Benefits
The following benefits are payable at retirement as per the provisions of this Act;
- A member may take a lump sum not exceeding one third of the balance in retirement savings account. However, additional Voluntary Contributions made into the Scheme and the accrued interest can be withdrawn in full.
- A monthly or quarterly annuity for life purchased from a life insurance company of a member’s choice; or
- A monthly or quarterly withdrawal calculated by an actuary on the basis of life span and paid from the Fund.
Death In-Service
In the event that a member dies whilst in Service before Retirement, the following benefits will be payable to the beneficiaries:
- A member’s scheme credit; and
- The insured benefit of up to five times the annual pensionable emoluments (Provided by the employer).