The retirement benefit is paid to qualifying contributors upon retirement. The benefit may be paid out in the form of a grant if the contributory period is more than 12 months but less than 120 months or a pension if the period of contribution is 120 months or more. Those members who were 49 years and above at the inception of the scheme and began contributing towards the scheme in October 1994 will be credited with a maximum of seven years depending on their age as at 1994. This was done in order to increase their contributory period so that they earn a pension or a grant. The following table is an example of how the credits are administered:

50 years at 1.10.94 will get 1 year credit
51 years 2 years credits
52 years 3 years credits
53 years 4 years credits
54 years 5 years credits
55 years 6 years credits
56 years 7 years credits
57 years 7 years credits
58 years 7 years credits
59 years 7 years credits
61 years 7 years credits
62 years 7 years credits
63 years 7 years credits
64 years 7 years credits

The retirement pension is paid monthly in arrears to a retired contributor until death and the retirement grant is paid out as one lump sum for those whose contributory period is more than 12 months but less than 120 months.

Who Qualifies?

Those contributors who have attained 60 years of age for normal retirement and are no longer employed.
Those contributors who were in arduous employment and have attained age of 55.

Arduous occupations are as follows:

A. TRANSPORT

1 Engine man (railway)
2 Bus/truck driver

B. FORESTRY

1 Chain saw operator
2 Pruner
3 Thinner
4 Scoffler
5 Crane operator
6 D.4 operator
7 T. Jack operator
8 Operator
9 General work
10 Shed timber loader
11 Logging handler
12 Oxen driver
13 Timber stacker/handler
14 Logging handler
15 Jig saw operator
16 Four cutter operator
17 Boiler attendant
18 Crane driver
19 Cross cut saw operator
20 Finger joint machine operator
21 Sawdust and off-cuts handler
22 Heavy duty truck driver
23 Stumper

C. QUARRY

Quarries

D. MINING

All surface and underground operations such as lashing, tramming, machine operations, rigging and employment in hot areas such as coke ovens and smelters.

E. AGRICULTURE

All agricultural work.

Those aged 65 for late retirement.

How Is The Benefit Calculated?

Retirement Pension

The retirement pension is calculated by multiplying 1.33% by monthly insurable earning at the date of retirement by the number of years contributed up to a maximum of 30 years.
Those who will have contributed for a period exceeding 30 years the formula is an additional 2.25% of the amount derived in paragraph (1) by the number of years in excess of 30 years.

Retirement Grant

The amount paid out for the retirement grant is calculated by multiplying 1/12 of the annual insurable earnings immediately prior to retirement by the number of contributory years including credits.
N.B. The maximum amount of benefit payable for the credit period is $250,000.00.

When Does One Claim The Retirement Benefit?

NSSA requires the retirement benefit claim to be submitted within six months before the date of retirement and NO MORE THAN 12 months after the date of retirement. The applications must be submitted through any NSSA offices nearest to the claimant.

Documents Required When Claiming A Retirement Benefit

It is an absolute requirement for all those claiming benefits to ensure that they submit the following documents with their claim:

Please can all claimants note that if any of these documents are not submitted, their claims cannot be processed.