When you retire
You may access your pension fund between the ages 50 and 70!
The following options will be available to you:
Option 1:
- A maximum of 25% of the value of your fund can be withdrawn on retirement, and this portion will be tax free
- The remaining 75% can be invested otherwise. The income derived from this portion will be taxable.
Option 2:
- Use the entire value of your funds tax free at retirement to:
Purchase an annuity from a registered life insurer through JMMBIB. This typically provides income for the rest of your life.
Option 3:
- Use the remaining 75% of your funds tax free at retirement to:
Purchase an annuity from a registered life insurer through JMMBIB. This typically provides income for the rest of your life.
Choices of pension payable
As well as choosing the amount of tax free cash you wish to receive, you will also be able to choose the period of guarantee for your pension – this can either be 5 or 10 years. The term you choose will affect the amount of pension payable to you.
You may also choose to receive a lower pension that includes a contingent pension for your spouse or dependent Quotations for these options will be provided prior to your elected retirement date, or on request at another date.
Ill Health
You may apply for ‘Ill Health Retirement’ at any age because of permanent incapacity as a result of physical or mental disorder. A licensed physician approved by the trustees will determine your disability and the permanency. The amount of tax free cash and other options will be available as mentioned above, under such approved circumstances.
