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What benefits does the Scheme offer?

 

The benefits of the Scheme are comprehensive and may include:

 

a) Retirements benefits

  • A pension for life
  • An optional cash lump sum at retirement
  • A pension to a member’s spouse on their death after retirement
  • Early retirement options
  • A pension on ill-health retirement plus disability benefits

 

b) Death Benefits

A lump sum equal to five (3) times your Pensionable Salary; and monthly pension determined under by the annuity rates payable by Insurance companies in the market.

 

c) Withdrawal Benefits

  • A deferred pension payable from Normal Retirement Age; or
  • A return of member’s own contributions with interest; and 50% of employer’s accumulated contributions together with the interest thereof.
  • Preservation of the entire Employer’s accumulated contributions or 50% of it;
  • A transfer of your Member Account to another approved pension arrangement or to an individual personal pension plan

 

d) 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. This is to be deducted from your monthly salary.

 

e) Limits on Benefits and Contributions

All aspects of the Scheme are subject to restrictions laid down by the Retirement Benefits Act 1997 and Regulations made under this Act. In addition, the Income Tax Act imposes restrictions on the tax-free benefits that may be paid from the Scheme as well as requirements on the tax treatment of contributions in excess of the Income Tax allowable limits on contributions. You will be notified if any of these affect you.