Retirement Fund

The Retirement Fund was established in 1967 as a defined contribution fund and was subsequently converted into a defined benefit fund for the lower income members, in 1975. At which time the payment of lump sums and monthly pensions commenced upon the early retirement of members at age 55 to normal retirement at age 65, and to spouses upon the death of members, subject to the provisions of the Regulations, calculated on salary and service. A member, who joined the Fund after the 30 June 1987, can only take early retirement at age 58.