Benefits paid before retirement

The scheme's normal retirement age is 60 for most members, except for female members who elected on joining to retire at age 55. In the event of your resignation, retrenchment or invalidity prior to the normal retirement, you are entitled to receive a SSS benefit.

If you resign (or are discharged or dismissed) from employment before your early retirement age, you are entitled to receive a withdrawal benefit. The withdrawal benefit will consist of your total contributions, plus interest and an additional component based on the number of years of contributory service. However, if you elect to receive immediate payment of your withdrawal benefit, you will forfeit any spouse or de facto partner and children's benefits.

Alternatively, you may choose to defer your benefit entitlement in the scheme to be payable at a later date from age 55 (optional deferred benefit). This option provides a greater employer-financed benefit which is payable at the normal or early retirement age.

In the event you are retrenched, a lump sum or pension (retrenchment benefit) is available depending on whether you are eligible for an early retirement or normal retirement benefit. That is, the retrenchment benefit payable will depend on whether you are under or over age 55. A special 'deferred' option is also available to members who are retrenched between age 50 and 55 (subject to your employer's approval).

A full pension is payable if you retire on the grounds of ill health. The invalidity retirement benefit will be payable if the Trustee determines that you can retire from your employment on the grounds of invalidity, or physical or mental incapacity to perform your duties.

If you are eligible to receive an invalidity or retrenchment pension, an option to exchange (commute) your pension will be available at specified times. For more information, refer to Commutation or exchanging your pension for a lump sum.