The CINSF would like to advise members of the changes to the Pensioner Benefits that will come into effect from 1 April 2021.
Pensioner Withdrawal Limit
The pension withdrawal limit is changing from $15,000 to $45,000 for all new pensioners.
Existing pensioners whose balance, at their retirement claim date, was $45,000 or less are also eligible to claim their remaining balance.
Any pensioner claims require an application form to be completed and the signing of a declaration acknowledging that they understand they are waiving their rights to their pension for life benefit.
Pensioner Terminal Illness
A pensioner that is diagnosed with a terminal illness will, subject to meeting claim requirements and having the claim approved by the Trustee, be eligible for a full withdrawal of their remaining CINSF pension account. If the claim is approved, the pensioner will no longer be eligible for a pension for life benefit
For more information, or to find out if you are eligible, please contact our client services team at the CINSF on email email@example.com or phone 25515 or visit our office.