Retirement(old age) Benefits

Old age benefit is paid to LAPF members to guarantee them income replacement on retirement.

Qualifying Conditions

 

Attainment of pensionable age of 55(voluntary retirement) to 60(statutory retirement) years.
At least 180 contribution credits to the Fund.
Note: If a member attains voluntary or statutory age but has not reached 180 contribution credits, s/he will be paid gratuity (Lumpsum) only.

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

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)
Investment
LAPF Millennium Towers Phase II under construction.
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