Pension Schemes

A lawyer practicing the legal profession in Cyprus in accordance with the provisions of the Advocates Law, Cap. 2 is entitled to pension under the provisions of Regulation 17(1) of the Advocates (Pensions and Allowances) Regulations of 1966-2022 as follows:

(a) Upon completing 25 (twenty-five) years of practicing the legal profession and attaining, at the same time, the age of 70.

 

* A lawyer who completes 25 (twenty-five) years of practicing the legal profession but has not attainedthe age of 70, is entitled to reduced pension as follows:

69 years of age – reduction of 6%

68 years of age – reduction of 12%

67 years of age – reduction of 18%

66 years of age – reduction of 24%

65 years of age – reduction of 30%

 

(b) Upon completing 35 (thirty-five) years of practicing the legal profession and attaining, at the same time, the age of 65.

A lawyer who completes 35 (thirty-five) years of practicing the legal profession but has not attainedthe age of 65, is entitled to reduced pension as follows:

64 years of age – reduction of 6%

63 years of age – reduction of 12%

62 years of age – reduction of 18%

61 years of age – reduction of 24%

60 years of age – reduction of 30%

 

(c) Upon completing 40 (forty) years of practicing the legal profession irrespective of his/her age.

In addition, under the provisions of Regulation 17A of the Advocates (Pensions and Allowances) Regulations of 1966-2022, a lawyer entitled to pension who does not fall under any of the exceptions of para. (5) of Regulation 17A is also entitled to receive a lump sum upon leaving the profession.

 

*Example of calculating the pension and the lump sum:

A lawyer who has completed exactly 35 years of practicing the legal profession and has, at the same time, attained the age of 65 is entitled to a monthly pension of €681,77.

The monthly pension is calculated as follows:

9350 x420        3927000

--------------- =  ------------ = €681,77   Basic Monthly Pension

     5760              5760           

                €681,77   Payable monthly pension

 

Lump sum:   600 x420

                     ---------------- =  €21.000

                            12

 

 

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