A Member’s benefit in the DB Scheme is formula based and depends on the number of years in service up to 30th June, 2006 to a maximum of twenty years, annual pensionable salary as at 30th June, 2006 growing at a certain percentage per annum, age at leaving service, and sex of a member.
Leaving employment before 50 years of age
For a member leaving service before attaining age 50years (resignation, dismissal, etc.), he/she may choose to either;
- defer his/her total benefits payable until he reaches at least fifty years of age, or
- be paid 50% of the benefits as lump sum and the balance of 50% be preserved in the scheme until attainment of at least age 50 or
- transfer his total benefits or 50% of the benefits to another RBA-approved pension scheme or to their new employer’s pension scheme.
- A member who retires from the scheme if he/she is at least 50years of age may opt for;
- a pension for life using total accrued benefits, or
- lump sum up to a third of accrued benefits and the remaining two thirds, pension purchase for life
- A member who is incapacitated while still in service may be retired due to ill-health.
In case an eligible spouse is not available, the benefits are paid out to the member’s children until the last child attains 21years or to a third party (e.g. uncle, aunt, brother, sister, etc.) for sixty months depending on the member’s nomination.
- If a member dies in service or retirement, pension is payable to your spouse for his/her life.
- In case of death in deferment, deferred amount with interest is paid to your nominated beneficiary in lump sum.