Retirement Benefit
The compulsory retirement age for PSSSF members, has been set out by Section 25 of the Public Service Social Security Fund Act No. 2 of 2018 to be sixty years of age whereas a member may opt to retire voluntary from the age of fifty-five. However, members whose terms of their employment allow them to retire with age, which is shorter or longer than the age, mentioned above, they should retire based on their prescribed age of retirement in their respective legislature
Conditions for a member to qualify for this benefit are: -
- A member shall have contributed to the Fund for the period of not less than 180 months or 15 years.
- A member shall attain the retirement age.
Formula used for calculation this type of benefit is: -
- Commuted Pension Gratuity = 1/580 * Months of Service * Average highest Salary of 36 Months*0.33*12.5
- Monthly Pension = 1/580 * Months of Service * Average Highest Salary of 36 Months*0.67/12
For retiree to be granted old age benefit, an employer has to submit duly filled form PS-BEN.1 with the following attachment: -
- Letter of notification of retirement from the employer (retirement notice)
- Copy of last promotion letter
- Recently salary Slip
- Bank Statement certified by the payee’s Bank that indicates at least one salary payment.
- Certified copy of National ID/ or Voter’s ID or Driver’s License.
- Totalization notification letter from member before payment have been made (contributor of more than one fund)
