Published on 01 December, 2015.

Under the Superannuation Pension we have Old Age Pension and Reduced Pension.
Old Age Pension
Full Pension

• Must be at least 60 years
• Must have made a minimum of 180 months (15 yrs) aggregate contributions.

Reduced Pension

• Must be 55 years and above, but below 60
• Must have made a minimum of 180 months (15 years) aggregate contributions.

Basis for Calculation

• Age
• Average of best 36 months’ salary (wages /earnings)
• Earned pension right (Contributions made)

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

Lump Sum Payment

The  lump sum payment now falls under the Second Tier.