Ill-health early retirement
You will be eligible for immediate pension and lump sum benefits if the Company ends your Reckonable Service by retiring you because of ill health.
The ill-health benefits described below assume that you retire on ill-health grounds while still employed and that none of your Plan benefits are already in payment. (The actual benefits payable may be different if you retire on ill-health grounds and were already in receipt of the benefits that you had earned for Reckonable Service before 1 April 2010.)
You will receive benefits equal to:
- the benefits you have built up to the date you actually retire, calculated in the same way as for retirement at Normal Retirement Age (see above)
plus - an additional pension calculated as 1/80th of your CSDB Pensionable Salary over your last 12 months’ Reckonable Service before your retirement, for each year (and part year) of your additional reckonable service credit,
plus - an additional lump sum of three times this additional pension.
Your additional reckonable service credit, in this case, is calculated as the higher of:
- an enhancement to increase your Reckonable Service up to 20 years
- an additional 6 2/3 years' Reckonable Service
or - an enhancement of 75% of the Reckonable Service you would have completed between the date you actually retired and normal retirement age (age 60 for retirement before 1 April 2010 and 65 for retirement on or after 1 April 2010).
Please note that your additional reckonable service credit cannot be more than you could have completed between the date you actually retire and Normal Retirement Age (age 60 for retirement before 1 April 2010 and 65 for retirement on or after 1 April 2010).
As for retirement at Normal Retirement Age, the maximum combined pension and lump sum you can get would be that calculated using a maximum of 45 years’ Reckonable Service.