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The main function of the Trust is to efficiently deliver prompt and accurate benefits payments to our members, in an accordance with the NASSIT Act.
The Type of benfits proivided by the Trust are: Old Age Pension, Early Retirement or Reduce Pension, Retirement Grant, Invalidity Pension, Invalidity Grant, Suirvivor's Pension, Survivor's grant.
Old-age Pension: Age 60, with at least 15 years of insurance coverage
Invalidity Pension: Total incapacity for work and younger than age 60 with at least 5 years of contributions of which 12 months' contributions were paid in the 3 years preceding the onset disability. The disability must be assessed by the medical board.
Early Retirement Pension: A reduced pension is payable from age 55. The pension is reduced by 4% for each year under age 60.
Old-age Gratuity: A lump sum equal to 12 months pension is payable to each person who is entitled to an Old-age pension
Retirement Grant: If the insured person is of pensionable age but has insufficient contributions to qualify for a pension, a grant equal to 1.5 times the insured's average monthly earnings for each 12 months period of contribution is paid
Benefits adjustment: Pensions are adjusted annually according to Trust fund income.
Invalidity pension: The pension is calculated on the basis of the number of months of contribution or credit and the difference between year of invalidity and age 60. 50% of the difference year of invalidity and age 60 is added to the actual number of months contributed as pension.
The minimum invalidity pension invalidity is not less than 50% of the minimum wage.
Invalidity grant: If the insured person is not entitled to a pension, a grant equal to 1.5 times the insured's average monthly earnings for each 12-month period is paid.
Survivors' pension: 40% of the insured person's pension is payable to a widow (er). In the case of more than one widow, the pension is shared equally. The widows pension ceases on re-marriage.
60% of the insured's pension is payable to a dependant child up to age 18s (age 23 if in full-time education. no time limit if disabled)
Other eligible survivors (in the absence of the above)
A lump sum equal to 12 month's pension is payable to a parent who is employed or is receiving pension: 24 months pension to a parent who is not employed or receiving pension. The maximum survivor pension is 100% of the insured's pension.
Survivors' grant: If the qualifying conditions for a survivors' pension are not met, a grant equal to 1.5 times the insured's average monthly earnings for each 12-month period of contributions is paid.