BENEFITS PROVIDED BY THE FUND
This section of the member guide deals with the benefits provided by the Political Office-Bearers Pension Fund for its members. The next section covers some additional benefits for Fund members that are not actually provided through the Fund or specifically dealt with in the Fund Rules – these are included in this guide because the cost of these benefits is also part of the total contributions paid by the State for member’s retirement and related benefits.
The areas covered in this section are:
- The design of the Fund
- The contributions payable by you and by the State
- What benefits you will receive when your term of office ends (on retirement or resignation)
- What benefits your dependants will receive (from the Fund) if you die in office.
Loss-of-Office Gratuity (paid separately – not a Fund benefit)
Over and above the Fund benefit as described above, all members who have served for more than one term in office (or more than five years, if your service started in between two Elections) also receive an additional gratuity amount. This additional benefit falls outside the Rules of the Fund – it is an amount paid to you by Parliament or the Provincial Legislature when your term of office ends.
All members who qualify for this benefit will receive a gratuity of four months pensionable salary for every five years of service. (This calculation is based on your actual monthly pensionable salary as earned at the time you leave office – not your “revalued pensionable salary”.)
This guide includes a summary of the Rules of the Fund and the insurance policies that provide certain benefits for members and their dependents. In the event of a conflict between this guide and the Rules or the insurance policies, the Rules or the insurance policies (as the case may be) will take precedence.
The information in this guide does not constitute advice by either the Board of Trustees or its professional advisors. Members are encouraged to seek expert advice from a personal financial advisor before taking decisions regarding their benefits from the Fund.
The Fund will try to ensure that the material in this guide is up to date and accurate, but this cannot be guaranteed at all times.