Age
What is an Age Benefit?
An age benefit is a payment made payable to an insured person who has
attained the age of sixty years. Payment can be either in the form of a
pension or a grant. A pension is a monthly payment whereas a grant is a
lump sum payment.
How do I Claim Age Benefit?
Complete the Age Benefit claim form before or upon attaining your 60th
birthday and submit it to the National Insurance Scheme. This claim form
must be accompanied with your birth certificate to verify your age. If
the name you worked with is not the same with that on your birth
certificate then an affidavit or any other legal supporting document
must accompany the claim.
Age Pension
How can someone become entitled to an age pension?
This benefit is paid to an insured person who has attained the age of
sixty years and paid at least five hundred (500) weeks contributions to
the Scheme. The is equivalent to approximately 10 years contributions.
What is the Benefit Rate?
Age Pension is paid at an annual rate of:
* If the pension commences in 2007-30% of a person’s average annual
insurable earnings of the entire period of the person’s working life
during the best four years
* If the pension commences in 2008 and thereafter- 30% of a person’s
average annual insurable earnings of the entire period of the
person’s working life during the best five years.The rate is
supplemented by 1% of the average annual insurable earnings for each
unit of 50 contributions in excess of the first 500 contributions.
* The minimum pension payable is $46.40 per week.
* If the month carries five (5) Mondays , the weekly rate is multiplied
by five (5) and if the month carried four (4) Mondays, the weekly
rate is multiplied by four (4)
* The maximum amount which can be awarded as an Age Pension is 60% of a
person’s average annual insurable earnings.
When is the Pension Payable?
The pension is calculated at a weekly rate and is paid monthly
throughout the lifetime of the pensioner. In the event that the
pensioner dies, the pension will cease. All cheques can be forwarded
directly to the claimant’s bank account.
Age Grant
To qualify for a Grant, an insured person must have at least 50 weeks
paid into the National Insurance Scheme and be 60 years and over. Age
Grant is paid at 5 times the average weekly insurable earnings for every
50 contributions. This is a Lump Sum payment.
PLEASE NOTE:
In the event that a person retires before attaining his or her 60th
birthday he or she can make voluntary contributions. If however, he or
she is Self employed then contribution has to be paid in this regard.