CONFIDENTIAL
HMOCS Matters : Option to Join the New Pension Scheme
Introduction
One factor affecting the HMOCS issue and adding a sense of urgency thereto, is the fact that all serving permanent and pensionable officers must decide by 30 June 1992, whether to opt for the New Pension Scheme or remain their existing terms of service under the Old Pension
on
Scheme.
Difference between the Old and the New Pension Schemes
(a)
New Pension Scheme
Retirement age of 60 (officers appointed
before 1.7.87 retain
the right to retire
at 55).
Old Pension Scheme
Retirement age of 55.
(b)
No
early
Those
provision for
retirement.
who resign
after 10 years may
receive а deferred
pension at age 55.
on
May retire at 50 and may apply to retire prematurely
between 45 and 50
compassionate grounds. Νο
provision for resignation
with deferred pension.
(c)
Pension factor 1/675
for every completed
month of service.
Pension factor 1/600 for
every completed month of
service.
CONFIDENTIAL
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