To determine the typical loss incurred by members of the occupational pension fund established on 23 December 1913, a survey was conducted of around 100 members no longer in the service of the sponsoring employer.
Approximately 75% of these members were retrenched before attaining the early retirement age of 60.
The average age of retrenchments was 52 after approximately 26 years of service.
This gives a pension factor of 50% of [Final Average Salary] payable from the date of retrenchment.
Based on an indicative “Final Average Salary” of $100,000, inclusive of member fund contributions, the value of the lawful benefit can be calculated as follows: