Pension Benefits


In all the modes of retirement, the member is allowed to commute 1/3 ( one third) of his/her pension. The remaining 2/3 (two-thirds) can purchase a pension to be paid on a monthly-basis depending on the full commutation limits provided by the Insurance and Pension Commission from time to time.

  • Early Retirement
    A member may choose to retire if he/she has at least completed five years of continuous service with the employer and must be between 55 years and 65 years.
  • Normal Retirement
    This is when a member chooses to retire on the first day of the month following or coinciding with his/ her 65th birthday.
  • Late Retirement
    This is when a member continues in service for a further period but not beyond his 70th birthday.
  • Ill-Health Retirement
    This is when a member retires due to medical grounds having been certified by a medical doctor that he is no longer fit to perform his duties with the consent of his employer.


In the event of a retrenchment, members are paid out immediately both employer and employee contributions plus the bonuses declared. The benefit is subject to tax as outlined by law from time to time.


In the event of a member withdrawing from service, he/she can cash in employee contributions subject to tax and the employer contributions will continue to be invested until the member attains the age of 55 years as prescribed by law from time to time. In the event of a death before the age of 55 years, the preserved employer contribution plus bonuses thereon will be payable in cash to the surviving beneficiaries.

Death In-Service Benefits

In the event of a death in service, the accumulation (employer and employee contributions plus interest) is paid to the member’s surviving spouses and / or beneficiaries plus a lumpsum death benefit (provided the member contributed continuously for 12 months) as set by the Board of Trustees from time to time.