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Calculate your pension

Pension calculator

This calculator gives an estimate only. Your actual pension depends on information held by the Personnel Administration Division and your last employer. Contact them to confirm your exact figures before making any decisions.

How your pension is calculated

Full pension

A gratuity is paid as a lump sum. The annual pension is divided by 12 and paid monthly.

Formula: (months of service ÷ 600) × last annual salary

Reduced pension

75% of your full pension is divided by 12 and paid monthly. The remaining 25% is multiplied by 12.5 to give your gratuity lump sum.

Formula: full pension × 75%

Gratuity

Formula: (full pension ÷ 4) × 12.5

Mixed service pension

A fixed formula cannot be used for mixed service pensions because several varying factors apply. Contact the PAD for guidance.

More about pensions and gratuities

Things that affect your pension

No-pay leave

No-pay leave does not count towards your length of service.

Temporary continuous workers

Workers with 10 years or fewer of service who leave during that period will not receive a pension.
Workers with more than 10 years of service who retire may receive a pension, but only if the post they held was established and vacant.

Medical retirement (retiring due to ill health)

Special provisions apply if you retire because of medical unfitness.

You must have at least 10 years of service but fewer than 20. Your pension will be calculated as if you had 20 years of service, but it cannot exceed what you would have received based on your actual service.

If you retire due to an employment injury, you are eligible for an additional one-sixth of your pension.

Pension abatement

Under the Pensions (Miscellaneous Provisions) Act 1975-31, abatement applies to officers who entered service after 1 September 1975.

If you qualify for both a National Insurance pension and a government pension, you will receive the higher of the two only.

Abatement does not affect your cost of living allowance. If you already receive a pension, your monthly payment will not change — any increase will be paid as a cost of living allowance instead.

Retirement ages

Voluntary retirement

Age 55 — if appointed before 15 July 1985
Age 60 — if appointed after 15 July 1985

Compulsory retirement

Age 66 — from 1 January 2010
Age 66½ — from 1 January 2014
Age 67 — from 1 January 2018

Next steps

Once you have your estimate, contact the National Insurance and Social Security Service (NIS) to discuss your pension options and confirm your entitlement.

National Insurance and Social Security Service (NIS) — Pensions

NIS can help you understand your National Insurance pension entitlement alongside any government pension. If you qualify for both, you will receive only the higher of the two.

Phone: 431-7400 — Ext. 1802, 1803, 1808 or 1824

Sources

The information and formulas used in this calculator are drawn from the following sources:

Pension Calculations — Treasury of Barbados
Pensions (Miscellaneous Provisions) Act, 1975-31
National Insurance and Social Security Act, Cap 47
Pensions Acts, Caps 25, 30 and 56

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