RESIGNATION BENEFIT

If a member leaves employment due to resignation or dismissal before he/she is due for retirement, he/she qualifies to be paid a Resignation Benefit. The benefit is a refund of the employer and employee contributions made into the Fund, plus accumulated interest, subject to tax. However, if the Employer portion of contributions exceeds the limit prescribed by the Pensions Regulator from time to time, it will be retained in the Fund where it will remain invested and will become payable, on application, upon attainment of the prescribed early retirement age of fifty-five (55) years, or upon death, whichever occurs earlier. Currently, the limit prescribed by the Regulator is a monthly pension of USD $40, or its equivalence in local currency based on the prevailing inter-bank foreign currency exchange rate.

Requirements for Processing Resignation/ Dismissal Benefits

• An Advice of Withdrawal Form (Form BN1) should be completed by both the employer and the member and submitted to the Fund for processing
• A copy of the member’s National Identification Document (National ID Card, Valid Passport, or a Driver’s License).
• A copy of the member’s last payslip showing Year-to-Date (YTD) figures is required for tax assessment purposes.

Tax Deductions

Tax legislation requires that all pension benefits, save for Ill-Health, Death, and benefits in respect of Members above the age of fifty-six (56), shall be paid after a tax assessment has been done and any tax due has been deducted.