Government Employees Pension Law, 1996

Schedule 1 : Rules of the Government Employees Pension Fund

Annexure : Pension Benefits in terms of Severance Package

Part B : Pension Benefits in terms of PSCBC Resolution 7 of 2002 and any other Resolution, Directive, Determination or the like referring to such Benefits
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The following benefits are payable:

(i)Members of Government pension funds who have attained the age of 55 years and who have completed at least 10 years pensionable service, on written choice of the member:

A gratuity equal to his/her actuarial interest payable to the member in own right or into an approved retirement fund of the member's choice; or

A gratuity and annuity determined in terms of the formula that applies to the member, without scaling down of pension benefits and without an addition of pensionable service.

(ii)Members of Government pension funds who have not yet attained the age of 55 years, as well as those who have attained the age of 55 years but have less than 10 years pensionable service:

A gratuity equal to his/her actuarial interest payable to the member in own right or into an approved retirement fund of the member's choice.

 

[Part B substituted by Notice No. 622 of 1 July 2005]