The GEPF provides for normal, early and late retirement, as well as retirement for medical (ill health) reasons. Members whose jobs have been affected by restructuring or reorganisation are also able to receive retirement benefits.
Normal retirement: 60 years is the normal retirement age for GEPF members. The benefits paid depend on whether a member has less than 10 years’ pensionable service, or 10 or more years of pensionable service. Members with less than 10 years’ service receive a gratuity (a once-off cash lump sum) that is equal to their actuarial interest in the Fund. Members with 10 or more years’ service receive a gratuity and a monthly pension (annuity).
Early retirement: Under certain circumstances, members may retire early, meaning before reaching the normal retirement age of 60. Again, the member’s years of pensionable service determine the benefits. Members with 10 or more years of service receive annuities and gratuities. These are calculated in the same way as for normal retirement, but with a reduction of a third of one percent (0, 33%) for each month between the dates of early retirement and normal retirement.
Ill health and other retirements: Enhanced benefits are paid when members retire for medical reasons, when injured on duty, or when their posts are abolished through organisational restructuring. In these circumstances, members receive both annuities and gratuities. For members with less than 10 years’ pensionable service, benefits are based on an increased period of service and calculated as a percentage of the member’s final salary. Members with more than 10 years’ service are also paid an annual supplementary amount.