Pensions Act Debriefing

26th September, 2011

Perhaps one of the most important subjects for officers and the general public is that of Government of Montserrat’s new Pensions Act which came into effect on June 1st of this year. The reform of the Pensions Act will make for a more sustainable pension scheme.

In an effort to sensitize the service on the new terms of this legislation, a whole of government debriefing is scheduled for September 29th and 30th at the Montserrat Cultural Centre. The sessions will be facilitated by Mr. Derek Osborne, Actuary  who has organized the sessions so that they are specific to age and length of service. Officers will be afforded the opportunity to ask questions and receive answers specific to their situation. monster beats dr dre earphones detox

 

What are some highlights of the new Pensions Act?

  • A pensionable officer is entitled for pensions benefits on normal retirement, early retirement, and retirement on medical grounds. He or she may even qualify for pensions benefit after termination of employment, so long as the Public Administration Act confirms eligibility.
  • Officers with 20 or more years of continuous service are protected under the transitional provisions
  • Pensionable Officers are now afforded several options for retiring.  One of which is a Survivor option, where officers can make provisions so that pensions continue to be paid to the spouse in the event of an early death.  There are also opportunities for gratuity to be payable to dependents and estates if the officer dies while in service. Pensionable officers can even receive a gratuity from 10 or more years of service and this does not prevent them from re-entering the service.
  • Pension will now be paid jointly with the Social Security benefit that an officer has earned while working with Government of Montserrat and will not exceed 85% of pensionable earnings.

These and many more will be addressed in detail at the Pensions Act Debriefing on September 29th and 30th.

In addition to the briefing Officers will receive a booklet that outlines the main features of the new Act. michael kors crossbody sunglasses

 

What are some of the other progresses that have been made regarding the Pensions Act?

A Pensions Calculator was developed to make it easier for officers to determine their Social Security and Pension benefits given their unique situations. The Pensions Calculator is an easy to use Excel Document featuring a succinct user friendly interface..