Main features of the New Pension Scheme
Annex A
(A) Retirement age
(i) The normal retirement age is 60 years;
(ii) serving officers appointed to the
service before 1 July 1987 may retire voluntarily on or after the age of 55
years;
(iii) Disciplined Services staff will be
required to retire on operational grounds at the age prescribed by their Heads of Departments between 55 and 60 years (or by the Governor in the case of directorate staff); and
(iv)
the Rank and File of the Disciplined Services may retire voluntarily on or after the age of 50, and the Officer grades staff on or after the age of 55.
Officers are required to serve a notice period before retirement as follows :-
Police Rank and File, one calendar month;
(a)
(b)
Rank and File in Disciplined Services other than Police, six calendar months;
(c)
Officers in receipt of salary below Point 18 of the Master Pay Scale, or equivalent, six calendar months; and
(d)
all other officers, twelve calendar months, although in exceptional
circumstances a shorter period of notice may be accepted.
(B) Pension factors
The pension factors for the calculation of pension benefits (i.e. fractions of officers' highest
pensionable emoluments for each month of their service which attracts pension benefits) are as follows
/P. 2 ...