Pension Management

Definition of LASF Benefits

The Local Authorities Superannuation Fund (LASF) scheme is a “defined benefit scheme”, where all benefits payable to LASF members or their survivors are based on a defined formula prescribed by the LASF Act.

The benefits offered by LASF are derived from the following categories of employment termination:

1.                   Retirement due to Age (Section 26)

2.                   Retirement due to Ill Health (Section 27)

3.                   Retirement due to Re-organisation (Section 28)

4.                   Death (Section 35)

5.                   Dismissal (Section 32)

6.                   Other cases (Section 33)

From the above six categories, only 1 – 3 attract “full retirement or pension benefits” per se, whilst categories 4 – 6 attract what are called “other benefits”. Full retirement/pension benefits are payable to individual members who meet any of the conditions laid out below:

  • Individual members who have attained the retirement age of 55, 60 or 65 and completed ten years of service or more;
  • Individual members retired on medical grounds after serving ten years, provided that they were initially admitted to the Fund in good state of health and that bad health was not brought on by the individual member’s own fault; and

Individual members retired after having completed at least ten years of service and their employment is terminated through no fault of their own, such as through staff reductions or abolition of office or post (retrenchment) in order to facilitate improvement in the efficiency of the organization.