Retirement Benefit II

How Much Will Be Paid?

Retirement Pension

An average rate of contribution is calculated by considering all the contributions paid. The earnings class to which this average rate corresponds is the class in which the benefit will be paid. Where the insured person was in receipt of the Retirement Pension prior to the appointed day, benefit rates were converted.

Remember: For every block of 25 contributions paid in excess of 750 one increment is added to the basic pension rate. Notwithstanding the benefit rates in respect of retirement pension the board shall pay with effect from February 1, 2012 the sum of $3,000.00 monthly, as a pension to each person qualifying for a Retirement Pension.

For How Long Will The Benefit Be Paid?

Retirement Pension

Payment of Retirement Pension will start from the Monday of the week in which Retirement Age was reached and continues on a monthly basis for life Payment for each month. It will be deposited to the claimant’s bank account on the 16th day of the preceding month.

What Happens If I Return To Work After Retirement?

Persons who are in receipt of a retirement benefit (Pensions or Grant) and who returned to work on or after January 7, 2008 will continue to receive their Retirement Pension entitlement.

Retirement Grant

Where the insured person reached retirement age on or after 07/01/2008. The retirement grant will be equal to 3 times the value of total contributions, subject to a minimum of $3,000.00.
Where the insured person reached retirement age on or after 10/4/75 the Retirement Grant is equal to 3 times the value of the total contributions paid by both employer and employee, subject to a minimum of $200.00.
Where the insured person reached retirement age between 10/4/72 and 9/4/75 the Retirement Grant is equal to 5 times the value of the total contributions paid by both the employer and the employee, subject to a minimum of $200.00.