Article 29: EARLY RETIREMENT BENEFIT

Participation in the Fund has commenced or recommenced prior to 1 January 2014:

(a) An early retirement benefit shall be payable to a participant whose age on separation is at least 55 but less than the normal retirement age and whose contributory service was five years or longer.

(b) The benefit shall be payable at the standard annual rate for a retirement benefit, reduced for each year or part thereof by which the age of the participant on separation was less than the normal retirement age (60 or 62), at the rate of 6 per cent a year, except that:

(i) If the contributory service of the participant was 25 years or longer but less than 30 years, the standard annual rate would be reduced by 2 per cent a year in respect of the period of contributory service performed before 1 January 1985, and 3 per cent a year in respect of the period of such service performed as from 1 January 1985; or
(ii) If the contributory service of the participant was 30 years or longer, the standard annual rate would be reduced by 1 per cent a year;

provided however that the rate in (i) or (ii) above shall apply to no more than five years.

Participation in the Fund has commenced or recommenced on or after 1 January 2014:

(c) An early retirement benefit shall be payable to a participant whose age on separation is at least 58 but less than the normal retirement age and whose contributory service was five years or longer.

(d) The benefit shall be payable at the standard annual rate for a retirement benefit, reduced for each year or part thereof by which the age of the participant on separation was less than the normal retirement age (65), at the rate of 6 per cent a year, except that:

(i) If the contributory service of the participant was 25 years or longer, the standard annual rate would be reduced by 4 per cent a year; and
(ii) The rate in (i) above shall apply to no more than five years.

(e) The benefit may be commuted by the participant into a lump sum to the extent specified in article 28(g) for a retirement benefit.

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