Members Benefits
Eligibility
  • 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%

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

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

Benefits either:
An immediate annual gross pension payable monthly from date of commutation.
OR
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
OR
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