Article II 2.01 Entitlement to Retirement Pension 

A member who leaves the Fund with at least five years of service, for a reason other than death or total disability, shall be entitled to a retirement pension. The retirement pension may take the form of:

   a) a retirement pension at the applicable retirement age; or 

   b) a deferred retirement pension; or 

   c) an early retirement pension.

Entitlement to payment of the retirement pension shall commence on the first day of the first full month for which the pension is payable.

Payment of the retirement pension shall cease on the last day of the month of the death of the beneficiary.

Article II 2.02 Amount of Retirement Pension

Subject to the provisions of Article II 1.13, the amount of the retirement pension at the applicable retirement age, or of the deferred pension, shall  be  calculated by  taking:

   a) for members who joined the Fund on or before 31 December 2011, 2% of the Basis for the Calculation of Benefits, as set out in Article II 1.08, for each year of membership, up to a maximum of 35 years;

   b) for members who joined the Fund on or after 1 January 2012, 1.85% of the Basis for the Calculation of Benefits, as set out in Article II 1.08, for each year of membership, up to a maximum of 37 years and 10 months.

Notwithstanding Article II 1.08, the retirement pension thus calculated may not be higher than the final basic salary of the member.

This limit shall be reduced proportionally when the calculation is on the basis of less than the aforementioned applicable maximum period.

Article II 2.03 Entitlement to Deferred Retirement Pension

A member with at least five years of service who leaves the Fund before the applicable retirement age for a reason other than death or total disability shall be entitled to a retirement pension deferred to the applicable retirement age at the latest.

Article II 2.04 Entitlement to Early Retirement Pension

A beneficiary of a deferred retirement pension is entitled to receive an early retirement pension as follows:

   a) for members who joined the Fund on or before 31 December 2011, from the age of 50;

   b) for members who joined the Fund on or after 1 January 2012, from the age of 52. 

Article II 2.05 Amount of Early Retirement Pension 

The early retirement pension shall be calculated by multiplying the amount of the deferred retirement pension by the appropriate factor in the following tables:  

a) For members who joined the Fund on or before 30 June 1987 

Age at first payment of the early retirement pension	Factor (%)
60 to 64	100.0
59	93.3
58	87.2
57	81.7
56	76.7
55	72.1
54	67.8
53	63.9
52	60.3
51	57.0
50	54.0

b) For members who joined the Fund between 1 July 1987 and 31 December 2011, inclusive

Age at first payment of the early retirement pension	Factor (%)
64	94.7
63	89.9
62	85.4
61	81.2
60	77.3
59	73.7
58	70.4
57	67.2
56	64.3
55	61.5
54	58.9
53	56.4
52	54.1
51	51.9
50	49.9

c) For members who joined the Fund on or after 1 January 2012

Age at first payment of the early retirement pension	Factor (%)
66	94.5
65	89.4
64	84.7
63	80.4
62	76.4
61	72.7
60	69.2
59	66.0
58	63.0
57	60.2
56	57.6
55	55.1
54	52.8
53	50.6
52	48.5

For the purposes of application of Article II 2.05 of the Rules of the Fund, periods falling between two factors are calculated in months in accordance with the linear interpolation method.