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FAQs: Public Service Pensions Board

 
How much pension will I get when I retire from the Service?
If you are a participant of the Defined Benefit Part of the Plan, your pension will be based on your pensionable years of service, pensionable earnings and rate of accrual. The longer the pensionable service, the higher your pension benefits. Similarly, the higher the pensionable earnings, the higher the pension benefits. If you are a participant of the Defined Contribution Part of the Plan, your pension will be based on the sum of the balance in both your Participant Contribution Account and your Employer Contribution Account with interest.
Who gets my pension benefits if I pass-on tomorrow?
Should you die whilst an active participant in the Plan, then a monthly pension equal to one-half of your Accrued Benefit will be paid to your surviving spouse. This pension will continue for the remainder of your spouse"s life. In addition to the pension payable to your surviving spouse, pensions equal to one-half of your Accrued Benefit will be equally divided among all your dependent children. If you die leaving dependent children but no surviving spouse, then your dependent children will receive, in addition, the pension that would have been payable to your spouse, shared equally among them. If you do not have a spouse and dependent children, your benefits will be given to your designated beneficiary.
In the Pension Law what is the definition of "Dependent Children"?
Dependent child means a participant"s child (including an adopted child who was adopted in a manner recognized by Law, an illegitimate child, a posthumous child or a step-child) who is either (a) under the age of 18, (b) under age 23 and in full-time education, or (c) mentally or physically incapable of employment, as certified by the Chief Medical Officer.
When can I retire?
You can retire from the Plan and start to receive your pension in any of the following situations: When you reach Normal Retirement Age, age 60; When you reach Early Retirement age 50, as long as you have at least ten years of Qualifying Service; If you become permanently disabled, as certified by the Chief Medical Officer, regardless of your age; or If your office is abolished or if your department is reorganised and you are removed from office, regardless of your age. This is called Special Retirement.
I am separated from my spouse. Will he/she get my pension benefits if I don"t want them to?
Your spouses" benefits can be assigned to your children by election and we have a form available for this. This form is the "Transfer of Spouse"s Pension Election Form" and can be found on the eForms section of this website.
Can I lose my pension?
The Public Service Pensions Law protects your pension from forfeiture, even if convicted of a crime or declared bankrupt. Any pension granted is also exempt from execution, seizure, attachment or any other process in respect of any debt or claim of a creditor. The pension is also not transferable or assignable except if a debt is due to the Government, or a Court Order directs the pension payments to a dependant.
When was the Public Service Pensions Fund established?
The Public Service Pensions Fund was established on the 1st January 1992 with employee contributions dating back to 1990. Government contributions commenced in 1991 with a matching contribution rate of 4% of pay.
Who was the first Chairman of the Board?
The first Chairman of the Board was Mr. Thomas C. Jefferson OBE, JP.
How much has the value of the Fund grown?
The Fund was started with $3 million and today stands at over $100 million in assets.
What employers participate in the Public Service Pensions Plan?
In addition to the Government, there are ten Public Sector employers that participate in the Public Service Pensions Plan. These are: Civil Aviation Authority, Monetary Authority, Turtle Farm, Water Authority, Public Service Pensions Board, CAYS Foundation, CI Development Bank, Health Services Authority, Community College, and Information and Communications Technology Authority.
How many participants are there in the Plan?
There were 1,508 participants in the Plan as at January 1993. The current active participants count now stands at 3,158.
How many pensioners are there?
There are currently 652 pensioners representing retirees from the three Government sponsored plans.
What plans does the Board administer?
Plans administered by the Board include Parliamentary, Judiciary, and the Public Service Pensions Plan.
When was the first actuarial validation carried out? What is the value of the actuarial deficiency?
The first actuarial validation was carried out as at 31st December 1989 which disclosed a contingent liability of $32.5 million for the Public Service Pensions Plan. The actuarial deficiency as at 1st January 2002 was $165 million.
Who was the first administrator of the Public Service Pensions Fund?
The first administrator of the Public Service Pensions Fund was the then Manager, Currency Board, Mrs Jewel Evans Lindsey.