Annexure

Pension Benefits in terms of Severance Package

Part B : Pension Benefits in terms of PSCBC Resolution 7 of 2002 and any other Resolution, Directive, Determination or the like referring to such Benefits

The following benefits are payable:

A gratuity equal to the sum of his or her vested actuarial interest and savings actuarial interest; payable to the member in his own right or into an approved retirement fund of the member's choice

and

either an annuity based on retirement service payable from the date of exit, or a gratuity, equal to the retirement actuarial interest, provided that the retirement actuarial interest is lower than the de minimis amount;

without scaling down of pension benefits in terms of rule 14.3.3 (b) and without an addition of pensionable service in terms of rule 14.2.4 (b)

or

a gratuity based on vested and savings service in terms of the formula that applies to the member;

and

an annuity based on vested and retirement service payable from the date of exit in terms of the formula that applies to the member;

without scaling down of pension benefits in terms of rule 14.3.3 (b) and without an addition of pensionable service in terms of rule 14.2.4 (b)

A gratuity equal to the sum of his or her vested actuarial interest and savings actuarial interest; payable to the member in his own right or into an approved retirement fund of the member's choice and either an annuity based on retirement service payable from the date of exit, or a gratuity, equal to the retirement actuarial interest, provided that the retirement actuarial interest is lower than the de minimis amount;

[Annexure, Part B substituted by Notice No. 5191, GG51202, dated 10 September 2024]