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Your resignation benefit depends on when in your life stage you resign.
Resigning before your minimum retirement age
Benefits payable on resignation depend on whether you resign before or after your minimum retirement age, which is normally age 55 (age 50 for eligible prescribed officers).
Resigning before reaching your minimum retirement age entitles you to:
- an immediate refund of your contributions and earnings(some of which may be immediately available however there will always be a large preserved component which the member cannot access), and
- a deferred benefit payable upon application after reaching your minimum retirement age, (subject to preservation), irrespective of whether you have permanently retired.
The level of deferred benefit will depend on:
- your final average salary,
- your age at resignation,
- your recognised service at resignation, and
- which of the available resignation benefit payment options you choose.
Resigning after your minimum retirement age
If you resign after your minimum retirement age, you will be entitled to the Age Retirement Benefit.
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