CPSA Provincial Pension Fund

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What type of Fund is the CPSA Provincial Pension Fund?

The CPSA Provincial Pension Fund is a Defined Benefit Fund. Being part of a Defined Benefit Fund means that the retirement benefits that accrue to members are fixed and determined by a formula. In the case of your pension fund benefits are calculated using the following formula: - final stipend x years of service x 3.75%. The 3.75% is the accrual rate used in the calculation.

In the case of Bishops of this Province the formula is the same except that the accrual rate is 4.29%.

As an example, for a priest, assuming a pensionable fund salary of R8000 and 30 years of service the pension payable would be calculated as follows: R8,000 x 30 x 3.75% which would give a pension of approximately R9 000 per 3 month. All calculations are however subject to an actuarial calculation at time of retirement.