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Did you know your benefit must be paid out as a lump sum?
Lump sum options
Members who transferred from the Revised Scheme in 1994
If you transferred from the Revised Scheme during the prescribed period in 1994 you will receive a lump sum for your total period of Revised and New Scheme membership.
A transfer multiple was calculated for the Revised Scheme service as at the date of transfer. This multiple is added to the New Scheme multiple each year based on your New Scheme contribution rate.
Members who transferred from the S.E.R.B. Scheme
If you transferred from the S.E.R.B. Scheme during one of the prescribed transfer periods, you are entitled to a lump sum equal to your accrued retirement benefit.
The lump sum takes into account service recognised by the S.E.R.B. Scheme to the date of transfer PLUS membership of the New Scheme.
However, at age retirement or exempting over 65, anyone who transferred from the S.E.R.B. Scheme also has the opportunity to convert up to 50% of the lump sum back into a fortnightly indexed pension. This option does not apply if a member resigns or is retrenched prior to their minimum retirement age.
Members who transferred from the Revised Scheme between 1988-1990
If you transferred from the Revised Scheme during the prescribed period between 01 July 1988 and 30 April 1990 you will have two options payable to you at retirement:
OPTION 1 – Deferred Pension
- This was calculated for you when you transferred from the Revised Scheme taking into account your salary and all of your recognised service as at the date of transfer.
- The deferred pension has since increased in line with any increase in the Consumer Price Index for all capital cities.
- If you had less than one months service in the Revised Scheme before transferring to the New Scheme there will be no pension component payable at retirement.
- When you retire you will be entitled to a pension from the Revised Scheme and you will also have various lump sum options, including 100% conversion available to you.
OPTION 2 – A Lump Sum
- Based on your accrued retirement benefit and your final average salary as at the date of your retirement, for your period of membership in the New Scheme. This is subject to an allowable maximum multiple of your final average salary (at least 7.35 and increasing with the extent of eligible service to 1 July 1983).
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