Does MURBS provide Pension for retirees?

No, it does not. MURBS is a defined contribution scheme that pays its members their benefits based on their accrued contributions upon retirement. MURBS does not pay pension. However, the Scheme has engaged a third-party provider, ICEA, to provide MURBS retirees who wish to exercise this option, an annuity. Under this arrangement, a member signs a contract with ICEA in which it undertakes to pay the member a monthly payment (similar to a pension) in return for the whole or a portion of their retirement benefits. How much a member receives will depend on the amount invested and other terms of the contract.