Early Retirement Pension Benefit
If you are over the age of 55, but have not reached your normal retirement age, and cease work because of ill health or redundancy, the pension you are entitled to depends on the pension rate applicable at your early retirement age and the balance of your Compulsory Account at the time you take early retirement. The recommended pension rates contained in the most recent Actuarial Report are set out in the following table.
| Age at early retirement | Percentage of Compulsory Account paid out |
| 55 | $57 |
| 56 | $58 |
| 57 | $59 |
| 58 | $60 |
| 59 | $60 |
If your Compulsory Account balance is less than $45,000, it will be paid to you as a cash lump sum. If your Compulsory Account balance is greater than $45,000 you are entitled to elect to take 25% as a lump sum. However, if the Compulsory Account balance, after your election to take a 25% lump sum, is less than $45,000, you will be paid that as a lump sum as well. Otherwise, the balance will determine your early retirement pension payment. This balance will be transferred to your Pension Account and will be invested in the CINSF Balanced (Default) Fund. By electing to take a lump sum, you will reduce the size of the Early Retirement Pension you will receive.
Any amount you have in your Voluntary Account is paid to you as a lump sum at Retirement. It does not form part of the early retirement pension calculation.
An early retirement pension will not be paid if you are receiving a benefit from a Workers Compensation Fund that makes continuing contributions to the Fund on your behalf. When the continuing contributions cease, your early retirement pension will be calculated at that time based on your age and Compulsory Account balance.
