Every month you will contribute a percentage of your salary into the scheme. Over the period until retirement (or until you leave the scheme( if earlier), your contributions, along with contributions paid by the Employer on your behalf that are allocated to your retirement savings, are invested and credited in your Member Account.

Your Contribution + Employer Contribution = Your Member Account

Your Members Account will be invested by the Trustees together with those of their members and grow broadly in line with the returns achieved each year on the investments. The value of member accounts can go down or up.

At retirement the value of your member account will be used to provide you with an optional cash lump sum together with a pension for you and your dependants.

Your Member Account = Cash lump sum + Monthly Income

The amount of your benefits at retirement will depend upon four basic factors.

  1. The level of contributions you make to the scheme
  2. The contributions that the employer makes on your behalf that are allocated to your retirement savings.
  3. The investment returns credited to your Member Account is converted to pension.
  4. The level of voluntary contributions you make to the scheme
What benefits does the scheme offer?

The benefits of the scheme are comprehensive and include:

  • When you retire
    • A pension for life from a registered insurance company
    • An optional cash lump sum at retirement(if trivial pension)
    • Early and late retirement options
    • A pension on retirement due to ill-health
  • If you die while you are employed by the employer
    • An optional pension for your beneficiaries bought using your Member Account from a registered insurance company
    • A lump sum payment to your beneficiary(ies)
  • If you leave before you retire
    • Preservation of your Member account until attainment of at least 50years of age
    • A transfer to another approved pension arrangement; or
    • A return of your own contributions with interest plus 50% of employers contributions with interest
    • The 50% of Employer‘s accumulated contributions on your behalf are preserved in the scheme and may be transferred to your new employer‘s pension scheme, to a preservation scheme or to an individual personal pension plan.
  • Additional benefits
    • Tax relief on your contributions subject to Income Tax limits
    • You may be permitted to transfer any other pension benefits into your member Account
    • You can make additional voluntary contributions to boost your pension
  • Limits on Benefits and contributions
    • All aspects of the scheme are subject to legislation as laid down by the Retirement Benefits Act (RBA), 1997 and the Rules and Regulations made under this Act. In addition, the Income
    • Tax Act imposes restrictions on the tax treatment of contributions in excess of income Tax allowable limits on contributions. You will be notified if any of these affect you.
    • You can make additional voluntary contributions to boost your pension