DEFINED BENEFIT

This is a pension scheme which is usually for staff on permanent and pensionable conditions of service. The pension package is defined using a specified formula used to calculate the pension at retirement. In this Scheme, the retirement package is based on your salary and the number of years you have contributed to the scheme.

This scheme however, has been closed to new entrants/signings and is currently dedicated to serve the existing scheme members who joined before it was closed off.

The scheme has the following benefits;

  1. Life Pension
  2. Tax free lump sum package
  3. Pension payable to the widow/er, children of the deceased member

 

Additional information