Retirement

Normal Retirement

 The normal retirement age is between 55 and 70 as decided by the School.

 

What benefit will I receive?

You receive your accumulated credit.

Accumulated credit consists of the member and employer retirement contributions, excluding death, disability and administration costs plus investment returns.

 

Payment Options

You may elect to take your accumulated credit in cash as a lump sum or a pension can be purchased through a Registered Insurer of your choice.

In terms of the law the Fund also offers an annuity strategy. It is important to note that this is not an automatic default arrangement and members will have to make an active selection/choice to Opt-In to this strategy if they want to make use of the Fund’s two pension options.

The Fund offers a Life and Living annuity option and members will receive quotations for both when they are 5 years from retirement. Members will be given retirement benefits counselling at least 3 months prior to their normal retirement age.

 

Defer your retirement

The Fund allows you to defer your retirement, i.e. leave your accumulated benefit and continue membership of the Fund after reaching normal retirement age and leaving your employer. You will not be allowed to make further contributions to the Fund upon reaching your retirement age. The death, disability and funeral benefits (if applicable) will cease. Your money will continue to be invested in the portfolio you have elected previously, but you may elect to change your portfolio. Important to note that in terms of new legislation Deferred Retirees at normal retirement age have the option to also transfer to a Retirement Annuity or Preservation Fund of their choice.

Late Retirement

Contributions remain payable to the Fund by both the member and the employer.

 

What benefit will I receive?

You will receive your accumulated credit.

Accumulated credit consists of the member and employer retirement contributions, excluding death, disability and administration costs plus investment returns.

 

Payment Options

You may elect to take your accumulated credit in cash as a lump sum or a pension can be purchased through a Registered Insurer of your choice.

In terms of the law the Fund also offers an annuity strategy. It is important to note that this is not an automatic default arrangement and members will have to make an active selection/choice to Opt-In to this strategy if they want to make use of the Fund’s two pension options.

The Fund offers a Life and Living annuity option and members will receive quotations for both when they are 5 years from retirement. Members will be given retirement benefits counselling at least 3 months prior to their normal retirement age.

 

Early Retirement

Any age within 10 years of normal retirement as agreed by the employer.

What benefit will I receive?

You will receive your accumulated credit.

Accumulated credit consists of the member and employer retirement contributions, excluding death, disability and administration costs plus investment returns.

Payment Options

You may elect to take your accumulated credit in cash as a lump sum or a pension can be purchased through a Registered Insurer of your choice.

In terms of the law the Fund also offers an annuity strategy. It is important to note that this is not an automatic default arrangement and members will have to make an active selection/choice to Opt-In to this strategy if they want to make use of the Fund’s two pension options.

The Fund offers a Life and Living annuity option and members will receive quotations for both when they are 5 years from retirement. Members will be given retirement benefits counselling at least 3 months prior to their normal retirement age.