Plans are in place for public service workers to receive their first pension pay out one month after retirement.

The announcement was made by Minister of Finance, Dr. Nigel Clarke at the Victoria Mutual pension’s management retirement seminar, today (Sep 25).

Dr. Clarke says this will be facilitated through the public employees’ pension administration system software.

He says this will see a seamless transition from public service employment into retirement, with pension payment set to begin the very next month following retirement.

Earlier this year, the public service pension system was reformed to facilitate a smooth pay-out system.

The Finance Minister says the previous pension system was inefficient as over 30 pieces of legislation governed how public pension was to be calculated, approved and dispensed resulting in pensioners receiving their first pay-out up to a year after retirement.

The software implementation will start in the next financial year.