BENEFITS
The Board shall prepare and distribute a benefit statement to a member, beneficiary or the personal representative of a member as the case may require within 60 days of being notified of a change relating to that member. The change referred to maybe the withdrawal of employment of a member, transfers to an approved pension plan or the retirement or death of the member.
RETIREMENT
At retirement, the normal annuity purchased by the Board for the member shall commence at the date of retirement of the member and shall be payable monthly for the lifetime of the member with guaranteed payments of sixty(60) months (hereinafter to be referred to as "normal annuity").
A member shall have the right to elect in lieu of the normal annuity, that the retirement savings account be applied in one or more of the following ways:
• A portion of the annuity be commuted and lump sum be paid with a reduced annuity.
• A part of the annuity be surrendered and paid to the member upon retirement for the purchase of
an annuity upon the death of a spouse, or for a dependent who is expected to survive the member.
• Variation of the period for which the annuity payments are guaranteed to some other period to be
chosen by the member.
• Where a member elects to commute a portion of the annuity and to receive a lump sum, the
lump sum payment shall be made on the first date on which the pension becomes payable to the
member and shall not exceed the commuted value of one-quarter of the retirement savings account
of the member at the date of retirement, or 12 and ½ times ¼ of the annual annuity before
commutation, whichever is higher.
• If the annual annuity to be purchased for a retiring member does not exceed 50% of the national
minimum wage, then the member may elect in lieu of the annuity, a lump sum equal to the value of
the retirement savings account at the date of retirement of the member.
A member shall have the right to elect in lieu of the normal annuity, that the retirement savings account be applied in one or more of the following ways:
Early
You may retire early, that is within ten (10) years of your Normal Retirement Age.
Late
You may continue working up to a maximum of five (5) years past your Normal Retirement Age. The date on which you then retire will be your Late Retirement Date.
Ill-Health
With the approval of the Board, you can retire at anytime due to ill-health i.e. if you become mentally or physically incapacitated and a medical doctor registered under the Medical Act certifies this incapacity.
WITHDRAWAL
If the reason for withdrawal is not retirement or death, one of the options that must be disclosed is that no lump sum payments will be made where all payments are fully annuitized. That is, a member may choose one of the following options:
Transfer
Transfer the value in the retirement savings account to the trustees of an Approved Superannuation Fund or another Approved Retirement Scheme.
Purchase Pension
A Deferred Life Annuity which can be purchased using the amount in the retirement savings account and payable from Normal Retirement Date.
DEATH
What are the benefits payable on the death of a member?
Upon the death of a member, the Board shall cause payment to be made in accordance with the nomination that is in-force at the time of death of the member. If a member elects more than one nominated beneficiary, but fails to inform the board of the proportions to which each nominated beneficiary is entitled, then it shall be deemed that each of the beneficiary is entitled to an equal proportion of the benefits payable on the death of the member.
In the event of the death of a nominated beneficiary in the lifetime of a member, and the failure of a member to nominate a new nominated beneficiary, the surviving nominated beneficiaries shall take in equal shares, the share to which the deceased nominated beneficiary would have been entitled, and if there is only one surviving nominated beneficiary, that nominated beneficiary shall be entitled to the receipt of the whole sum.
Upon the death of a member, the nominated beneficiaries shall be entitled to receive the total sum standing in the retirement savings account of the member at the date of payment.
If no nomination is made, or if no nominated beneficiary survives the member, the payment shall be made to the personal representative of the member on production of a grant of representation.