Retirement Benefits

Retirement Benefits

As this money would have to last you for the rest of your life, it is important that you don’t take any decision at retirement lightly. If you are age 60 or older, your exit will be treated as a normal retirement. If you are between 55 and 59, your exit will be treated as an early retirement, unless you elect to be treated as a withdrawal.

What is my normal retirement age?

If you are 60 or older, your normal retirement age is your age when you cease to be a Councillor. A Councillor can become a member at any age.


The fund would like to advise members of the disadvantages of contributing at a lower rate i.e. 15%. While a member may enjoy more money in their pocket now as a result of less contributions, the retirement benefit will grow slower and your retirement benefit will be much lower than someone who contributed at 28.75%.

Consequently the higher your contributions the higher the return. This means that contributing at 28.75% instead of 15% of your salary, your retirement benefit at retirement will have grown by a very high margin. The more money you save the higher the growth in interest.