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Retirement Benefits

by Aug 5, 2019

When can I retire?

You may retire;

  • At 60 years of age (normal retirement) or
  • At 55 years to less than 60 years (early retirement) or
  • At any age due to ill-health or
  • At any time between the ages of 60 and 70 years (late retirement) subject to approval by your Employer.

How are my benefits determined?

The value of the retirement benefit is based on:

  • the pensionable service (months),
  • final salary (annual basic salary) and
  • Accrual rate.

 Pension = (Pensionable Service X Final Salary) / 616(accrual rate)

When does my pensionable service start and end?

From the day you start paying your monthly pension contributions till 1 January 2004 or the time you joined ZEIPF (not later than 31 December 2011).

Which benefits will I get on retirement?

  • Monthly pension
    OR
  • An optional lump sum, up to a maximum of 1/3 of the total retirement benefit. The 2/3 would be paid as monthly pension.

For how long will my pension be paid?

The pension is paid for the rest of your life after retirement.

What if I die just after retirement, does my pension cease?

If you die before the guarantee period of five years has expired, your pension will continue to be paid to your spouse or dependent children for the rest of the guarantee period). Thereafter such spouse shall be entitled to a pension equal to sixty-five per cent (65%) of the pension which the member would be entitled before 1/3 commutation. Children’s pension will be paid up to a maximum of 4 children at 25% of the spouse’s pension per child. The total pension in each case shall not exceed the amount which would have been payable to the member on the date of death.

As a pensioner, will my pension increase?

On a regular basis the Fund Actuary calculates the funding level of the Fund and recommends to the Board of Trustees for a pension increase which may be awarded to the pensioners upon approval by the Insurance and Pensions Commission (IPEC).

What is a life certificate?

All pensioners are required to complete a Life Certificate by 28 February every year to show that you are still alive. If you fail to complete the life certificate the pension would be suspended. The pension would be uplifted and back dated when you complete the certificate.

Which documents are required when claiming for my retirement benefits?

  • Certified copy of your Identity Document (ID) or valid Passport or Driver’s License,
  • Spouse’s certified copy of Identity Document (ID),
  • Proof of marriage (certified copy of the Marriage Certificate or Confirmation of customary marriage from civil or magistrate court or an affidavit),
  • Fully completed Member Exit Form submitted by the Employer,
  • Fully completed Employer Benefit Form for Employer extended benefits,
  • Current Banking details,
  • Fully completed Medical Aid Application Form,
  • Letter to confirm if the member wants to continue with Zesa Group Life Assurance (ZGLA),
  • Medical certificate (in case of ill-health retirement),
  • A copy of your last payslip.