to time.
The pension escalation is guaranteed at 3% p.a. for pensions in payment