How is the amount of pension benefit determined?
The pension is based on need. You must be financially needy as determined by your current income, your savings, and other assets. The amount of your pension will depend on your level of income and number of dependents. The benefit amounts are reduced if you currently have income including any Social Security benefits. The benefit may be higher if you reside in a nursing home, require someone’s regular assistance or are permanently homebound.
Related Questions
- If a member is eligible for pension and dies in service without an insured death benefit or widows pension, is his beneficiary entitled to a refund of his contributions?
- How is pension growth assessed in a defined benefit scheme such as the Teachers’ Pension Scheme?
- Whats the difference between 401k plans and defined benefit (pension) plans?
