Pensions Normal Retiral
Pensions Normal Retiral
A member who has completed 10 years pensionable service, and is retired in terms of rule 11.3, will be granted a pension calculated as provided in Rule 65 below :
RULE 65 – Retirement at Normal Retirement Age
Upon retirement from the Pensionable Service at Normal Retirement Age and subject to completion of ten (10) years of Pensionable Service, a Member shall be eligible to receive an immediate annual Pension calculated as follows:
a). 1/648th of the average Pensionable Salary for each complete month of Pensionable Service at the date of reaching Normal Retirement Age;
b). In addition the Member shall receive a non-commutable pension equal to 5% of the amount calculated in (a).
