The pension scheme is over and above other considerations an old age scheme guaranteeing some source of income to the members in old age. Retiring at the normal retirement age, a member enjoys maximum benefit. A premature exit from the scheme attracts a lower benefits in proportion to the number of years by which the member retires earlier.
A member, who has completed not less than five years’ scheme membership but has not reached the age of 45 and wants to retire on his own free will, can only be paid his benefits upon attainment of age 45 and on condition that has completed five years scheme membership.
FORFEITURE OF BENEFITS
When a member is dismissed from service or his services terminated on account of negligence, irregularity or misconduct, he forfeits the benefits.
When a member resigns from the job to avoid dismissal, he forfeits the benefits When a member completes less than five years service and leaves the job on ground other than ill-health, disability or death, he forfeits the benefits.
A member may transfer from one member institution to another without the member losing the benefits already secured whilst he was in the service of the previous employer. However employer must give written approval for the transfer to take effects.