Long Term: Retirement Benefit

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HOW TO QUALIFY

YOU MUSTREQUIREMENTS
Be an insured person: between 60 and 64 years and not employed; or 65 years or older (whether employed or not)Submit completed claim for Retirement Benefit on prescribed form(RB1)signed and dated by the insured person
Have a total of 500 paid and credited contributions (Contribution Requirement for a pension)Present Social Security card, passport or birth certificate when making claim
Have 150 paid contributionsProvide summary of employment history on prescribed form (ED1)
If the contribution requirement is not met, a Retirement Grant is paid.Must provide bank account or an account number from any other financial institution.
A minimum of 26 paid contributions is required for a Retirement Grant to be paid.Claimants 60-64 years must submit written declaration stating that he/she is not employed. Should claimant 60-64 return to work he/she needs to inform Social Security and declare salary and method of pay (hourly, daily, weekly, monthly)
If 65 years old, submit claim within 13 weeks after 65th birthday. If 60-64 years, submit claim 13 weeks after date employment ceased.
If claim is not submitted within the required 13 weeks a good reason must be given by the insured contributor
No sum shall be paid for any period more than 26 weeks before the date on which the claim is made

FORM: Click to download form(s): Form RB1 Retirement Benefit Form ED1 Employment History

RATE AND PAYMENT OF BENEFIT

Formula:

Sum of Insurable Earnings in best 3 years of contributions ÷ 150 x 30% = weekly pension

Pension obtainable accumulates:

• First 10 years at 3% per year = 30%
• Next 5 years at 2% per year = 10%
• Next 20 years at 1% per year = 20%

Maximum pension payable:

60% of average weekly insurable earnings.

Minimum Pension is

$49.35 weekly

The pension is for

the lifetime after age 65 of the insured person.

Payment of benefit starts

as of 65th birthday; If claimant is 60-64 years, the payment of benefit starts as of the following day when employment ceased.

A person can get a

maximum pension after 35 years of contributions to the Scheme.

2018 PENSION CALENDAR