treasury.gov.bb : Pension Information Barbados

Organization : Government of Barbados Treasury Department
Type of Facility : Government Pension Information
Country: Barbados

Website : https://treasury.gov.bb/

Treasury Government Pension Information

In order to qualify for a government pension an officer must accumulate a minimum of ten years pensionable service and be in the Public Service at the point of retirement.

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Government utilizes the annual salary to perform pension calculations. To perform the calculation the years of service must first be converted to months.

The maximum pensionable service used in the calculation of a Pension and Gratuity is four hundred (400) months or thirty three and a third (33 1/3) years.

The minimum pensionable service used in the calculation of a Pension and Gratuity is one hundred and twenty (120) months or ten (10) years.

Calculation of pension is partially dependent on the position held by an individual at the time of retirement.

If an employee is at the maximum point of the position salary scale or is in a fixed salary position, the last annual salary will be used to calculate the pension.

Where persons act in a higher position for a total of three years continuously or accumulated within the last five years of pensionable service, the pension can be calculated based on the average salary.

If a person dies in service, the gratuity will be calculated and made payable to the deceased person’s estate. Any arrears of pension also becomes payable to the deceased person’s estate. At death, pension ceases.

The widow and/or children of a deceased male officer, who was paying a Widows and Children Contribution, are entitled to a Widows and Children pension. The widow is entitled to half and the children are entitled to a quarter; if there is more than one child they are entitled to half of the deceased male’s pension.

The male officer can claim a refund of his Widows and Children Contributions at retirement if there is no beneficiary. A refund also be claimed if married and divorced after the divorce becomes final and after the death of the wife.

Government allows for at least six months to complete the paperwork for a pension and gratuity before it can actually commence. It is therefore a good practice to indicate the retirement date early and submit appropriate documentation to allow for processing time.

The last department that the pensioner worked at has to prepare the retirement form.

Pension Calculations

** Please note that the information needed to calculate your pension accurately needs to be supplied by the Personnel Administration Division and the Department the individual last worked for.

** The number calculated is only an estimated value of what your pension may be.

Full Pension = (Total pensionable service in months/600)
* Last annual salary Reduced Pension = (Full Pension * 0.75) Gratuity = (Full Pension/4) * 12.5

Step 1 : Enter Pensionable Service (in months) [250]
Step 2 : Enter Last Annual Salary Amount [500]
Step 3 : Click on “calculate” button.

Abatement of Pension

The Pensions (Miscellaneos Provisions) Act, 1975-31 provides for the abatement of pension payable under Caps 25, 30, 56 by the amount of pension payable in accordance with the National Insurance and Social Security Act, Cap 47, to those officers entering the service after 1st Spetember, 1975. Persons who qualify for pension after the 1st of September 1975, are subject to abatement of pension.

This means that if a person is eligible for both a National Insurance and government pension the higher of the two will be provided. Also note, that abatement does not affect cost of living allowance. Cost of living allowance is obtained when the government provides an increase in pensions across the board. If you are in receipt of a pension already your monthly payment will not change but the difference will be given as a cost of living allowance.