The Retrenchment Benefit is payable if a member is retrenched from employment. Reasons for retrenchment range from redundancy, company closures, or suspension of employer’s business operations, amongst others.
The benefit is payable regardless of age or contributory service of the member.
The benefit payable is made up of the total accumulated employee and employer contributions plus interest. The interest is recommended by the Actuary from time to time, based on the performance of the Fund’s investment assets. However, the Fund Rules provide that if a member who is aged between fifty (50) and fifty-four (54) years, with a contributory service of at least fifteen (15) years is retrenched, they should be introduced on a life pension.
Requirements for Processing Retrenchment Benefits