{"id":1080,"date":"2022-02-12T14:14:12","date_gmt":"2022-02-12T14:14:12","guid":{"rendered":"https:\/\/www.lapf.co.zw\/?page_id=1080"},"modified":"2022-02-13T12:41:57","modified_gmt":"2022-02-13T12:41:57","slug":"pension-benefits","status":"publish","type":"page","link":"https:\/\/www.lapf.co.zw\/?page_id=1080","title":{"rendered":"Pension Benefits"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1080\" class=\"elementor elementor-1080\">\n\t\t\t\t\t\t<section class=\"penci-section penci-disSticky penci-structure-10 elementor-section elementor-top-section elementor-element elementor-element-dd8f6e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"dd8f6e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"penci-ercol-100 penci-ercol-order-1 penci-sticky-ct  elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2a07348\" data-id=\"2a07348\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8de928e elementor-widget elementor-widget-text-editor\" data-id=\"8de928e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 26-05-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><strong><u>A BRIEF OUTLINE<\/u><\/strong> of the main provisions of the pension scheme is provided in the following notes.\u00a0 For further information you should contact the Local Authorities Pension Fund or read the Rules of the Principal Pension Scheme:-<\/p><p>\u00a0<\/p><p><strong><u>THE CONTRIBUTION RATE<\/u><\/strong> totals 23,3% made up as follows:-<\/p><p>\u00a0<\/p><p>Employer \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 17,3%<\/p><p>Employee\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 6,0%<\/p><p>Total \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23,3%<\/p><p>\u00a0<\/p><ol><li><strong>Eligibility<\/strong> \u2013 All local authority employees who are under the age of 60 years are eligible<\/li><\/ol><p>\u00a0<\/p><ol start=\"2\"><li><strong>Retirement Age<\/strong> \u2013 55 to 65 and is optional to the contributor.<\/li><\/ol><p>\u00a0<\/p><ol start=\"3\"><li>a)<strong>Early Retirement<\/strong> \u2013 3% per annum reduction for each year below 60.<br \/>b)<strong>Normal Retirement<\/strong> \u2013 60 years \u2013 100% benefit payable<br \/>c)<strong>Late Retirement<\/strong> \u2013 6% per annum incremental factor for each year above 60 years (maximum of 65 years).<br \/>d)<strong>Ill-health Retirement<br \/><\/strong>i)10 or more years of service pension calculated based at age 60 i.e. 100%<br \/>ii)5 years or less than 10 years one receives a specially calculated pension as advised by the Actuary.<\/li><li><strong>Pension Benefit<\/strong> \u2013 Defined benefit based on average annual salary over the last 12 \u00a0 months preceding retirement and current accrual rate is 1\/600 for each month of service. Pension is guaranteed for 7 years and thereafter for life.<\/li><li><strong>Pre-retirement spouse\u2019s pension<\/strong> \u2013 25% of annual salary at date of death.<\/li><li><strong>Children\u2019s Pension<\/strong> \u2013 Maximum of 3 children at any one time:-<br \/><strong>a) If member leaves spouse<\/strong>:-<\/li><\/ol><p>\u00a0<\/p><table id=\"tablepress-6\" class=\"tablepress tablepress-id-6\"><caption><a href=\"http:\/\/localhost:8888\/lapf2\/wp-admin\/admin.php?page=tablepress&amp;action=edit&amp;table_id=6\">Edit<\/a><\/caption><tbody class=\"row-hover\"><tr class=\"row-1 odd\"><td class=\"column-1\">3 Children<\/td><td class=\"column-2\">50% of widow\u2019s pension<\/td><\/tr><tr class=\"row-2 even\"><td class=\"column-1\">2 Children<\/td><td class=\"column-2\">37,5% of widow\u2019s pension.<\/td><\/tr><tr class=\"row-3 odd\"><td class=\"column-1\">1 Child<\/td><td class=\"column-2\">25% of widow\u2019s pension<\/td><\/tr><\/tbody><\/table><p>\u00a0<\/p><p><strong>b) If member does not leave spouse<\/strong>:-<\/p><p>\u00a0<\/p><table id=\"tablepress-7\" class=\"tablepress tablepress-id-7\"><caption><a href=\"http:\/\/localhost:8888\/lapf2\/wp-admin\/admin.php?page=tablepress&amp;action=edit&amp;table_id=7\">Edit<\/a><\/caption><tbody class=\"row-hover\"><tr class=\"row-1 odd\"><td class=\"column-1\">3 Children<\/td><td class=\"column-2\">100% of pension that would have been payable to the widowed spouse.