Examples of Final Annual Salary in a sentence
Under the new method, Pension is calculated, for each year of service, as 1/200th of such Final Annual Salary as does not exceed the Threshold, together with (where appropriate) 1/80th of such Final Annual Salary as does exceed the Threshold.
The Lump Sum is, therefore, calculated as follows:- Lump Sum = 3/80th x (Final Annual Salary) x (total pensionable service) In the case of the Pension, a new method of co-ordination has been decided on by Government following the recommendation of a joint union/management working group.
Final Annual Salary: €40,000 Age: 55 years and 219 days Reckonable Service: 30 years Apply formula [A + ((B/365) x (C-A))] x preserved benefit based on service: Preserved pension is €15,000, so, whereA = 77.8 (pension reduction factor at age 55) B = 219 (number of days since last birthday) C = 81.6 (pension reduction factor at age 56) Actuarially reduced annual pension is €12,012.
Final Annual Salary: €25,000 Age: 62 Reckonable Service: 37 years Superannuation BenefitsIf opting to preserve benefits If availing of cost neutral early retirement Due at age 65 (i.e. in 3 years’ time) Due now Lump sum:€34,688€32,710 (applying reduction factor of 94.3%)Annual pension:€ 4,625 (*)€ 3,867 (applying reduction factor of 83.6%) (*) Preserved Pension in this case is calculated as €25,000 x 37/200 (since Final Annual Salary is less than €31,186).
In no event shall the operation of this Section 6.07 be used to reduce a Member's ERFC disability benefit below ten percent of the Member's Final Annual Salary.
Notwithstanding the foregoing, a Member receiving an ERFC disability benefit that is ten percent or less of Final Annual Salary shall not be subject to the earning limitations of subsection (a) or the filing requirements of subsection (c).
Final Annual Salary: €25,000 Age: 62 Reckonable Service at preservedpension age (65): 37 years Superannuation BenefitsIf opting to preserve benefits If availing of cost neutral early retirement Due at age 65 (i.e. in 3 years’ time) Due now Lump sum: €34,688 €32,710 (applying reduction factor of 94.3%)Annual pension: € 4,625 (*) € 3,867 (applying reduction factor of 83.6%) (*) Preserved Pension in this case is calculated as €25,000 x 37/200 (since Final Annual Salary is less than €31,186).
The Contribution amount is payable in one or more instalments in the Policy Year or by such date mutually agreed between You and Us. If the Scheme Account Value is overfunded as per this certificate, then We may allow “Nil Contribution” under this Master Policy and this Master Policy shall continue with all benefits subject to Clause 4.3 below.
Final Annual Salary: €40,000 Age: 50 Reckonable Service: 30 years Superannuation Benefits If opting to preserve benefits If availing of cost neutral early retirement Due at age 60 (i.e. in 10 years’ time) Due nowLump sum: €45,000 €36,990 (applying reduction factor of 82.2%) Annual pension: € 7,983 € 4,981 (applying reduction factor of 62.4%) (*) In the case of staff in coordinated superannuation schemes, supplementary pensions may (subject to eligibility) be payable from age 60/65 as appropriate.
Final Annual Salary: €40,000 Age: 55 years and 219 days Reckonable Service: 30 years Apply formula [A + ((B/365) x (C-A))] x preserved benefit based on service: Preserved pension is €15,000, so, whereA = 77.8 (pension reduction factor at age 55) B = 219 (number of days since last birthday) C = 81.6 (pension reduction factor at age 56)Actuarially reduced annual pension is €12,012.