Pension scheme

 

Pension scheme

All staff members are required to subscribe to the Pension Scheme at the percentage of  basic salary indicated in the table of emoluments sent with offer letters.

The maximum age for retirement is 65, but staff members are entitled from the age of 63, and after at least 10 years of service, to a pension amounting to 2 per cent of the final basic salary per year of service up to a maximum of 70 per cent for 35 years of service. A reduced pension can be paid to retiring staff members from the age of 51.

Staff members leaving the Organisation before completing 10 years of service are entitled to a leaving allowance (instead of a pension) calculated at 2.25 times the rate of the personal contributions as applied to the last annual salary (monthly salary multiplied by twelve), multiplied by the number of reckonable years of service.

The regulations provide for other benefits in the case of disablement and death.