What will my benefit be if I retire on my normal retirement date?

You will receive a monthly pension equal to the following fraction of your Final Average Emoluments for each month of Pensionable Service:

1/480 for an Executive General Manager
1/540 for another Member

Subject to a maximum amount equal to 100% of your pensionable salary as at the date of your retirement.

The following example shows a typical calculation of this retirement benefit. In the example we have assumed that, on the member's normal retirement date, the member's Final Average Remuneration is R60 000 and the member has completed 30 years (360 months) of Pensionable Service.

Final Average Emoluments                R60 000   
Pensionable Service 30 years
Therefore the member receives a pension of –
360/540 x R60 000
= R40 000,00 per year
R3 333,33 per month