Opting for a withdrawal settlement means your benefit will be received in a one-time payment consisting of the reimbursement of your contributions plus 3.25% interest. Your own contribution is increased by 10% for each year after your first five years with the Fund, up to a maximum of 100%. Please note that if you elect a withdrawal settlement, no other benefit will be paid to you or your survivors. Should you receive a withdrawal settlement and re-join the Fund in the future you will be entitled to restore the period for which the withdrawal settlement was paid to you.

How is a withdrawal settlement calculated? See the example below to learn how withdrawal statements under Article 31 are calculated:
A participant separates from service before reaching normal retirement age with exactly 7 years of contributory service. His total contributions amounted to US$ 33,800.00 with compound interest in the amount of US$ 3,229.00.
Therefore:
Contributions = US$ 33,800.00
Interest = US$ 3,229.00
Total Cont. and Interest = US$ 37,029.00
Increased by 20 % since participant has 2 years of contributory service over 5 years totaling 7 years of contributory service so that;
US$ 37,029.00 x 20% = US$ 7,405.80
Withdrawal Settlement = US$ 44,434.80

If you have 5 or more years of contributory service with the Fund and you separate from service prior to reaching your early or normal retirement age you are eligible to elect a deferred retirement benefit. Opting for deferred retirement benefit means your benefit will become payable at your normal retirement age or, at your request, anytime between the date at which you become eligible for an early retirement benefit and your normal retirement age. Should you elect to commence your deferred retirement benefit before your normal age of retirement, an according reduction factor will be applied for life to your entitlement.

Please note that:

• For participants who separated before 31 December 1989, no adjustment shall be applied to their benefit prior to reaching the age of 50.
• For participants separating from service on or after 31 December 1989, no adjustment shall be applied to their benefit prior to them reaching the age of 55. Such benefit carries potential surviving spouse’s benefit(s) but does not carry eligibility to a child benefit.
• If you elected a deferred retirement benefit and re-join the Fund in the future you will not be entitled to restore your prior contributory service, and instead, you will have a new and separate pension account for the new period of contributory service.

Unless you request payment earlier than at normal retirement age, the Fund will contact you prior to your normal retirement age to request that you submit the following documents:

1. Payment instructions form: a duly completed, dated and signed payment instructions form 23/A. Your signature must be authenticated. If you have an email address, please make sure to write it on the payment instructions form. The Fund must receive the original form with the original ink signature either sent by mail or uploaded into your Member Self-Service account. For more information about uploading documents in MSS, check the MSS page.
2. Identification document: a copy of the relevant pages in your valid passport, or other valid photo identification document such as driver’s license or local government identification, which would indicate your name, date of birth, and your signature.
3. Copy of a recent bank statement providing the account information, which must be in the name of the participant; the participant’s name and account information on the bank statement must match the name and account information provided on the participant’s payment instructions.

You should also submit COPIES of the following supporting documents as applicable for your case (unless already submitted to the Fund in the past), i.e.:

• • Copy of the participant’s Birth Certificate, or, in lieu of, copy of a valid photo ID document (e.g. Passport or other official, government issued photo ID), carrying the participant’s full names, date of birth and signature (the “UN Laissez Passer” is NOT a valid ID document);
  • Copy of the Birth Certificate/s of the participant’s current and/or former spouse/s (or, lieu of, copy of the spouse’s valid Passport);
  • Copy of the spouse’s official, government-issued photo ID;
  • Copy of Marriage Certificate/s;
  • Copy of Divorce decree/s;
  • Copy of the Birth Certificate(s) of the participant’s child[ren] under 21 years of age;
  • Copy of Death Certificate/s for spouse/s, ex-spouse/s, child/ren, if applicable.
  • ORIGINAL Designation of Beneficiary form A2.

If you have at least 5 years of contributory service with the Fund and would like to separate before reaching your normal retirement age, you can opt for an early retirement benefit. If you separate at an age prior to reaching normal retirement age, a reduction factor for life is applied to your benefit. The extent of the reduction depends on your age at the time of separation and the length of your contributory service. It is possible to commute up to one-third of the early retirement benefit into a lump sum. The balance would be payable as a reduced monthly pension benefit. The higher the lump sum, the lower your monthly benefit payable for life. The early retirement benefit carries both potential survivor’s benefits and child benefit. However, payment of child benefit will commence only when you reach your Normal Retirement Age, and only for those children who will be under age 21 at that time.

• If you entered or re-entered the Fund before 01 January 2014 an early retirement benefit shall be payable to you as of the age of 55.
• If you entered or re-entered the Fund on or after 01 January 2014 an early retirement benefit shall be payable to you as of the age of 58.