Benefits Payable

Normal Retirement Benefits


The above is payable when a member retires at age 60 or 70 as appropriate. A member who has retired can only access up to 1/3rd of their total benefits as cash lump sum as per the existing law. With the remaining 2/3rds, RETIRING MEMBERS can either enter into an ANNUITY or INCOME DRAW DOWN arrangement from a PROVIDER of their choice. This will ensure they receive regular pension for the rest of their lives. 


Trivial Pension


Members whose 2/3rds amounts to an annuity, which is less considered TRIVIAL, have the option of collecting the entire 2/3rds. The 'TRIVIAL PENSION' is determined by the government from time to time.


Early Retirement Benefits


Members are free to take early retirement after attaining the age fifty as long as approval is granted by the Sponsor. Payment of benefits is similar to those payable under normal retirement.


Retirement on ill Health


Benefits for Members who go on 'retirement due to ill health' (once approval for the same is granted by the Sponsor) are treated as normal retirement, except that the member has the option of collecting their entire benefits.


Death benefits


Whenever a member dies in service before Normal Retirement Age, the following benefits are payable to the nominated beneficiaries:


·         A lump sum equal to five (3) times of the last annual Pensionable Salary. Effective 1st July 2011. For death cases that took place before 1st August 2011, the death lump sum payable is Five (5) times the last annual pensionable salary.


·        The FUND VALUE (accrued benefits) of the deceased member is disbursed to either an ANNUITY or INCOME DRAW DOWN  ARRANGEMENT.


Withdrawal Benefits (Resignations/ Terminations)


  • These are payable whenever members either resign or their services are terminated. Cases for members who withdraw from the Scheme after attaining 50 years are treated as normal retirement.
  • Members who are less than 50 years can be paid all (100%) of the employee contributions and 50% of the employer’s contribution plus accrued interest. The remaining 50% employer’s portion is payable to them once they attain age 50.
  • Members who are permanently relocating outside the country, can be paid their entire benefits but they have to show prove of permanent relocation.
  • Members who are joining another employer who has a pension scheme may request for transfer of their benefits to the pension scheme of their new employer.
  • Exiting members’ who have an individual scheme, can also request for transfer of their entire benefits to their individual Scheme.