What are the Retirement Benefits under this Scheme?

The retirement benefit options are as follows:

Option 1 – Life Annuity Option.  The insurer will pay monthly annuity payments for as long as the annuitant lives.  The Insurer do not guarantee a minimum number of annuity payments and no death benefit is provided to any beneficiary upon the annuitant’s death.

Option 2 – Life Annuity Option with Guaranteed Period Certain.  The Insurer will pay monthly annuity payments for the longer of:

1. a) The annuitants lifetime; or
2. b) The guaranteed period certain (10, 15 years or 20 years)

If the annuitant dies during the guaranteed period certain, annuity payments will continue to the beneficiary designated by the annuitant for the remainder of the guaranteed period certain.

Option 3 – Joint and Survivor Life Annuity Option.  The   annuitant and joint annuitant are living.  When either an annuitant or joint annuitant dies, annuity payments will continue for the lifetime of the survivor.  The Insurer do not guarantee a minimum number of annuity payments and no death benefit is provided to any beneficiary at the time of death of the last surviving annuitant or joint annuitant. The intention to exercise this option must be intimated to the insurer not more than six (6) months or less than one (1) day before the retirement date.

Option 4 – Other Annuity Option.  The participant may commute up to 25% of his/her pension benefit as a lump sum in cash and receive a reduced monthly annuity.