[ ]

When a Government agency or a certain services is privatised or incorporated, the employee of the agency would be offered option papers to determine the type of retirement chosen subject to certain condition. 

Generally, there are two choices  in a privatisation option, that is:–

• reject the offer  of employment with the company; where the pensionable employee would be retired on the abolition of the office held by him and be eligible to be paid pension benefit on the date of retirement/privatisation; or
   
• accept the offer of employment with the company.

Under choice (2) above, employees may opt for –

• optional retirement under Section 12 Act 227/Act 239; or
  
   
• retire on being appointed to serve in organisation under  Section 12A Act 227 or   Section 13 Act 239