Published on 01 December, 2015.
Under the Superannuation Pension we have Old Age Pension and Reduced Pension.
Old Age Pension
Basis for Calculation
Each year for the 1st 15 years of contribution is rated 2.5%. The subsequent years attract a yearly rate of 1.125%. The Pension right ranges from 37.5% – 60%.
Pension Right Table
|Years of Contribution||15||16||17||18||19||20||21||22||23||24||25|
|Pension Right (%)||37.50||38.63||39.75||40.88||42.00||43.13||44.25||45.38||46.50||47.63||48.75|
|Years of Contribution||26||27||28||29||30||31||32||33||>34||35||36 & above|
|Pension Right (%)||49.88||51.00||52.13||53.25||54.38||55.50||56.63||57.75||58.88||60.00||60.00|
Lump Sum Payment
The lump sum payment now falls under the Second Tier.