Farley And Partners

Your Optional Withdrawal/Redundancy Benefit

The optional withdrawal Benefit was introduced to address the problem of the mass redundancies that ensured as a results of the Economic Recovery Programme (ERP) during the early 1990’s.Members who were affected by the mass redundancies had the option to withdraw part of their savings.

The benefit is also available to members employed by companies/institution that have been liquidated and have served a minimum of five years and female members wishing to retire on grounds of marriage.

A member whose employment is terminated on grounds of redundancy, Marriage (female member only), and compulsory retirement can be paid part of his/her benefit depending on his/her age. Such person must have completed at least 5 years scheme membership and after a cooling off period of 3 months being jobless. This benefit is payable as detailed below.

 

AGE

PERCENTAGE OF ACCURUALS PAYABLE

25 – 31 years

25%

32 – 38 years

32%

39 – 44 years

37%

45 – 54 years

50%

55 -59 years

60%

A member who received optional withdrawal benefits before the start of this regulation (2005) shall qualify to withdraw the balance of his/her account after attaining the age fifty-five years, Subject to satisfactory proof of unemployment for at least one year following termination of employment before the start of his regulation and the absence of intentions of re-engaging in gainful employment.

A member, who received optional withdrawal benefit before the commencement of this regulation shall be entitle to receive the balance in the account after the commencement of this regulation, provided he remains unemployed for the three months following termination of employment after the age of fifty-five years and does not intend to re-engage in gainful employment.

The benefits under this regulation shall not be payable to any person leaving one employer for another.

The resumption of employment shall terminate entitlement to benefits under this regulation.

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