Pension

FORM OF PENSION

1) The normal form of pension is payable for the lifetime of the member, with a minimum guaranteed period of 60 months. If the member dies before the full 60 monthly payments have been made, the pension continues after the member’s death to the member’s Spouse/Beneficiary/Estate, for the balance of the 60 months or the actuarial equivalent may be paid to the estate. pensions are payable monthly.At the time of retirement, each member will be given a choice of taking a reduced pension of equivalent actuarial value, in one of several alternative forms:
2) for life, with a minimum guaranteed period of 120 months;
3) for life, with a minimum guaranteed period of 180 months;
4) for the joint lifetime of the member and member’s spouse, without reduction on the death of the member;
5) for the joint lifetime of the member and member’s spouse, but reducing on the death of the member to 60%;A member who has a spouse must select either option (4) or option (5) unless this requirement is waived by the spouse in the form required.

The member should contact the Administrator at least 3 months before the expected date of retirement, to obtain details of the options available. An application form will have to be completed and submitted at least one month before any pension can commence.