On retirement from service, members’ contributions under the scheme are refunded in addition to any income earned thereon. The refund of contributions to members upon death or retirement is based upon a member’s proportion of the total contributions of the Fund expressed as the percentage of the current value of the Fund. The Fund is therefore valued periodically and members’ statements reflect their current value.
1. Retirement/exit package
Each member is entitled to an exit package from the Fund on retirement. This package is made up of one’s total contributions and returns or income earned thereon. The exit packages for deceased members are paid to their next of kin.
2. Death and disability scheme (Group Solidarity Package)
Members are eligible for the group solidarity package in the event of death and permanent disability. Upon the death of a member, a package comprising his total contributions together with his accumulated return and an amount of GHC 500.00 is paid to the next of kin. Also, where a member is certified to be permanently incapacitated and unable to teach any longer, he/she is compensated with GHC 500.00. Additionally, the person is paid his total contributions and accumulated returns.