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Retirement Benefit

At retirement, a member is entitled to 2% of the member’s pensionable salary for each year of pensionable service. The member can commute up to 1/3 of the benefit and receive it as a tax-free lump sum. The balance is then paid out as a monthly annuity from within the Fund until death.

Example:
If a member of the University of Eswatini Pension Fund has been a member for 30 years and earns E 10,000.00 per month at the date of retirement. The retirement benefit is calculated as follows:

Pension Monthly Salary = 2% × No. of years × Salary
= 2% × 30 × E 10,000.00
=

E 6,000.00

If the member so chooses, he may commute up to 1/3 of this amount and receive it as a tax-free lump sum. The member will then receive E 4,000.00 per month which is the remaining 2/3.

© 2019 University of Eswatini (UNESWA) Pension Fund
No. 4A, Freshman Park, Kwaluseni Campus, Matsapha, Eswatini
Private Bag 4, Kwaluseni, M200, Eswatini

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