New Pension Scheme for Judicial Officers
2
Old Pension Scheme
Example A
Assumptions :-
(a)
a High Court Judge on 100% pensionability first appointed at the age of 40 on 1.7.1978 who retires at the age of 65 on 1.7.2003, having completed 300 months' pensionable service; and
Example A
Assumptions :-
(a)
(b)
the highest annual salary is $777,600.
(b)
Total length of pensionable service (including deemed increase)
註
no. of months during 1.7.1978 to 30.6.2003 (300) + no. of completed months during 1.7.1988 to 30.6.2003 (180)
= 480 months
a High Court Judge on 100% pensionability first appointed at the age of 40 on 1.7.1978 who retires at the age of 65 on 1.7.2003, having completed 300 months' pensionable service; and
the highest annual salary is $777,600.
Length of pensionable service
= 300 months
Unreduced
annual
$777,600 x 480 x
1 675
$552,960 p.a.
pension
$518,400 p.a. (2/3 of the highest
pensionable emoluments)
If he opts to commute 50% of his annual pension into a lump sum, he will receive
Commuted
$518,400 x 50% x 14
pension
gratuity
$3,628,800
plus
Reduced annual pension
=
$518,400 x 50%
$259,200 p.a.
Unreduced
annual
$777,600 x 300 x
1 600
= $388,800 p.a.
pension
If he opts to commute 25% of his annual pension into a lump sum, he will receive
Commuted
=
$388,800 x 25% x 14
$1,360,800
pension gratuity
plus
Reduced annual
pension
$388,800 x 75%
$291,600 p.a.
/p. 3