What Happens If I Retire At 60

What Happens If I Retire At 60

Retiring at the age of 60 years is an achievement many individuals aspire to, but it is important to be conscious of the financial, social, and other related benefits and implications of leaving the workforce. Retirement comes with both benefits and challenges and some of the benefits are enjoying your pension plan and pursuing your interest and others. The question you should ask yourself is will the benefits associated with this retirement last me forever? This guide will explore what happens if you retire at the age of 60 instead of the traditional age of 65.

READ HERE: What happens if I resign from GEPF?

Benefits Of The Government Employment Pension Fund

• Resignation benefits
• Retirement benefits
• Unclaimed benefits
• Death benefits
• Funeral benefits
• Divorce benefits
• Child pension
• Spouse pension

Document You Need To Present When Taking Normal Retirement Benefits

When going to claim your retirement benefits the Human Resources department may request the following particulars:

• A correct and completed Withdrawal from Fund Application Z102 form
• A correct and completed Banking Details Z894 form
• The Z583 form is needed when one has more than ten years of service and is a member of a medical aid scheme
• A certified copy of the member’s green bar-coded identity document or passport that is not older than six months, and
• A correct and completed retirement choice form

Percentage Employers Contribute To Members

The employer currently contributes at a rate of 16% of pensionable salary in respect of service members and 13% in respect of other members, reflecting the difference in the benefits structure of these two categories of members. All members of the fund contribute at a rate of 7.5% of pensionable remuneration.

What The GEPF Invests In

Below are the four categories that they invest in

• Equities
• Fixed income
• Properties and
• Isibaya Funds

Upon your retirement make sure you are aware of the benefits you are entitled to and claim them by providing all necessary legal papers required. For more updates visit the official website HERE