1. To whom do I direct queries?
All queries should be directed to the Principal Officer.
2. What is the Normal Retirement Age?
The first day of the month following or coinciding with your 65th Birthday.
3. Who is an eligible employee?
A permanent Employee and Seasonal worker who is under the age of 65 years.
4. What is my Current contribution to the Fund?
5% of your basic salary / wage excluding any other emoluments.
5. Can I retire earlier than the Normal Retirement?
Yes, provided that you are aged 55 or more and the Employer so permits.
6. Can I retire later than the Normal Retirement Age?
Yes, provide you and your Employer both agree you may continue in service for a further period up to your attainment of age 70.
7. Who is considered a Spouse?
A Spouse is a person of the opposite sex married to you at the time of your death in service or at the date of your retirement. Where the surviving spouse is a woman , and custom so permits ,and you have more than one wife the benefit shall be shared proportionately amongst all spouses at the discretion of Trustees.
8. Does the employer contribute?
Yes. The Employer basically contributes at a rate of 5% of your gross salary. Member account to secure your pension at retirement. Allocated to you out of the 5% is part of the Member account to secure your death-in-service benefits payable to your Dependents in the event of your balance of 37% is used to purchase death-in-service benefits payable by the balance you are still working. The while is used to meet the Fund’s contribution costs. Managemental National Social Security Scheme (NSSA) are payable in addition to contributions above.
9. What Happens If I Become Incapacitated Through Ill-Health?
If in the opinion of the Employer, based on medical evidence, you have become permanently incapable of performing your normal gainful employment or any other occupation for which you are reasonably suited by education, training or experience and your injury or illness was not deliberately caused by your own fault, you can be retired before the NRA. You will be entitled to an immediate Pension, based on the Accumulated Credit as at ill-health early retirement date subject to a minimum annual Pension as determined by the regulator.
10. What benefits are payable in the event of my death in service before or after NRA?
Before Retirement:
Total Death-in-service benefit: $200 x (1+2) times = $600
Burial Benefit: $200 x 4 = $800
Lump sum payout to spouse: $200 x 20 = $4,000
11. Can i pay contributions in addition to the compulsory contributions?
Yes. You may elect to pay voluntary contributions to the Fund in addition to your compulsory contributions. The Employer however, does not pay corresponding additional contributions. The voluntary contributions are paid into a separate account, which earns interest at the same rate as the Fund’s other assets. On retirement, the additional voluntary contributions will purchase an additional Pension, which will be designed to suit your individual requirements at the time.
You may be permitted to revoke your decision to make voluntary contributions to the Fund by the Trustees only in exceptional circumstances. In any such event, your accumulated voluntary contributions shall remain paid-up in the Fund until you withdraw or retire from the Fund. In the unfortunate event of your death, the accumulated contributions are paid to your dependants.
Please contact the Principal Officer before electing to make additional voluntary contributions for advice on tax efficiency.
12. What pension will receive at normal retirement age (NRA)?
The Pension that can be purchased by the aggregate of:
Your own contributions and the Employer pension contributions,
The transfer value, if any, together with interest (as declared by the Trustees on the advice of the Actuary from time to time) for pensionable service from the date you joined the Fund up to the retirement date (also known as the accumulated Credit in the Rules).
