Retirement(old Age) Benefits
Old Age benefit is paid to LAPF members to guarantee them income replacement on retirement.
(i) Qualifying conditions
- Attainment of pensionable age of 55(voluntary retirement) to 60(statutory retirement) years.
- At least 180 contribution credits to the Fund.
(ii) Claim and supporting documents
A member shall be required to submit the following documents:-- Duly filled Form LAPF/BEN.1 (Application for Retirement or Withdrawal Benefits);
- Form LAPF/REG.4 (Membership Card);
- Letter of notification of retirement from the employer;
- First appointment letter;
- Last salary slip (original or copy);
- One picture; and
- Copy of bank identity
(iii) Computations of benefit
Specified Amount (SA) = 1/540 X Complete number of months of service (MoS) X Last annual salary (LAS)- Commuted Pension Gratuity = (Specified Amount / 2) X 15.5 (payable only once)
- Monthly Pension = (Specified Amount / 2) X 1/12 (the payment will last until death)
- Gratuity = 1/540 X Complete number of months of service X Last annual salary X 5 (For cotribution credits less than 180)
