Death in Service

Death in Service

AMOUNT OF BENEFIT

Group Life Assurance = As per the scale below - based on final salary

The amount payable to the beneficiaries in the event of the death of a member is cash lump sum calculated as a multiple of the deceased member’s salary in accordance with the following table plus his/her accumulated credit / resignation benefit.

Age Multiple of Salary
> 16 - <35 6.32
>35 - < 45 3.85
>45 - <55 3.72
>55 - <60 3.04
<60 - <65 2.94

PLUS

ACCUMULATED CREDIT / RESIGNATION BENEFIT = 8% Final Average Annual Salary

(including bonus) over 2 years x Pensionable Service

PLUS
Additional 10% (max 100%) for each completed year of service after 6 years as per scale below

SCALE

Number of years Percentage
Less than 6 Nil
More than 6 years 10%
More than 7 years 20%
More than 8 years 30%
More than 9 years 40%
More than 10 years 50%
More than 11 years 60%
More than 12 years 70%
More than 13 years 80%
More than 14 years 90%
15 years and more 100%