In accordance with article 31 of the UNJSPF Regulations, a withdrawal settlement is payable to a participant whose age on separation is less than the normal retirement age (NRA), or if the participant is the normal retirement age or more on separation but is not entitled to a retirement benefit.
The withdrawal settlement consists of:
- The participant’s own contributions, if the contributory service of the participant was less than five years; or
- The participant’s own contributions increased by 10 per cent for each year in excess of five up to a maximum of 100 per cent, if the contributory service of the participant was more than five years.
It should be noted that a withdrawal settlement extinguishes all other rights to any other future benefits.
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