MAL
Appendix A
Life without refund single premium annuity:
Yield of annuity
Number of months final salary needed to purchase annuity
Retirement at 65
Retirement at 60
Rate of return
Rate of return
Male employee:
2.5%
4%
2.5%
4%
(i) 20% of final salary
25.7
23.0
32.4
27.4
(ii) 35% of final salary
44.9
40.3
56.7
47.9
(iii) 50% of final salary
64.1
57.5
81.0
68.4
Female employee:
(i) 20% of final salary
30.0
26.5
35.6
30.8
(ii) 35% of final salary
52.5
46.3
62.3
53.9
(iii) 50% of final salary
75.0
66.2
89.0
77.0
DOVEDENTIAL