Debt Collectors Act, 1998
R 385
Government Employees Pension Law, 1996Schedule 1 : Rules of the Government Employees Pension Fund14. Benefits payable to members14.3 Benefits on retirement of members |
[Rule 14(14.3) heading substituted by section 13 of Notice No. 5191, GG51202, dated 10 September 2024]
| 14.3.1 | If a member retires— |
| (a) | on or after his or her pension-retirement date; |
| (b) | before his or her pension-retirement date in terms of the law governing his or her terms and conditions of service; |
| (c) | due to the lapse of his or her service contract; |
| (d) | before his or her pension-retirement date, but not on a date prior to the member attaining the age of 55 years: Provided that such a member has the right to retire on that date in terms of the provisions of any act which regulates his or her terms and conditions of employment; or |
| (e) | whilst in the education service and the member has attained the age of 50 years but not the age of 55 years: Provided that such a member has the right to retire on that date in terms of the provisions of any act which regulates his or her terms and conditions of employment, |
such member shall be entitled to the benefits indicated in rule 14.3.2 or 14.3.3, as the case may be.
| 14.3.2 | Members with less than 10 years of total pensionable service |
A member who retires on account of a reason mentioned in rule 14.3.1 and who has less than 10 years of total pensionable service shall receive:
| (a) | a gratuity equal to his or her vested actuarial interest; and |
| (b) | with effect from the vested date, a gratuity that is equal to the savings actuarial interest, subject to rule 14A and any applicable deductions , and |
| (c) | with effect from the vested date, subject to the de minimis amount in the Income Tax Act, an annuity determined as at the date of retirement calculated on the period of his or her retirement service, using the benefits set out in rule 14.2.1 (d) |
Provided that, if the capitalised value of the annuity payable in (c) above is lower than the de minimis amount, then the capitalised value of that annuity will be payable as gratuity at the date of exit.
[Rule 14(14.3.2) substituted by section 13 of Notice No. 5191, GG51202, dated 10 September 2024]
| 14.3.3 | Members with 10 years and more years of total pensionable service |
| (a) | a member who retires on account of a reason mentioned in rule 14.3.1(a), (b) or (c) and who has at least 10 years total pensionable service to his or her credit, shall be paid the benefits referred to in rule 14.2.1 or 14.2.2. |
Provided that rules 14.2.3(a) and 14.2.2 shall apply to members referred to in those rules, where applicable.
| (b) | a member who retires on account of a reason mentioned in rules 14.3.1(d) or (e) and who has at least 10 years of total pensionable service to his or her credit, shall be paid benefits referred to in rule (a) above: Provided, that such benefits shall be reduced by one-third of one percent for each complete month between the member's actual date of retirement and his or her pension-retirement date. |
[Rule 14(14.3.3) substituted by section 14 of Notice No. 5191, GG51202, dated 10 September 2024]
| 14.3.4 | The provisions of rule 14.2.6 will apply mutatis mutandis upon the retirement of a member in terms of rule 14.3. |
[Rule 14.3.4 substituted by Notice No. 1073 of 8 August 2003]
[Rule 14.3 substituted by Notice No. 499 of 11 April 1997]
