Benefits

Superannuation (Old Age) Pension

This benefit is paid to replace part of your lost income when you retire from active service. It is either paid as Full Pension or Reduced Pension

Full Pension

This is paid to a Member of the Scheme who retires at the age of 60 and has contributed not less than 180 months under Act 766 or 240 months under PNDC Law 247 in aggregate.

Reduced Pension

This is paid to a Member who retires voluntarily on attaining age 55 or more, but below age 60 and has contributed for 180 months under Act 766 or 240 months under PNDC Law 247 in aggregate.

Qualifying conditions for Old Age Pension

- You should have attained a minimum age of 55 for reduced pension or 60 for full pension.
- You should have contributed 180 months to earn a minimum pension right of 37.5% and 420 months to earn a maximum pension right of 60%.

Pension Right

Pension Right is the portion of lost income the Scheme replaces based on the number of months a Member contributes to the Scheme. This is expressed as a percentage or proportion.

Factors that influence
pension right

Age
Number of months contributed.

Earned Pension Right

You may earn the full pension right of 60% under Act 766, if you retire at age 60. An early age reduction factor is applied when you retire before age 60.

You may earn the maximum pension right (60%) or minimum pension right (37.5%), depending on the number of months contributed.
Every additional year of contribution after the minimum 180 months gives you 1.125%