The Revised Regulation includes a new pension augmentation to address the problems associated with its implementation. Pension augmentation under the CPS was a policy concern prior to this amendment.
The Commission’s decision and the Return on Investment of funds in the RSA will henceforth serve as the basis for a periodic pension boost for retirees on Programmed Withdrawal.
Retirees with a minimum of 5% growth in their RSAs, from the date of initial programming; or their last enhancement date, shall receive enhanced pensions.
PFAs are to review the retirees’ data/information and determine the RSA balances as at the cut-off date. The growth in the RSA balance shall be exclusively for pension enhancement and not for additional lump sum.