<\/td><\/tr><tr class=\"row-2 even\"><td class=\"column-1\">2 Children<\/td><td class=\"column-2\">75% of pension that would have been payable to the widowed spouse.<\/td><\/tr><tr class=\"row-3 odd\"><td class=\"column-1\">1 Chilld<\/td><td class=\"column-2\">50% of pension that would have been payable to the widowed spouse.<\/td><\/tr><\/tbody><\/table><p>\u00a0<\/p><p><strong>7. Death Benefit<br \/><\/strong>2 x (accumulated contributions plus 1\/400 for each month of service) plus a spouse\u2019s and children\u2019s pension as in 5 and 6 above.<\/p><p><strong>8. Death After Retirement<br \/><\/strong>Lump sum of the unexpired guaranteed period and thereafter a spouse and orphans \u00a0\u00a0 pension based on salary at retirement.<\/p><p><strong>9. Withdrawals<br \/><\/strong>A refund of contributions plus interest accrued at 1\/400 for each month of service plus employer\u2019s portion computed according to the scale below:-<\/p><div id=\"tablepress-5_wrapper\" class=\"dataTables_wrapper no-footer\"><table id=\"tablepress-5\" class=\"tablepress tablepress-id-5 dataTable no-footer\" role=\"grid\" aria-describedby=\"tablepress-5_info\"><caption><a href=\"http:\/\/localhost:8888\/lapf2\/wp-admin\/admin.php?page=tablepress&amp;action=edit&amp;table_id=5\">Edit<\/a><\/caption><thead><tr class=\"row-1 odd\" role=\"row\"><th class=\"column-1 sorting_disabled\" colspan=\"1\" rowspan=\"1\">Number of Years of Service<\/th><th class=\"column-2 sorting_disabled\" colspan=\"1\" rowspan=\"1\">% of Employer\u2019s Portion Plus Interest<\/th><\/tr><\/thead><tbody class=\"row-hover\"><tr class=\"row-2 even\" role=\"row\"><td class=\"column-1\">Less than 5 years<\/td><td class=\"column-2\">Nil<\/td><\/tr><tr class=\"row-3 odd\" role=\"row\"><td class=\"column-1\">5 Years<\/td><td class=\"column-2\">30<\/td><\/tr><tr class=\"row-4 even\" role=\"row\"><td class=\"column-1\">6 Years<\/td><td class=\"column-2\">40<\/td><\/tr><tr class=\"row-5 odd\" role=\"row\"><td class=\"column-1\">7 Years<\/td><td class=\"column-2\">50<\/td><\/tr><tr class=\"row-6 even\" role=\"row\"><td class=\"column-1\">8 Years<\/td><td class=\"column-2\">60<\/td><\/tr><tr class=\"row-7 odd\" role=\"row\"><td class=\"column-1\">9 Years<\/td><td class=\"column-2\">70<\/td><\/tr><tr class=\"row-8 even\" role=\"row\"><td class=\"column-1\">10 Years<\/td><td class=\"column-2\">80<\/td><\/tr><tr class=\"row-9 odd\" role=\"row\"><td class=\"column-1\">11 Years<\/td><td class=\"column-2\">90<\/td><\/tr><tr class=\"row-10 even\" role=\"row\"><td class=\"column-1\">12 Years<\/td><td class=\"column-2\">100<\/td><\/tr><\/tbody><\/table><div id=\"tablepress-5_info\" class=\"dataTables_info\" role=\"status\" aria-live=\"polite\">Showing 1 to 9 of 9 entries<\/div><\/div><p>\u00a0<\/p><p>Accumulated interest in the Fund is payable if pensionable service amounts to 15 years or more and the contributor is below the age of 55. This benefit is payable on condition that the entire capital sum is utilized to purchase a retirement annuity from a registered insurance company.<\/p><p>\u00a0<\/p><p><strong>10. Commutation Factors<\/strong><\/p><p>Dependent on the age at retirement (i.e. 55-65 years).<\/p><p>One-third of pension can be commuted for a single cash sum.<\/p><p><strong>11. Contribution Rates<\/strong><\/p><p>6% employee, 17,3% employer but reviewed every three years by the Fund\u2019s Actuary.<\/p><p>\u00a0<\/p><p><strong>12. Pension Increases<\/strong><\/p><p>Determination by the Management Committee on an annual basis taking into account inflation and the Fund\u2019s Actuary\u2019s recommendation.<\/p><p><strong>13. Voluntary Additional Contributions<\/strong><\/p><p>Payment of additional contributions to purchase an additional pension or relevant past service is permitted.\u00a0 This enables contributors to enhance their pensions on retiring.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>A BRIEF OUTLINE of the main provisions of the pension scheme is provided in the following notes.\u00a0 For further information you should contact the Local Authorities Pension Fund or read&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1080","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pension Benefits - 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