Benefits on Retirement

Benefits on Retirement (Early Retirement and Normal Retirement)

Normal Retirement age for teaching members of staff is age 70(seventy) years and Non-Teaching staff  is age 60(sixty). A member may opt, with the consent of the Sponsor, to retire early (5 years before the Normal Retirement age for non-teaching staff and 10 years for teaching staff) .

The benefits a member will receive at retirement will depend on the size of their Member Account at the time of retirement subject to the minimum guaranteed benefit.
One third of the Member Account will be given as an optional cash lump sum, and two thirds is commuted towards purchasing an annuity. If the monthly annuities will constitute a trivial amount, the member may elect to be given the whole amount as a lump sum.

A member may choose to have the value of his accumulated credit at the time of retirement applied in providing an income draw down subject to a minimum draw down period of 10 years.