retirement pension

Retirement Pension

 

Q. What is a Retirement Pension?

A. An age pension is a monthly allowance payable for life to an insured person who satisfies certain qualifying conditions.

 

Q. What are the qualifying conditions?

A. An employed person must have:

  • Contributed to the National Insurance for a minimum of 180 months; and
  • Attained the age of sixty-five (65) years.

 

Q. What is the rate of a retirement pension?

A. The rate of the age pension is 40% of the insured person’s average pensionable earnings in the best five years of contributions plus 0.1% for each month in excess of 180 months.
If a person has contributed less than 180 months he/she would be qualified for an age grant.

 

Q. What is the minimum amount of retirement pension paid?

A. $300.00

 

Q. What is a Retirement Grant?

A. A Retirement Grant is a lump sum paid to an insured person who does not satisfy the qualifying conditions for an age pension.

 

Q. How should one claim for retirement benefit?

A. Collect a Form RBI from the Corporation's office.
Complete and return the form, along with a copy of birth certificate/ or passport to the nearest office.

 

Q. Are there any other facts which contributors should be aware of when they submit a claim to the NIC?

A. There are several - but the most important of them are:

  • It is the duty of a claimant to file a claim for any benefit. This should not be left to an employer or to a third party.
  • Claims are to be submitted promptly, a claim can be disqualified if it is submitted too late.
  • A claimant must be sure that any claim form submitted is properly completed, with correct information in all respects.

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