APPENDIX II

A COMPARISON BETWEEN THE PENSIONS ACT, CHAP. 23:52

AND THE RHA PENSION PLAN

	PENSIONS ACT, CHAP. 23:52*	RHA PENSION PLAN
Type	Pay-As-You-Go Defined Benefits Plan.	Contributory Defined Benefits Plan.
Membership	Automatic	Compulsory
Employee Contribution	Nil	5% of salary (5% pensionable supplement for transferring public officers)
Tax Relief	On NIS contributions	On Pension Plan and NIS contributions up to $12,000 per year.
Voluntary Contributions	Nil	Additional voluntary contributions can be made to secure additional benefits.
Pension Benefit Formula	2% of Pensionable Emoluments for each year of pensionable service up to maximum of 66 2/3%	2% of Final Salary for each year of pensionable service up to maximum of 66 2/3%

		PENSIONS ACT, CHAP. 23:52*	RHA PENSION PLAN
RETIREMENT DUE TO AGE RETIREMENT DUE TO ILL HEALTH	Eligibility for: (1) Monthly Pension (2) Lump sum gratuity only (1) Monthly Pension	(a) Permanent confirmed full time officer age 50 and over with 10 or more years service. (b) Temporary officer or an unconfirmed officer with at least 10 years service and not less than 55 years of age. The option to surrender up to 25% to be converted to a lump sum and to receive a reduced monthly pension equal to the remaining 75%. A permanent confirmed full time officer age 50 and over with less than 10 years service. A permanent confirmed full time officer aged 50 and over with less than 10 years service.	A permanent full time monthly paid employee of an RHA age 50 and over with at least 5 years Plan service. An immediate pension based on service at retirement less Government Preserved Benefits.

		PENSIONS ACT, CHAP. 23:52*	RHA PENSION PLAN
DEATH	(1) In service before age 60 – (2) In service after age 60 – (3) After retirement –	Lump sum gratuity payable to Legal Personal Representative. Not applicable. Pension ceases.	(a) Lump sum payment to Nominated Beneficiary. (b) Pension to spouse and eligible children. (a) Lump sum payment and guaranteed pension for 5 years payable to Nominated Beneficiary. (b) Pension to spouse thereafter. (a) Remainder of 5 year guaranteed pension paid to Nominated Beneficiary. (b) Pension to spouse and eligible children thereafter.
RESIGNATION		Permanent confirmed full time officers with 5 or more years service – deferred benefits payable at age 55.	(a) Less than 5 years Plan service – refund of contributions with interest. (b) More than 5 years Plan service – deferred benefits payable at age 55.

* Permanent Confirmed Civil Servants transferring to the RHA fall under the Pensions Act, Chap. 23:52.