Annuity Table
| YEAR (1st July to 30th June) |
SINGLE PENSION RATE |
JOINT PENSION RATE |
| 1999 | 24% | 16.4% |
| 2000 | 23% | 15.8% |
| 2001 | 22% | 15.2% |
| 2002 | 21% | 14.6% |
| 2003 | 20% | 14.0% |
| 2004 | 19% | 13.4% |
| 2005 | 18% | 12.8% |
| 2006 | 17% | 12.2% |
| 2007 | 16% | 11.6% |
| 2008 | 15% | 11.0% |
| 2009 | (and thereafter 15% single rate) | (and thereafter 11% joint) |
PENSION CALCULATION TABLE
Content
| Pension Amount | Sole Pension (15%) | Joint Pension (11%) | ||
|---|---|---|---|---|
| Annual Amount | Monthly Amount | Annual Amount | Monthly Amount | |
| $1,500.00 | $225.00 | $18.75 | $165.00 | $13.75 |
| $1,875.00 | $281.25 | $23.44 | $206.25 | $17.19 |
| $2,250.00 | $337.50 | $28.13 | $247.50 | $20.63 |
| $2,625.00 | $393.75 | $32.81 | $288.75 | $24.06 |
| $3,000.00 | $450.00 | $37.50 | $330.00 | $27.50 |
| $4,000.00 | $600.00 | $50.00 | $440.00 | $36.67 |
| $5,000.00 | $750.00 | $62.50 | $550.00 | $45.83 |
| $6,000.00 | $900.00 | $75.00 | $660.00 | $55.00 |
| $7,000.00 | $1,050.00 | $87.50 | $770.00 | $64.17 |
| $8,000.00 | $1,200.00 | $100.00 | $880.00 | $73.33 |
| $9,000.00 | $1,350.00 | $112.50 | $990.00 | $82.50 |
| $10,000.00 | $1,500.00 | $125.00 | $1,100.00 | $91.67 |
| $15,000.00 | $2,250.00 | $187.50 | $1,650.00 | $137.50 |
| $20,000.00 | $3,000.00 | $250.00 | $2,200.00 | $183.33 |
| $30,000.00 | $4,500.00 | $375.00 | $3,300.00 | $275.00 |
| $40,000.00 | $6,000.00 | $500.00 | $4,400.00 | $366.67 |
| $50,000.00 | $7,500.00 | $625.00 | $5,500.00 | $458.33 |
| $60,000.00 | $9,000.00 | $750.00 | $6,600.00 | $550.00 |
| $70,000.00 | $10,500.00 | $875.00 | $7,700.00 | $641.67 |
| $80,000.00 | $12,000.00 | $1,000.00 | $8,800.00 | $733.33 |
| $90,000.00 | $13,500.00 | $1,125.00 | $9,900.00 | $825.00 |
| $100,000.00 | $15,000.00 | $1,250.00 | $11,000.00 | $916.67 |
The pension rates since 1975 has been 25% of the members savings for Sole and 16.67% for Joint This has changed from July 1st 1999 and has reduced regressively by 1% until the year 2008. Please note that the amount will stay fixed at the rate you go on pension, as per financial year stated above. (refer table)
This ensures that the pension pay out rate will be sustainable into the far future.
This was a decision made through a consultative process by workers and employers representatives, government and the FNPF, after many years of work that included consultation with the International Labour Organization and others.
The number of pensioners existing as at 30 June 2005 was 7,803. Out of the total number of members eligible for pension this year, 28% opted for pension compared 37% last year. Total Amount transferred by members opting for pension to the pension fund totally $22.74million.