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ドル.
The monthly pension is calculated as follows:
9350 x420 3927000
--------------- = ------------ = 681,77ドル Basic Monthly Pension
5760 5760
681,77ドル Payable monthly pension
Lump sum: 600 x420
---------------- = 21ドル.000
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