Published on 01 December, 2015.
Survivor’s Lump Sum
This is paid to dependants of members under the following:
- When a member dies before retirement or
- When a pensioner dies before age 75
- Where a member dies having made at least twelve (12) months contribution within the last 36 months prior to his death, a lump sum payment of the earned pension of the deceased member for a period of 15 years will be paid. This is based on the present value discounted at the prevailing Treasury Bill rate or 10%. Whichever is lower however, will be paid to the member’s nominated dependants.
- When the death of the member occurs before making the twelve (12) months contribution within the last 36 months a lump sum equal to his total contributions and interest at the rate of 75% of government Treasury bill rate, will be paid.