Do I have any other option at termination of service?

 
  1. If you terminate your service or are discharged as a result of unsatisfactory service (not fraud or dishonesty) or dismissed as a result of decreasing or reorganisation of staff and have already completed 5 years of Pensionable Service, you have the option to choose a deferred pension.

 

Such a pension will be based on your pensionable Service until and with your Final Average Emoluments on the date of termination of service.

 

  1. Your deferred pension will become payable as from your Normal Retirement Date.  At your request, commencement of payments may, however, be accelerated with age 50 years as the earliest commencement date.

 

If acceleration occurs, your pension shall be reduced by 0,4% for each month or part of a month between the commencement of pension payments and your Normal Retirement Date.

 

  1. After pension payments have commenced, the deferred pension is subject to the same conditions that would apply if you were to retire on or after your Normal Retirement Date.

 

  1. If you exercise this option you may choose at any time before your Normal Retirement Date that the value of this pension be transferred to another pension fund or retirement annuity fund.